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Gaming and Esports Union Budget 2023: What does Esports and Gaming Industry Expect from Union Budget 2023 of India- This February will see the presentation of the union budget 2023, and the Indian esports industry has high hopes for the document. The stakeholders are calling for encouraging policies and a fair budget allocation to assist the expansion of this industry. It will allow the gaming industry in India to expand more quickly and give market participants and the gaming community more room to expand.
In DOTA 2 last year, India won the bronze medal at the first Commonwealth Esports Championships. At the 2023 Hangzhou Asian Games, India will also compete in five video games: FIFA 22, Street Fighter V, Hearthstone, League of Legends, and DOTA 2. Additionally, the Center acknowledged esports as a component of multi-sport tournaments in December 2022. The planned changes to the IT Rules, 2021 in relation to online gaming have also drawn criticism from the Ministry of Electronics and Information Technology (MeitY).
Gaming and Esports Union Budget 2023: What does Esports and Gaming Industry Expect from Union Budget 2023 of India
What does the gaming sector anticipate from the budget for 2023?
The Indian Gaming Industry, which includes online gaming for real money, esports, and fantasy sports, is pleading with the government to keep the current goods and services tax (GST) rate of 18% rather than increasing it to 28% for online gaming.
The sector also asks that the GST only be applied to the platform providers’ commissions and not to the entire amount of prizes given to winners of esports events and paid-for gaming apps.
The Budget needs to be increased and allocated extensively for the growth of esports and the training of athletes. We need to find ways Indian esports can be taken further to the global platform which is only possible with better infrastructure, financial aid, and the right environment to nurture these talents.
The esports business is expanding at an astounding percentage and is only expected to grow further in the next years, both in terms of audience and income. We anticipate the government will propose policies to encourage the esports industry’s next stage of growth in the Union Budget 2022.
We hope the 2023 budget will take efforts to not only boost the gaming business but also provide an incentive for the country’s esports ecosystem. This will support the development of infrastructural investments and technical infrastructure to open up new opportunities for young people in the esports and video game industries.
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