Expectations Soar for Indian Esports Industry in Upcoming Union Budget 2024
India’s Esports sector is no longer just a game. With recognition as a multi-sport event, an upcoming Asian Games debut, and Olympic aspirations, the industry has grown to display immense potential. Accourding to article publised in Economic Times India’s esports industry to become a Rs 1100 crore industry by FY25.
The recent inaugural state level esports open championship in Bihar and inclusion of esports and gaming in academics are testament to this remarkable progress. As Finance Minister Nirmala Sitharaman gears up to present the interim Union Budget 2024 on February 1st, anticipation electrifies the air.
India’s Emergence as an Esports Powerhouse
The Indian Esports industry has witnessed an impressive growth trajectory, expanding rapidly to become an integral part of the global gaming ecosystem. With an increasing number of international and homegrown players, India’s Esports landscape presents significant opportunities for growth and investment.
The government’s sustained support has further reinforced the prospects for this burgeoning sector. Case in point: the state of Bihar’s recent foray into Esports, marked by its first-ever state championship and integration of gaming in the educational curriculum.
Union Budget 2024: Reforms and Transformation Awaited
As the anticipation for the Union Budget 2024 builds, Esports industry stakeholders have shared their pre-budget expectations with optimism:
- Mr. Animesh Agarwal from 8Bit Creatives and S8UL calls for fair support and conducive policies from the government to foster further industry growth.
- Mr. Lokesh Suji from Esports Federation of India & AESF envisions a dedicated allocation of funds for Esports, along with incentives for Indian video game development studios.
- Mr. Rohit Agarwal from Alpha Zegus hopes for a shift in Esports activities to the 18% tax slab and state-level budget allocation for industry promotion.
- Mr. K.R.Rohith from Gods Reign advocates for the inclusion of Esports in educational curriculums and state-level Esports championships.
Esports Industry: Charting a Course for Success
For India’s Esports industry to scale new heights, various challenges need to be addressed, including infusing global-standard facilities, establishing supportive regulatory frameworks, and nurturing a new generation of skilled professionals. The upcoming budget presents an opportune moment for the government to implement reforms and provide a robust financial backing to this promising sector.
With the right decisions and funding in place, India has the potential to emerge as a global Esports hub and achieve long-term success in its growing Esports ecosystem. Stakeholders within the industry remain committed to collaborating closely with the government and driving recommendations for policy changes and investments.
Future Outlook: A New Chapter for Indian Esports
As the Union Budget 2024 approaches, the Esports fraternity in India remains hopeful that their expectations will be met and the industry will receive the support it requires at this critical juncture. With the right financial backing and policy reforms, the future of Indian Esports industry is bright, and its impact could resound far beyond its borders.
It is time for India to take its place among the top nations in the world of Esports. With a young and tech-savvy population, India has the potential to become a major player in this rapidly growing global market. The recent surge in online gaming and Esports tournaments only proves that there is a huge demand for competitive gaming in the country.
