Finance Minister Nirmala Sitharaman unveiled the Budget for fiscal 2024-25 today, emphasizing a comprehensive roadmap across nine critical sectors. From bolstering productivity in agriculture to fostering innovation through R&D, the Budget outlines plans to fortify India’s economic foundation. Highlighting priorities such as employment generation, inclusive human resource development, and energy security, the government aims to steer the nation towards resilience and growth. This piece brings you insights from company leaders in the Esports and Gaming industry sector on their reactions to today’s announcements. Read on.
Roland Landers, CEO, All India Gaming Federation
The All India Gaming Federation (AIGF) welcomes the focus on skilling in the 2024 Budget. There remains a significant skill gap in India’s gaming industry, and the increased emphasis on skilling initiatives is a promising step towards bridging this gap.
Centrally sponsored schemes for skilling youth, women-focused programs, the establishment of industrial training institutions, and the provision of internships are all set to create a more skilled workforce. These initiatives will play a crucial role in helping India achieve its Vision India@2047.
Akshat Rathee, Co-founder and MD of NODWIN Gaming
We’re happy to hear the Hon’ble Finance Minister’s announcement to rollback the Angel tax for all investors in today’s Union Budget.
This move will create a vibrant environment for startups across the nation and is a major boost for Indian gaming and esports entrepreneurs, leading to more opportunities as well as higher engagement with the youth.
The plan to simplify FDI rules and promote the use of the Indian Rupee for overseas investment is a promising approach that will encourage global entertainment giants to invest in India, further strengthening our position as a global cultural and entertainment destination.
For esports, focusing on enhancing sports infrastructure in Bihar is a positive step since the state has already shown its commitment to integrating esports into mainstream sports. This additional government support will help nurture young talent and promote esports as a new-age sport nationwide.
Additionally, reducing the BCD on mobile phones, chargers, and PCDA will make smartphones more affordable, which is fantastic for mobile gaming enthusiasts. This will boost mobile gaming adoption within the nation and further strengthen India’s position in the global mobile gaming market, bringing us closer to becoming the largest.
Overall, we’re excited to dive into these opportunities to drive growth and make waves.
Roby John, CEO and Co-Founder of SuperGaming
Today’s Union Budget, presented by Finance Minister Nirmala Sitharaman, offers multiple benefits to the country’s video gaming ecosystem.
The reduction in basic custom duty on mobile phones is a move that will make smartphones more affordable, which is excellent news for India’s extensive mobile gaming community.
For our upcoming game, Indus, and other games in the market, this means reaching a broader audience and accelerating growth in the mobile gaming sector.
Additionally, the removal of the Angel tax is a major boost for the entire startup ecosystem. This will give relief to more gaming and esports entrepreneurs who want to bring their innovative ideas to life, thereby strengthening the gaming and esports ecosystem in India.
Overall, we are confident that these measures will propel India’s tech and video gaming industry, bringing India’s gaming culture forward”
Siddhartha Upadhyay, President and Founder of the STAIRS Foundation
The 2024 Union Budget marks a significant milestone for Indian sports, with an unprecedented allocation of ₹3,442 crores (announced in the interim budget in February). This funding underscores the government’s commitment to enhancing sports infrastructure and nurturing grassroots talent.
The increase in funding for the Khelo India program, from ₹880 crores to ₹900 crores, aligns with our vision at STAIRS Foundation of building a solid foundation for sports at the grassroots level. As the Paris Olympics approaches, this enhanced support will boost our athletes’ preparation and morale.
Notably, the budget also emphasizes the development of sports facilities in Bihar and general infrastructure development in other states, a part of which is likely to boost local sporting infrastructure and support young athletes.
Additionally, the focus on youth and skill development is commendable. The plan to skill 20 lakh youth over five years, with a central outlay of ₹2 lakh crore, reflects a strategic investment in the future workforce. This initiative highlights the role of sports in fostering inclusivity and providing opportunities for the younger generation.
We keenly await the potential of the new twelve-month Prime Minister’s Internship, which offers a monthly allowance of ₹5,000 to youth aged 21-24 who are neither employed nor engaged in full-time education.
This initiative will be cost-shared: the government will cover ₹54,000 annually per intern plus ₹6,000 for incidentals, while companies will contribute ₹6,000 from CSR funds for monthly allowances and bear the training costs. We believe that this can have a cascading impact on the all-round development of youth.
The budget’s forward-thinking approach has also opened up avenues for public-private partnerships to further elevate sports infrastructure and training. We applaud the government’s commitment and look forward to leveraging this momentum to build a robust sports ecosystem in India.
