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Industry body <keyword id="6355988" type="UNKNOWN" weightage="20" keywordseo="assocham">Assocham</keyword> has identified 15 large import items for ramping up the country's domestic capacity to achieve the objective of Aatmanirbhar Bharat or self-reliant India in 2-3 years. These items include electronics, coal, iron-steel, non-ferrous metals and vegetable oils, among others. The analysis, based on the latest data, shows that the electronics goods are the largest non-oil import segment. Despite the country being under partial lockdown, India imported electronic goods worth USD 2.8 billion only in May, 2020. "In the circumstance of the industry operating in a normal way, these <keyword id="35091" type="CITY" weightage="20" keywordseo="imports">imports</keyword> are near about USD 5 billion a month - a huge drain on the forex which needs to be curtailed," Assocham said in a note. The chamber's Secretary General Deepak Sood said the Ministry of Electronics and Information Technology's recent scheme of production - linked incentives and encouraging champions can be a game-changer if pursued vigorously. Both domestic and foreign direct investment should be encouraged in the endeavour. The Production Linked Incentive Scheme (PLI) for Large Scale Electronics offers incentives to boost domestic manufacturing and attract large investments in mobile phone production and specified electronic components, including assembly, testing, marking and packaging (ATMP) units. The items of non-oil, non-gold imports with significant foreign exchange drain identified by the chamber include electronic goods, electrical and non-electrical machinery, iron and steel, inorganic and organic chemicals, coal-coke &amp; briquettes, and non-ferrous metals, artificial resins &amp; plastic, transport equipment, medicinal and pharmaceuticals. The other items in the list are vegetable oil, fertiliser, dyeing, tanning and colouring material, professional instruments and opticals, fruits and vegetables. "While we need to work on a long-term strategy to reduce our dependence on crude oil, in the short to medium term, we must move in a mission mode to be Aatmanirbhar in at least 15 of the critical sectors. "We should work on a twin track of not only investing more to ramp up capacity, but also ensure that the end-consumers get the best of the quality products at internationally competitive prices. Self-reliance in the real sense would mean an aggressive production and pricing strategy involving scale and speed of execution," Sood said.

India should ramp up domestic production of these 15 products to be truly self-reliant

The government has restricted imports of <keyword id="81763" type="ORGANIZATION" weightage="20" keywordseo="tyres">tyres</keyword> used for <keyword id="20632" type="ORGANIZATION" weightage="20" keywordseo="Cars">cars</keyword>, buses, lorries and motorcycles, including radial and tubeless, in a move aimed at curbing imports and boosting domestic companies. In all the categories, imports have been restricted and will need permission. So, even after paying the customs duty, imports are not freely allowed from other countries. The rules were notified by an amendment in the import policy of pneumatic tyres by the Directorate General of Foreign Trade (DGFT) under the Union Commerce Ministry. Any goods under the restricted category means an importer would require a licence or permission from the DGFT for imports. Given the procedures and permissions, these measures have the effect to dissuade imports. Before the new policy, imports of tyres were allowed without any restrictions. The government recently pitched for ‘Aatmanirbhar Bharat' pitch and coined the ‘Go Vocal for Local' slogan in a bid to make India self-sufficient in the post Covid phase. Indian tyre manufacturers have been demanding restrictions on imports from China and other destinations. The restrictions are on imports of tyres used in station wagons, racing cars, scooters, multi-cellular polyurethane tubeless tyres, and bicycles. Imports of these tyres were worth $260.72 million in April-February 2019-20 as against $330.72 million in the same period in 2018-19. With demand slumping during the lockdown due to the Covid pandemic, domestic companies are seeking measures to boost manufacturing which will also enhance employment opportunities. SEE ALSO: <a href="https://www.businessinsider.in/india/news/first-week-of-india-unlock-1-heres-what-worked-and-what-didnt/articleshow/76351605.cms">First week of Unlock 1.0 – Here’s what worked and what didn’t</a> <a href="https://www.businessinsider.in/business/auto/news/mm-share-price-gains-as-ssangyong-dents-fourth-quarter-profit/articleshow/76338292.cms">Mahindra and Mahindra sees a ₹2,700 crore dent from Ssangyong and other global subsidiaries</a> <a href="https://www.businessinsider.in/policy/economy/news/zero-late-fee-for-those-who-have-nil-tax-liability-says-fm-nirmala-sitharaman-in-gst-meeting/articleshow/76338653.cms">40th GST Council meeting highlights – zero late fee for those who have nil tax liability, says FM Nirmala Sitharaman</a>

India restricts imports of tyres to boost domestic manufacturing

