Focusing significantly on technology, innovation and youth, the Union Budget 2024 has ignited hopes within the Indian gaming industry. The budget features a staggering ₹1 lakh crore corpus for deep tech startups and certain other measures, promising a bright future for India’s gaming sector ahead. The visionary policies highlighted in the budget are set to bolster innovation and entrepreneurship, empowering the gaming sector in the country.
In the budget speech, Finance Minister Nirmala Sitharaman‘s focus on technology and youth promised to fuel innovation and entrepreneurship. The allocation of ₹1 lakh crore for deep tech startups, offering interest-free or low-interest loans for 50 years, is a game-changing move. While the visionary policies unveiled in the budget have been lauded by many, the absence of GST relief for online gaming, casinos, and horse racing from the budget speech was really disappointing. The continuation of a whopping 28% GST, implemented in October last year, still remains a big concern as the gaming industry continues to bear the burnt of the GST.
Reactions From Gaming Industry Stalwarts
Despite the fact that the budget provides no relief for GST, it has garnered widespread praise for its focus on technology and youth. Industry stalwarts like Roland Landers, Namratha B Swamy, and Laxmikanth Thipse along with many others applauded the budget for its potential to elevate India’s gaming and technological landscape.
Reacting to the budget, Roland Landers, CEO of All India Gaming Federation, said, “Today’s interim budget announcement may not have directly addressed the needs of the gaming industry, however the clear focus on technology and the youth is one that we deeply appreciate.”
“We believe that the announcement proposing long term financing for the sunrise sectors to scale up on research and innovation will be beneficial for the technology and startup sector as a whole including the gaming and game-development sub-sectors. We are hopeful for more concrete and decisive measures addressing the online gaming industry in the upcoming Union Budget.”
“We urge progressive budgeting to empower responsible online gaming, aligning with AVGC policies and fostering self-regulation, as recommended by the I&B Ministry’s AVGC Task Force. This will unlock industry potential and benefit the economy, players, and creators.”
“As the apex industry body, we are committed to working with policymakers to create an enabling environment for the gaming sector’s growth and innovation. Our industry has immense potential, and we look forward to constructive policies that will drive its development in the union budget.”
Namratha B Swamy, COO of Mobile Premier League (MPL), said, “It is very encouraging to see that this year’s budget places a significant emphasis on empowering the youth. The online gaming industry has consistently played a pivotal role in providing opportunities for our talented young individuals. The initiatives announced by the Hon’ble Finance Minister are poised to make a huge impact in cultivating a skilled workforce in the AVGC sector. This will not only pave the way for the next tech revolution from within India but also help realise our vision of making India ‘Viksit Bharat’ by 2047.”
Laxmikanth Thipse, founder & CEO, of GameCloud Technology, emphasized the stimulus package and its capacity to generate growth and employment opportunities in the Indian gaming sector. He looks forward to the potential positive changes that the budget policies are set to bring about, positively impacting not only the country’s gaming industry but also its broader technological landscape.
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