As the entrepreneurial world eagerly awaits the 2024 interim budget, the gaming industry, a prominent player in India's startup ecosystem, has outlined its expectations for the upcoming budget. Industry leaders and experts including Kashyap Reddy, co-founder and CEO of Hitwicket, Lumikai's Founding General Partner Salone Sehgal, Kavitha Rao, COO and co-founder of 10club houses, Gaurav Agarwal, co-founder of Nat Habit, and Raman Khanduja, Co-founder and CEO of Mintoak have shared their insights on the crucial areas that they believe need attention from the government.
Focusing on the gaming sector, Kashyap Reddy emphasized the importance of a clear regulatory framework for online gaming and esports. He called for specific regulations to address the ambiguity between video games and real money games. Reddy also emphasized the need for more investments in digital infrastructure, especially in internet connectivity, with a specific emphasis on the deployment of 5G. According to him, this move would not only improve digital connectivity for gaming apps but also promote the use of digital payment modes such as UPI.
Intellectual property rights was another key point raised by Reddy, highlighting the importance of support for protecting and monetizing intellectual property in the creative gaming content space. Recognizing esports as a legitimate sport and supporting its infrastructure were also highlighted as crucial elements for the growth of the gaming sector. Reddy concluded by suggesting setting up government-backed incubators for gaming startups, which could significantly contribute to channeling the creative energy of the youth towards innovation.
Salone Sehgal, Founding General Partner at Lumikai, shed light on the remarkable growth of the Indian gaming market, which is currently valued at $12 billion by 2023. Sehgal emphasized the need for policies that promote the creation of “Make in India, for India and the world ” encourages. content and technology. With the increase in mobile phone usage, especially in Tier 2 and Tier 3 cities, Sehgal emphasized the importance of locally relevant, culturally resonant content. Lumikai expects the budget to support sector-specific upskilling of games, provide tax breaks to global players investing in the Indian market, and free up funds for AI research and development.
Kavitha Rao, COO and co-founder of 10club homes, shifted focus to retail and expected it to become the third largest in the world by 2027. Rao emphasized the need for measures to revive consumer spending, increase disposable income and boost global production. different material types, and take on the challenge of retail skills. The retail industry is looking forward to a reduction in GST rates on retail products to increase affordability, encourage consumer spending and fuel demand.
Gaurav Agarwal, co-founder of Nat Habit, highlighted the challenges faced by startups in the beauty and personal care market. Agarwal called for tailor-made policies to address the financial imbalance caused by an inverted GST structure. In addition, he called for equality in long-term capital gains between public and private companies and proposed a reduced VAT rate for essential personal care items. Agarwal urged the government to recognize the transformative potential of direct-to-consumer (D2C) models, and work towards comprehensive support for economic growth and national well-being.
Raman Khanduja, co-founder and CEO of Mintoak, highlighted the role of regulatory and economic environments in making India a global digital payments success story. Khanduja emphasized the need for greater penetration and awareness of the India stack, including UPI, Aadhar, eKYC and DigiLocker. He called for government initiatives to boost digital literacy, especially in Tier 3 and beyond, to accelerate the adoption of digital payments.
As the gaming industry and various sectors express their expectations, the country is eagerly awaiting the unveiling of the 2024 interim budget.
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Published: Jan 22, 2024 5:11 PM IST