<ul><li>The Finance Ministry has increased the threshold limit for the difference between the transaction value and the circle rate to 20% from the current 10%. </li><li>This means under a circle rate of ₹1.2 crore, <keyword id="6371902" type="UNKNOWN" weightage="20" keywordseo="home-buyers">home buyers</keyword> can buy a house of upto ₹1.5 crore rather than just ₹1.33 crore to avail the tax benefits.</li><li>This is the second time that the government has revised the limit — the first was in February when the differential was increased from 5% to 10%.</li></ul>With the prices of homes falling and mortgages being lower than ever, the Finance Ministry has announced <keyword id="422910" type="PERSON" weightage="20" keywordseo="income-tax-relief">income tax relief</keyword> for home buyers and developers. “There’s a lot of inventory, we’re told, in the real estate sector,” said Finance Minister Nirmala Sitharaman during today’s press conference on November 12. <div type="Article" hostid="261" msid="79187044" title="$35 billion Diwali stimulus: Highlights from Finance Minister Nirmala Sitharaman's press conference" mstype="2" mssubtype="0"></div> The government has increased the threshold limit for the difference between the transaction value and the circle rate to 20% from the current 10%. This is the second revision of the limit done by India. The first was in February when the differential was increased from 5% to 10%. What is circle rate and why should I care? Right now, if there is a difference between the cost of the home and the circle rate set by the government. If that difference is more than 10%, any excess income is accounted for as the buyer’s income. Since it comes into the income basket, it is also taxed at the same nominal rates. But going forward, for homes under the price of ₹2 crore, this differential will be increased from 10% to 20% for next seven months, until 30 June 2021. This means that if for instance, if the circle rate is ₹1.2 crore, the price of the home can’t be more ₹1.5 crore for buyers to remain within the 20% differential. Had the limit been 10%, the choice of purchasing a home would be limited to around ₹1.33 crore. <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Circle rate (assumed) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Home price (assumed) </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹1 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2 crore </td></tr></tbody></table> <table style="border-width: initial; border-style: none; width: 468pt; table-layout: fixed;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Particulars </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Existing policy </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">New policy </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Excess allowed </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹10 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Taxable amount </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹90 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹80 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Tax (assuming a rate of 30%) </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.7 lakh </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹2.4 lakh </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Savings </td><td colspan="2" style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹30,000 </td></tr></tbody></table> However, it’s important to note that property prices, circle rates or even demand trends are not uniform across the country. So cities are witnessing better growth which allows for higher prices, while others are lagging behind and will have more to benefit from under the new limit. What’s in it for the developers? It's also a boon for developers, because they can now offer their property at lower rates than the prevailing circle rates. This allows them to monetise any idle assets they haven’t been able to move yet. Clearing their existing inventory in turn allows developers to generate more liquidity to start up new projects or clear liabilities on existing ones. "The <keyword id="6354751" type="UNKNOWN" weightage="20" keywordseo="income-tax">income tax</keyword> relief will ensure tremendous liquidity into the market and the measures will incentivize people to buy homes and is a win-win situation for both developers and home buyers. The reduction in bank guarantees for construction activity will also ensure availability of additional liquidity providing major relief to the industry." Lincoln Bennet Rodrigues, Founder and Chairman, Goa-based Bennet &amp; Bernard Group said. SEE ALSO: <a href="https://www.businessinsider.in/policy/economy/news/diwali-stimulus-highlights-from-finance-minister-nirmala-sitharaman-press-conference-on-atmanirbhar-bharat-programme/articleshow/79187044.cms">Diwali stimulus: Highlights from Finance Minister Nirmala Sitharaman's press conference</a> <a href="https://www.businessinsider.in/policy/economy/news/atmanirbhar-bharat-indian-fm-nirmala-sitharaman-shared-the-progress-of-the-atmanirbhar-abhiyaan/slidelist/79187890.cms">Atmanirbhar Bharat: Indian government’s report card on the implementation of the COVID stimulus so far</a> <a href="https://www.businessinsider.in/finance/news/what-is-atmanirbhar-bharat-rozgar-yojana-scheme-and-what-is-benefits-of-employees-and-companies/articleshow/79188487.cms">Atmanirbhar Bharat Rozgar Yojana: FM announces benefits for EPFO-registered firms hiring new employees — centre to bear PF for new employees</a>

