Finance Minister Nirmala Sitharaman will announce the Federal Budget 2023 on 1 February 2023. This is of particular interest to all sectors, including the booming esports and video game sectors. The Covid-19 pandemic and ensuing lockdowns boosted esports viewership and since then the sector has grown at a remarkable rate in the country.
Leaders in the field expect the government to include measures in the 2023 federal budget to support the next phase of growth, reform some of the tax incentives for game developers and esports organizations, and increase the number of training centers. We hope to introduce openings, and other types of benefits. .
Introduction of support measures The next phase of esports sector growth
Animesh Agarwal
According to Animesh Agarwal, Founder and CEO of 8bit Creatives, the esports industry is growing at a staggering rate and is projected to grow even more in the coming years, both in terms of viewership and revenue.
“In Federal Budget 2023, we hope the government will introduce measures to support the next phase of growth in the esports sector. As a result, we should also consider imposing a lower tax rate than the existing 18%,” said Agarwal.
In addition, Agarwal stressed that the sector is well aligned with the government’s vision of the digital economy, and that specific measures for esports growth, such as the establishment of task forces, esports infrastructure development plans, and training programs, have been put in place. We expect you to formulate a realistic plan with a budget. , youth awareness programs, and most importantly, India’s esports vision, defining the future state they want to be.
“We also need a government push to attract more investment in the sector, combining ease of doing business with financial incentives within the budget. It has the potential to create and contribute to the government’s vision of a $1 trillion digital economy by 2025,” Agarwal added.
Tax incentives reform for game developers and esports organizations
Richa Singh
According to Richa Singh, co-founder and CEO of esports fantasy platform FanClash, many are difficult to predict, but if the government can allocate the appropriate budget to the esports industry, it will make the esports sector will be able to assist.
“Esports in India still has a long way to go, attention needs to be paid to R&D funding, reform of tax incentives for game developers and esports organizations. More training. We need to build a center, and we need a profitable professional trainer and exchange program to strengthen their strategy and prepare them for international tournaments,” Singh said.
“Additionally, governments may also consider regulations and policies to support the growth of the industry, minimize the risk of fraud, protect the rights of gamers and promote fair competition,” she said. Added.
steps to empower Gaming Industry Offers Incentives to Esports Ecosystem
Rohit N. Jagathia
Rohit N Jagasia, Founder and CEO of Revenant Esports, said: This will lead to greater technology integration and infrastructure investment, creating new possibilities for young people in the esports and video games space. ”
“As the game industry is flourishing, we hope that this time the government will provide more support and pay attention to protecting the interests of the industry in this sunrise. We will definitely rely heavily on direct investment.” and these investors play an important role.We hope that we can propose minimal taxation costs for this segment to attract more investors,” he added.
Jagasia also emphasized that: He’s like any other athlete. ”
Considering allocation of “esports development fund” as in other countries
Vinod Tiwari
In the view of Vinod Tiwari, president of India’s esports federation, it would be of great benefit to the esports community if the government considered setting up an “esports development fund,” similar to countries such as Malaysia and South Korea. prize. , to support Indian game studios in building eSports video game titles based on the history/spirit of India.
“Our athletes need facilities/training centers, advanced gear, boot camps and coaching. We provide top coaches and other facilities so they can perform at their best with full support. Businesses as well as governments need to start allocating budgets to esports,” Tiwari added.
“We expect a favorable move from the government during the federal budget period. Esports in the Indian landscape is progressing. and athlete training.
I hope the online gaming segment GST slab does not change from 18% to 28%
Rohit Agarwal
Alpha Zegus founder and director Rohit Agarwal highlighted three key expectations from the 2023 federal budget.
“Firstly, there was talk some time ago to change the GST slab of the online gaming segment from 18% to 28%. In-app spending and purchases related to games are now slowly increasing, and with Slab at 28%, we’re back to square one,” he said.
“Secondly, games require hardware (semiconductors, batteries, etc.), whether mobile or PC. ”We hope to see greater focus on the initiative. Either of these two actions will lower hardware costs and make hardware more accessible and upgradable for gamers. ”
“Finally, we want internet and broadband services to become cheaper and more accessible. , more young people will start playing the game,” added Agarwal.
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