Government support for e-sports garners optimism in the industry

The E-sports industry is ripe with optimism ahead of the Budget session of the Union Government, set to take place from July 22-August 12.

Finance Minister Nirmala Sitharaman is set to present the budget on the 23rd of July.

Earlier this year, Prime Minister Narendra Modi engaged with Indian esports industry stakeholders to explore various facets of the industry and strategies for its growth.

He emphasized establishing India's dominance in the global gaming market and highlighted the significant future potential of the industry and the opportunities it presents for Indian youth.

Strong support from state governments

Indian states have been actively supporting the sector's growth too.

Since its recognition as an official multi-sport event by the government, Bihar has organized the first Bihar State Esports Open Championship and issued a new tender invite for the establishment of a project monitoring unit to promote esports in the state over the next three years.

States like Uttar Pradesh signed a Memorandum of Understanding (MoU) with Garena, while Gujarat signed an MoU with KRAFTON Inc. to promote esports in their states.

The Maharashtra government rewarded the state's Asian Games 2022 participants with INR 10 lakhs each, alongside mainstream sports athletes, marking a significant moment for Indian esports recognition as a new-age sport.

The potential creation of the Olympic Esports Games has further elevated its status as a modern sport alongside traditional sports.

Excellent potential for Indian gaming sector

Sharing his expectations for the upcoming Union Budget 2024, Akshat Rathee, Co-founder and MD of NODWIN Gaming, said, “With esports now under national and international sports federations, esports would benefit from an increased investment in the sports budget and inclusion in national games such as Khelo India."

"Gaming would benefit from the allocation of budgets for centres of excellence under the AVGC policy of India where game development and associated businesses can create jobs and increase India's soft power in content for the youth worldwide,” he added.

During the PM's interaction with the gamers, he specifically emphasized the growth of homegrown games, noting India's rich culture and history.

One such upcoming game is Indus: Battle Royale, developed by SuperGaming and inspired by India's rich culture.

“The video gaming and esports industry holds high expectations for policies that will bolster economic growth and innovation in India. The gaming sector has seen exponential growth, driven by a young, tech-savvy population. We hope the upcoming budget will recognize this potential and introduce measures that support game development, infrastructure, and talent development,” commented Roby John, CEO and Co-Founder of SuperGaming.

Alongside policies for homegrown games, policies promoting made-in-India gaming products to be developed are also essential for the overall growth of the country’s video gaming ecosystem.

"We hope that the forthcoming budget will provide the necessary impetus to drive the gaming industry's growth further in India, as the gaming sector has been one of the fastest growing sectors in the past 5-7 years in our country,” stated Vishal Parekh, Chief Operating Officer, CyberPowerPC India.

With over 450 million gamers and more than USD 830 million in revenue generated in 2023, India is the fastest-growing gaming market, according to Niko Partners.

The nation is on the path to becoming a global powerhouse in gaming and esports, and the upcoming budget could be a key facilitator in driving the industry's remarkable growth and success.