India offers income tax relief for home buyers and developers to boost new property sales

<ul><li>The government is considering a <keyword id="9126471" type="UNKNOWN" weightage="20" keywordseo="covid-cess">COVID cess</keyword> to help increase revenue ahead of <keyword id="8420431" type="UNKNOWN" weightage="20" keywordseo="budget-2021">Budget 2021</keyword>. A call on the new cess or surcharge is likely to be taken in the coming weeks.</li><li>According to an ET <a href="https://economictimes.indiatimes.com/news/economy/finance/taxed-by-covid-govt-mulls-covid-cess/articleshow/80205285.cms">report</a>, preliminary talks on revenue-raising measures include a cess on high income earners, as well as additional levy on fuel. </li><li>States have been facing pressure in revenues because of economic slowdown and corporate tax cuts, which means that the government is stretched to meet its spending needs.</li><li>The first phase of <keyword id="8763838" type="UNKNOWN" weightage="20" keywordseo="covid-19">COVID-19</keyword> vaccine rollout will cost the government ₹21,000 to ₹27,000 crore.</li></ul>Ahead of Budget 2021, India is mulling imposition of an additional COVID cess or surcharge on high income earners. This could be to meet the increased expenditure due to the pandemic and the upcoming vaccination drive. According to an ET <a href="https://economictimes.indiatimes.com/news/economy/finance/taxed-by-covid-govt-mulls-covid-cess/articleshow/80205285.cms">report</a>, preliminary talks on revenue-raising measures include a cess on high income earners, as well as additional levy on fuel. A call on the new COVID cess will likely be taken closer to February 1, when the budget is scheduled to be announced. If the government implements the COVID cess, it will be the latest in line of measures to boost revenue at a time when it has implemented several policies that either reduce government collections or increase its spendings. <div type="image" title="GST Collections 2020" msid="80208527" hostid="261" caption="&amp;lt;p&amp;gt;GST collections plummeted during peak of COVID-19&amp;lt;/p&amp;gt;"></div> States have been facing pressure in revenues because of economic slowdown and corporate tax cuts, which means that the government is stretched to meet its spending needs. Goods and services tax (GST) collections have also struggled for a good part of 2020, in large part due to the pandemic and lockdown. Further, India’s growth rate is <a href="https://www.businessinsider.in/policy/economy/news/fy21-gdp-advance-estimates-see-indian-economy-contract-by-7-7-due-to-covid-19-pandemic/articleshow/80154658.cms">expected</a> to contract by up to 7.7% while fiscal deficit is projected to rise. As per a PTI <a href="https://www.businessinsider.in/budget/news/fiscal-deficit-touches-135-1-pc-of-fy21-target-at-november-end/articleshow/80046874.cms">report</a>, India has already crossed 135% of its fiscal deficit targets for FY21 in December. <div type="image" title="India&amp;#39;s fiscal deficit" msid="80208556" hostid="261" caption="&amp;lt;p&amp;gt;&amp;lt;sub&amp;gt;India&amp;#39;s fiscal deficit since 2009-10&amp;lt;/sub&amp;gt;&amp;lt;/p&amp;gt;"></div> According to the ET report, the preliminary discussions have revolved around a cess on high-income earners along with some increase in indirect taxes. There has also been a proposal to add a cess to excise on petrol and diesel on top of custom duties. A cess is a good way for the centre to raise funds as central cess collections are not shared with the states. <div type="Article" hostid="261" msid="80146505" title="Petrol price is now past ₹84 in Delhi, over 62% of it is taxes" mstype="2" mssubtype="0"></div> The industry in its recommendations on the budget has asked that no new taxes should be levied as the economy is already under stress due to the pandemic. Experts too agree that the timing is not right. The Indian Revenue Service Association (IRSA) had last year <a href="https://www.businessinsider.in/finance/news/the-super-rich-in-india-may-face-wealth-tax-and-one-time-covid-19-relief-cess-of-4/articleshow/75388641.cms">suggested</a> the imposition of a one-time COVID relief cess on the super-rich to raise funds amid the pandemic. COVID-19 vaccine rollout to cost ₹56,000 to ₹72,000 crore As per an SBI Research <a href="https://www.businesstoday.in/current/economy-politics/phase-1-vaccination-to-cost-rs-21000-27000-crore-to-govt-sbi-research/story/427382.html">report</a>, the first phase of the COVID-19 vaccination drive that begins from <a href="https://www.businessinsider.in/india/news/covid-19-vaccination-drive-to-kick-off-in-india-on-january-16-says-health-minister/articleshow/80188100.cms">January 16</a> will cost the government ₹21,000 to ₹27,000 crore. The second phase is expected to cost an additional ₹35,000 to ₹45,000 crore. The government intends to vaccinate 30 crore people in the first phase and an additional 50 crore people in the second