Saturday, May 21, 2022

Here’s how the Gaming Industry reacted to the new Budget 2022 

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Today, our Finance minister Nirmala Sitharaman presented the new Budget 2022 with a lot of new changes and additions that favour the gaming community in India.

She specifically announced that Animation, Visual Effects, Gaming and Comic (AVGC) offers immense potential to employ youth. “An AVGC promotion task force, with all stakeholders, will be set up to recommend ways to realise this and build domestic capacity for serving out markets and the global demand,” Sitharam said.

This is no secret that the Indian Gaming industry is booming in the last few years after data rates became cheaper and the internet became more accessible than ever.

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Not only this has changed the face of Indian gamers but also taken this industry to a new level and as now 5G has officially been declared today for 2022-23, here’s how some of the prominent figures in the gaming industry have reacted:

Here's how the Gaming Industry reacted to the new Budget 2022 

Mr Vishwalok Nath, Director, World Esports Cup

We welcome the steps that the finance minister of India as part of Budget 2022-2023 including the creation of the Animation, Visual Effects, Gaming, and Comic (AVGC) task force. We hope that this task force can help promote the creation of a robust infrastructure for game development with gradual benefits to the esports community. We are also looking forward to the 5G spectrum auction this year. 5G can further promote the latest innovations and mass adoption of technologies like cloud gaming in the country.

There is a huge scope of employment for the youth in the gaming industry, Esports/Video Games is a versatile industry and there is a huge scope for professional gamers as well as other jobs like casters, commentators, and other support staff appointed by the esports tournaments like producers, editors, analysts, product managers, game testers, referees, production crew members, event managers, social media managers, etc.

Here's how the Gaming Industry reacted to the new Budget 2022 

Mr Lokesh Suji, Director, Esports Federation of India & Vice President of the Asian Esports Federation (AESF)It is encouraging to finally see the seriousness from our Government towards this sector which has been long neglected. This will definitely help in setting up the policies which would encourage and build our capacities and capabilities to export to the rest of the world; leading to more domestic video game development studios and more investments in the AVGC sector. Spectrum auctions for 5G is a welcome move for the gaming industry as well, 5G can disrupt the industry is by enhancing the live streaming of games and cloud gaming as well.
The task force should consist largely of people who have been part of the “Video Game” industry and are playing an active role in shaping up the Indian video game industry.

Here's how the Gaming Industry reacted to the new Budget 2022 
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Mr Sagar Nair, Co-Founder & CEO, Qlan, The Gamer’s Social Network

It is this continued acceptance that will lead to the progress of the Indian gaming and esports industry. First was esports’ entry in the Asian Games as an official event followed by a government dedicated task force to work with the AVGC sector. I have no doubt that these initiatives as part of the national budget policy highlight the true potential of the Indian gaming & esports segment not only in India but also on the global circuit.

The statement clearly indicates the backing of homegrown game developers, tournament organizers, and esports companies and recommendations from the appointed task force will help build domestic capacity for serving out markets and the global demand as well.

By Karan Khairajani, Head of Studio at CrazyLabs India

We welcome the announcements by the Hon’ble FM pertaining to the AVGC sector, as it will help in boosting the already growing Gaming sector. It is an opportune moment for us to see that the Government has recognized the importance of setting up an Animation, Visual Effects, Gamic and Comics (AVGC) task force. This would assist us in building the domestic capacity to serve the Indian market as well as meet the global demands. We also applaud FM’s proposal for the All India Council for Technical Education (AICTE), India’s regulatory body for technical education, to be responsible for shaping up the syllabi for Urban Planning courses.

Having said that, given the growth of digital adoption and the role of new-age technologies in accelerating AVGC in Digital India, both businesses and the public particularly in Tier II and Tier III cities would value greater impetus on digital skilling and improved processes, in a bid to give rise to highly innovative gaming platforms. As the country gears up to rise from the global pandemic and chart the next chapter, CrazyLabs will continue to work in tandem with the government to help bolster India’s entrepreneurial and AVGC ecosystem, by providing all the help and tools needed to succeed online. We are very optimistic with the focus given on innovation and we strongly believe that the AVGC task force would seek recommendations to create the way forward. Also, CrazyHubs will remain a strong and reliable hyper-casual gaming partner with tailor-made creative gaming activities to fulfil international market demands.

Nazara acquires skill gaming platform OpenPlay

Manish Agarwal, CEO, Nazara Technologies Ltd

Some of the salient points for the development of the gaming industry mentioned in the Union Budget 2022:

I.    AVGC Taskforce to be set up to carve the way ahead for the Gaming Industry
Welcome, move by the government to promote AVGC (Animation, Visual Effects, Gaming, and Comics) by setting up a task force to seek recommendations to create the way forward. As we know, India presently commands around 10% of the global AVGC market and has the potential to reach 20-25% by 2027. This task force will facilitate employment for the youth, build domestic capacity to serve the Indian markets and also meet global demand.

II.    5G auctions to happen in 2022 leading to innovations in the Gaming sector
A very encouraging timeline for the gaming sector set by Hon’ble FM on the 5G spectrum auctions in 2022 to enable the launch of services within FY 22-23. The advent of 5G in India will drive the momentum in the gaming industry even further and enhance gaming experiences due to factors like higher data speeds, lower latency, and technologies like Virtual Reality and Augmented Reality.

III.    Facilitating partnership with states in SEZs to ensure greater alignment with key industries – Gaming focused SEZs to encourage infrastructure and talent pool development
Replacing the Special Economic Zone (SEZ) Act with new legislation that would enable states to become partners in becoming development hubs is a crucial and well-timed move. For the gaming industry, such partnership with states on SEZs would help strengthen the supply base of animation and production studios and encourage the development of the existing animation and gaming capacity. It will also lend focus on evolving a concept of infrastructure sharing as well as making available a talent pool in India, for our country to grow as a hub for the global gaming ecosystem.

IV.    Cryptocurrency incorporation in the tax net
By bringing crypto and NFTs under the tax net by proposing to tax virtual assets at 30%, the government has indirectly accorded recognition to these digital assets which is a positive step. We are hopeful that provided with and implementation of the necessary regulatory measures cryptocurrency maybe soon be legalized in India.

V.    Launching Digital Rupee – Spur in Micro-transactions
The introduction of the Central Bank Digital Currency (CBDC) using blockchain technology will spur micro-transactions and could be the solution for the low in-app purchases that the Indian gaming market currently witnesses.

The announcements on virtual assets and CBDC signal the progressive mindset of the government and is a huge confidence booster for welcoming innovations in the disruptive space of the metaverse and Web3.0.

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Raunak Saha
Raunak Saha
A cs engineer by profession but foodie from heart. I am tech lover guy who has a passion for singing. Football is my love and making websites is my hobby.

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