Post-Budget Reaction Quotes by Online Gambling Industry

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Post-budget reaction | Sumanta Datta, MD Oxford University Press

Post-Budget Reaction Quotes by Online Gambling Industry

Posted on February 2, 2022

Mr. Rahul Tewari, Chief Financial Officer, Games24x7 said: “The Honorable Minister of Finance deserves all the credit for announcing a progressive and reform-oriented budget. The games industry welcomes the decision to create an Animation, Visual Effects, Games and Comics Working Group. The AVGC working group can provide long-term political momentum and bring together the various stakeholders to energize the dynamic ecosystem of games 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 years to come. We hope this will pave the way for clarity of consistency for gaming, an area that has contributed immensely to the Indian startup’s success over the past few years. In this context, the decision to set up a special committee to ease the regulation of start-ups, and the extension of tax advantages are commendable announcements. This shows the recognition by the government of the contribution of the start-up to economic growth. Finally, the commitment to deploy 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 win with the current government initiatives and as an organization we support the government’s dream of Amrut Kaal.” Mr. Ankur Singh, CEO and Founder of Witzeal Technologies Pvt. Ltd said. “The initiatives proposed by the government to propel economic growth in this budget are very encouraging. We are particularly pleased that the government has recognized AVGC as a promising sector with immense opportunities for youth employment. We see that the government has also identified AI (artificial intelligence) as an area that would provide jobs for young people, it would be a definite component of the gaming industry. Moreover, the decision to create a task force to strengthen in-house capabilities to meet national and international demands will help provide much-needed momentum to game companies and developers.

FM’s emphasis on the importance of mobile connectivity and broadband, especially in rural parts of India, will further boost the gaming sector and contribute to accessibility for mass consumers. Although an announcement on the implementation of Bharatnet fiber optic cable contracts via PPP has been made, it will make the digital payment gateway system more robust and lead to indirect benefits for e-commerce and other platforms. online forms. Initiatives for 5G and other technologies coupled with benefits for start-ups as well as expanding/encouraging the digital economy would certainly help achieve business growth in the Amrit Kaal.

Commenting on the Union budget for 2022, Mr. Roland Landers, CEO – The All-India Gaming Federation said: “I am happy that the government has announced a progressive budget; showcasing the gaming industry as a sector that generates various employment opportunities for young people while boosting the country’s economy. The ideas proposed for the sector are very encouraging. We are thrilled and look forward to the AVGC Task Force which will give a major boost to the game development industry by increasing scale and adding to the overall momentum of the online skill games industry. The AIGF and the Council of Experts in the field of games of skill will be happy to assist, if necessary, by playing an advisory role for the same

Similarly, extending the tax to four years will benefit the entire ecosystem of online gaming start-ups, which includes more than 300 companies. Additionally, Hon’ble FM’s announcement of the launch of digital rupee will increase purchases of virtual goods in games through microtransactions. Finally, 5G auctions, once implemented, will significantly improve the player experience and facilitate the adoption of new technologies in games. Overall, the budget has opened up more possibilities for the gaming industry.”

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