phase. While the cost of vaccines will be borne by the central government, the state governments will bear distribution, personnel training and logistic costs. Jharkhand has imposed a <a href="https://www.thehindubusinessline.com/companies/covid-cess-tata-steel-moves-sc-against-jharkhand-govt/article33365872.ece">COVID cess</a> on minerals and Punjab, Haryana and Delhi have imposed additional taxes on liquor to meet the increased expenditure and reduced revenues. SEE ALSO: <a href="https://www.businessinsider.in/budget/news/various-taxes-may-rationalize-in-aviation-sector-in-budget-2021/articleshow/80186028.cms">Various Taxes may rationalize in Aviation Sector in Budget 2021</a> <a href="https://www.businessinsider.in/policy/economy/news/union-budget-2021-22-manufacturing-atmanirbhar-bharat-healthcare-can-be-main-themes/articleshow/80044041.cms">Atmanirbhar Bharat, manufacturing and healthcare may be central themes in India's budget for next year</a> <a href="https://www.businessinsider.in/finance/news/the-super-rich-in-india-may-face-wealth-tax-and-one-time-covid-19-relief-cess-of-4/articleshow/75388641.cms">The super rich in India may face wealth tax and one-time COVID-19 relief cess of 4%</a>

India may be considering a COVID cess on high income earners — aside from more levy on fuel

New Delhi, Jun 18 () India should be the world's largest coal exporters considering the size of reserves it has, and unlocking of coal mining for commercial players is a step in that direction, Prime Minister Narendra Modi said on Thursday. Launching the virtual auction process for 41 coal blocks for commercial mining, expected to garner Rs 33,000 crore of capital investment in the country over next 5-7 years, the Prime Minister said it is a major step in the direction of achieving 'self-reliance'. He also said that the coronavirus pandemic has taught India to be self-reliant. The launch of the auction process not only marks the beginning of unlocking of the country's coal sector from the "lockdown of decades", but aims at making India the largest exporter of coal, PM Modi said. Presently, despite being the world's fourth largest producer, he said India is the second largest importer of the dry-fuel. "The country which in terms of coal reserves is the fourth-largest nation and is the second-largest coal producer, that country is not exporting coal. But is the second largest importer of coal. The big question is when we are the largest producer of the world... If it is true, why can't we be the largest exporter," Modi said. The PM further said, "We are committed to turning the coronavirus crisis into an opportunity." The Prime Minister said that the government has set an aim of gasification of 100 million tonnes of coal by 2030 with an investment of Rs 20,000 crore. "We have kept an aim that by the year 2030, which means in this decade, around 100 million tonnes of coal should be gasified... For this, four projects have been identified and in them around Rs 20,000 crore would be invested." Lambasting past policies of keeping the sector closed and pointing out towards controversies and scams that shrouded the sector in the past, he said that now there is full transparency in auctions with a wide set of reforms. Commercial coal block auction will be a win-win for industry users, and new resources will open up with states getting more revenue and employment, he said. The PM said that the government has taken important decision to open up coal, mining sector to competition, capital and technology and termed it a major step in the direction of India achieving 'self-reliance'. The PM said that this auction process will result in major revenues to states and create employment besides development of the far-flung tribal areas. The commencement of auction process of these blocks, part of the series of announcements made under 'Atmanirbhar Bharat Abhiyan', are likely to contribute Rs 20,000 crore revenues annually to the state governments. In line with the Prime Minister's self-reliance call, the aim behind the auction process is to achieve self-sufficiency in meeting energy needs and boost industrial development. The government has taken an important decision to open up coal, mining sector to competition, capital and technology, he said. Coal and Mines Minister Pralhad Joshi, who was also be present during the launch event, said Rs 50,000 crore is being invested in the sector to jack up India's coal output to 1 billion tonnes. With a view to achieve self-reliance in the coal sector, the Ministry of Coal in association with FICCI launched the process of auction of 41 coal mines under the provisions of Coal Mines (Special Provisions) Act and Mines and Minerals (Development and Regulation) Act. Upon attainment of peak rated capacity of production of 225 million tonnes (MT), the government said, these mines will contribute about 15 per cent of the country's projected total coal production in 2025-26. It will also lead to employment generation for more than 2.8 lakh people -- direct employment to approximately 70,000 people and indirect employment to approximately 2,10,000 people, as per the government. Vedanta Group Chairman Anil Agarwal and Tata Sons Chairman N Chandrasekharan also attended the launch event. The decision was taken during a meeting of the Cabinet Committee on Economic Affairs (CCEA), chaired by the Prime Minister. Finance Minister Nirmala Sitharaman, while announcing the stimulus package for the coronavirus-hit economy, had said coal mines would be auctioned to the private sector for commercial mining to end reliance on imports and improve local production. The methodology approved by the CCEA provides that bid parameter will be revenue-share, the government had said, adding that bidders would be required to bid for a percentage share of revenue payable to the government. SID NAM ANZ NAM ANS ANS

