The Indian gaming industry is eagerly waiting for the Union Budget 2024, which is expected to bring significant reforms and support for the industry’s growth. The industry has high hopes from Finance Minister Nirmala Sitharaman to steer the industry towards a brighter future. This article discusses the expectations of the Indian gaming industry from the Budget 2024.
Esports Industry Expects Tax Relief and Support in Union Budget 2024
The Esports industry has experienced a remarkable upsurge in popularity and prominence in the past year. The industry is anticipating key reforms and support in Budget 2024 for its growth.
The industry leaders are expecting more ‘Esports’ based activities moving to 18% slab (from 28% slab).
The industry is also expecting more structured regulations around in-game and tournament winnings.
Online Gaming Startups Seek Progressive Taxation and Allocation of Funds for AVGC
The Indian online gaming industry has faced a tumultuous year, marked by heightened regulatory scrutiny and increased tax regulations, particularly impacting the real-money gaming (RMG) sector.
The industry is seeking clarity on the taxation regime and progressive taxation.
The industry is also expecting the government to announce skill-building programs for the industry in Budget 2024.
The allocation of funds for the AVGC sector in the upcoming Budget will play a pivotal role in nurturing the next generation of game developers and ensuring a steady supply of skilled talent to fuel the industry’s growth.
Need for Taxation Reforms, Skill-Building Programs, and Fund Allocation
The Indian gaming industry is expecting taxation reforms, including reduced GST and incentives for the Esports industry.
The industry is hoping for a dedicated allocation of funds for the Esports and AVGC sectors.
The industry is also expecting the government to concentrate on projects that nurture talent in the gaming industry through courses and skill-building initiatives centered around gaming.
In conclusion, the Indian gaming industry has high hopes from the Union Budget 2024. The industry is expecting significant reforms and support, including taxation reforms, skill-building programs, and fund allocation for the Esports and AVGC sectors. The government’s support for the industry will help nurture talent, build the necessary infrastructure, and foster an ecosystem that enables the sector to thrive.
