Finance Minister Nirmala Sitharaman presenting union budget 2023 New Delhi on Wednesday said customs duty on import of specified components and inputs such as camera lenses may be reduced while continuing with concessional duty on lithium-ion cells for batteries for another year to increase domestic value addition in mobile phone manufacturing. Could
This announcement as well as the decision to build 100 labs to develop apps using 5G services was especially appreciated by the online gaming industry. Industry insiders believe that these initiatives as well as the removal of the minimum threshold of Rs 10,000 for TDS on online gaming will fuel the growth of the sector like never before.
“As a result of various initiatives of the Government, including the phased manufacturing programme, mobile phone production India has grown from 5.8 crore units worth about Rs 18,900 crore in 2014-15 to 31 crore units worth over Rs 2,75,000 crore in the last financial year,” Sitharaman said during her budget speech.
While the world is looking for options to reduce dependence on China, which has dominated the electronics sector for years, with the support of Centre’s enabling policies, several incentive programs and determination to create a competitive environment for the industry, India has become Is the second largest manufacturer of mobile phones in the world.
the gaming world
Rohit N Jagasia, Founder & CEO, Revenant Esports News18 Even though the budget announcement does not bring forth matters of concern specifically related to the Animation, Visual Effects, Gaming and Comic (AVGC) sector or the Esports segment, the noted decisions will have a positive impact on the sector.
“Increased mobile phone production will directly impact the growing interest in mobile gaming. India is a growing market for mobile gamers, which will shape the Indian export sector. Affordable mobile devices and increased penetration of gaming platforms have also contributed to This has contributed to the growing popularity of eSports in India and is expected to drive the growth of the industry in the years to come.
On the announcement of removing the threshold for TDS on online gaming and providing clarity on taxability, Jagasia said it is a big step. However, he added that “most eSports games like ours don’t have a money withdrawal system, so these are just as applicable to online gaming areas as real money gaming”.
FanClash co-founder Rishabh Bhansali said that India’s gaming business has expanded and contributed to the growth of the mobile phone industry. “From launching gaming-specific devices such as the OnePlus Nord, Asus ROG gaming phone to hosting multiple tournaments for the community, working with gamers to build a community of mobile gamers, companies such as OnePlus, ASUS, Samsung Mobile devices are giants. is also investing heavily in the gaming industry in India,” he added.
The expert added that Indian gaming has the potential to provide a significant boost to the electronics industry in segments including consoles, PCs, VR gadgets, mobile devices, wearables, IT accessories, among others.
Lokesh Suji, director of the Esports Federation of India and vice-president of the Asian Esports Federation (AESF), said mobile phone production in the country has been a game-changer for the sector.
“With numbers increasing further and 5G acting as a catalyst fueling the flourishing of the industry, we are going to see huge growth within the eSports sector in the years to come,” he added.
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