India should aim to become world's largest coal exporter: PM at launch of commercial coal mining

<ul><li>Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> announced that the government will set up an Animation, Visual Effects, <keyword id="6357332" type="General" weightage="100" keywordseo="gaming" source="Orion">Gaming</keyword> and Comics (<keyword id="1920258" type="General" weightage="80" keywordseo="avgc" source="Orion">AVGC</keyword>) promotion task force for boosting talent in the animation and gaming sector.</li><li>We speak to experts from the industry to understand the larger implications of the move and how it will help the industry.</li></ul>During her Union Budget speech yesterday, Finance Minister Nirmala Sitharaman announced that the government will set up an Animation, Visual Effects, Gaming and Comics (AVGC) promotion task force for boosting talent in the animation and gaming sector. Sitharaman said the AVGC sector will provide a huge opportunity for young professionals and also create new job opportunities for the youth. “The AVGC sector offers immense potential to employ youth. An AVGC Promotion taskforce with all stakeholders will be set up to recommend ways to realize this and build domestic capacity for serving our markets and the global demand,” Sitharaman said during her speech. The move is expected to attract new talent and give them the required support to take the AVGC sector global. The AVGC sectors, and especially the gaming industry has been witnessing a healthy growth. Most industry reports have predicted that the next few years will contribute to immense growth for the industry. A recent report by Sequoia India and BCG had said that while the gaming industry in India is currently smaller than that of the US and China and is 1% of the global gaming market, it is generating $1.5 billion revenue and is expected to triple to over $5 billion by 2025 on the back of the ‘mobile first’ phenomenon. So the government’s move comes at an opportune time. To understand the larger implications of the move, we spoke to experts from the gaming industry and here’s how they thought the government's move will give a boost to the segment: <keyword id="2388996" type="General" weightage="20" keywordseo="sai-srinivas" source="Orion">Sai Srinivas</keyword>, Co-Founder and CEO, Mobile Premier League It is very encouraging to see that the Union Budget has taken into consideration some of the long-pending suggestions for the Animation, Visual Effects, Gaming, and Comics (AVGC) sector, while noting the strong potential this industry holds for employment-generation as well as taking ‘Made in India’ game titles global. We welcome the Hon’ble Finance Minister's announcement to set up an AVGC Promotion Task Force to provide a much-needed boost to the sector. This announcement highlights the need to build capacity to serve both domestic and global markets, and is a strong indicator of the impetus that the government is willing to provide for its growth. It is also heartening to see the government's commitment to work with the industry, allowing for a balanced approach that accommodates the needs of all stakeholders and strengthens the ecosystem holistically. A progressive tax regime, predictable regulatory framework and supportive funding policies will allow the industry to compete on the world stage and fulfil the Hon’ble Prime Minister’s vision for the Indian digital gaming sector to be a global powerhouse. Moreover, it will also help develop a workforce of young and employable AVGC professionals to usher in the next tech revolution from within India. With a renewed focus on the AVGC sector, blended financing for deep tech and IT, hardware and electronics manufacturing combined with deployment of 5G and affordable internet in underserved areas, it is clear that the government is committed to take the Indian startup ecosystem to the next level. We are hopeful that with the positive support of the government, the coming years will see online gaming, VFX and esports startups leading the charge in the global economy. By developing deep tech intellectual property and exporting services, they can help cement India’s position as a world leader in the sector. Rajan Navani, Vice Chairman and Managing Director, JetSynthesys I strongly welcome the formation of a AVGC task force for promotion, something that we as an industry have been pushing for a long time. It is high time that animation, visual effects and gaming are recognised as an industry because of the sheer potential that they carry. Skyrocketing further owing to the pandemic, these industries