Indian Finance Minister Nirmala Sitharaman announced the new Indian Budget 2022 yesterday. There have been some changes in the newly implemented budget and it has got mixed reviews from the people.
So, here we will take a look at how the gaming industry reacted to the Indian Budget 2022.
Here’s how the gaming industry reacted to the new Indian Budget 2022
Mr. Rahul Tewari, Chief Financial Officer, Games24x7 said, “The Honorable Finance Minister deserves full credit for announcing a progressive and reform-oriented budget. The gaming industry welcomes the decision to set up a task force for Animation, Visual Effect, Gaming and Comics. AVGC taskforce can provide the long-term policy impetus and bring together the various stakeholders to turbocharge the vibrant ecosystem in gaming and animation. India has a deep and very high quality talent pool of developers and creative artists who will transform India into a global player in the interactive entertainment space in the coming years. We hope this paves way for regularity clarity for gaming, a sector that has contributed immensely to India’s start-up success in the last few years. In that context, the decision to set up a special committee to reduce regulations for start-ups, and the extension of tax benefits are laudable announcements. It shows the government’s acknowledgement of the start up’s contribution to economic growth. Finally, the commitment to roll out a 5G network in the next fiscal year is a very promising announcement for the tech start up space in general and gaming in particular. “
“Gaming as a segment is poised to gain with the current initiatives of the government and as an organization, we stand with the Government’s dream of Amrut Kaal.” Mr. Ankur Singh, CEO & Founder of Witzeal Technologies Pvt. Ltd said. “The initiatives proposed to be undertaken by the Government to propel the growth of the economy in this budget are very encouraging. We are particularly thrilled with the fact that the Government has recognized the AVGC as a promising sector providing immense opportunity for the employment of youth. We see that Government has also identified AI (Artificial Intelligence) as an area which would offer employment to youth, this would be a definitive component of gaming industry. Moreover, the move to set up a task force to build internal capabilities to cater to domestic and international demands will help provide the much-needed push to gaming companies and developers
FM emphasis on the importance of mobile connectivity and broadband especially in rural India, will further boost the Gaming sector and will help the reachability to mass consumers. While an announcement on implementing Bharatnet optical fibre cable contracts through PPP has been made, this will make the digital payment gateway system more robust and resulting to indirect benefit to the E-Commerce and other online platform. Initiatives for 5G and other technologies coupled with benefits for start-ups as well as broadening/encouraging of digital economy would definitely help realise growth of the company in the Amrit Kaal.”
Commenting on the Union budget for 2022, Mr. Roland Landers, CEO – The All-India Gaming Federation said, “I am pleased that the government has announced a progressive budget; stating the gaming industry as a sector that generates various job opportunities for the youth while boosting the economy of the country. The ideas proposed for the sector are very encouraging. We are thrilled and look forward to the AVGC task force that will give a major boost to the game development sector by building scale and adding to the overall online skill gaming industry’s momentum. AIGF and the skill games council of domain experts will be happy to assist, if need be, in playing a consultative role for the same
Likewise, the tax extension to four years will benefit the entire start-up ecosystem in online gaming which is in the excess of 300 companies. Furthermore, the Hon’ble FM’s announcement of the digital rupee launch will increase purchases of virtual goods in games through microtransactions. Finally, 5G auctions when implemented will enhance the gamer experience dramatically as well as facilitate the adoption of new technologies in gaming. Overall, the budget has opened more avenues for the gaming industry.”