have the power to create large employment as well as give Indian gaming companies an opportunity to become globally competitive and play an increasingly larger role at a global level. Building a task force that will address the needs of this industry across various ministries would be a very proactive approach towards strengthening this industry, in my opinion. The aim to rollout 5G services in FY 2022-23 along with affordable broadband services and efficient connectivity to allow equal access to e-services in remote and urban areas has also been long due. The focus of Hon FM on new emerging technologies particularly like Blockchain and AI, a word which was repeated several times during the speech is again a very positive move to show that digitalisation is truly the future, and a strong focus area for government. Digitalisation was applied across agriculture, healthcare, skills, education and appeared in various shapes and forms throughout the budget speech. Additionally, the national tele-mental health programme is a great initiative by the government as the COVID-19 pandemic has impacted the mental health of people to an unfathomable extent. Various channels and platforms like ThinkRight.me by JetSynthesys and others in the space can together help tackle India's mental health issues. In all, we’re truly excited about the future of digital India and what this means to JetSynthesys which is here to play a key role in the daily digital lives of a billion Indians. As a country, we hope to move forward with jet speed and transform our country into an atmanirbhar, technologically and digitally forward nation. Vishwalok Nath, Director, World Esports Cup We welcome the steps by the Finance Minister of India as part of Budget 2022-2023 including the creation of the AVGC task force. We hope that this task force can help promote the creation of a robust infrastructure for game development with gradual benefits to the esports community. We are also looking forward to the 5G spectrum auction this year. 5G can further promote the latest innovations and mass adoption of technologies like cloud gaming in the country. There is a huge scope of employment for the youth in the gaming industry. Esports/Video Games is a versatile industry and there is a huge scope for professional gamers as well as other jobs like casters, commentators, and other support staff appointed by the esports tournaments like producers, editors, analysts, product managers, game testers, referees, production crew members, event managers, social media managers, etc. Lokesh Suji, Director, Esports Federation of India &amp; Vice President, Asian Esports Federation It is encouraging to finally see the seriousness from our Government towards this sector which has been long neglected. This will definitely help in setting up the policies which would encourage and build our capacities and capabilities to export to the rest of the world; leading to more domestic video game development studios and more investments in the AVGC sector. Spectrum auctions for 5G is a welcome move for the gaming industry as well, 5G can disrupt the industry by enhancing the live streaming of games and cloud gaming as well. The task force should consist largely of people who have been part of the ‘Video Game’ industry and are playing an active role in shaping up the Indian video game industry. <keyword id="263906" type="General" weightage="20" keywordseo="jehil-thakkar" source="Orion">Jehil Thakkar</keyword>, Partner and Media and Entertainment Sector Leader, Deloitte India The setting up of the AVGC promotion task force announced in the Union Budget will help India achieve its potential of achieving 20 lakh jobs according to Deloitte projections. These are critical skills for growth of the metaverse and India is poised to take advantage of this ecosystem. Sagar Nair, Co-Founder &amp; CEO, Qlan It is this continued acceptance that will lead to the progress of the Indian gaming and esports industry. First was esports’ entry in the Asian Games as an official event followed by a government dedicated task force to work with the AVGC sector. I have no doubt that these initiatives as part of the national budget policy highlight the true potential of the Indian gaming &amp; esports segment not only in India but also on the global circuit. The statement clearly indicates the backing of homegrown game developers, tournament organizers, and esports companies and recommendations from the appointed task force will help build domestic capacity for serving out markets and the global demand as well. Sunil Yadav, CEO, PlayerzPot The AVGC sector is one of the fastest growing sectors in India, and attracts a huge interest from a large cross section of the population. The announcement of the new AVGC task force is a welcome one, as we expect it will help to build domestic capacity and also serve the global demand. The task force has come at the right time, for those pursuing a career in gaming as the sector is booming right now and needs more talented youngsters to grow. With the government introducing digital rupee and a visible trend in crypto adoption, NFT’s will grow significantly. 5G services auction within FY 22-23 across the country will play an important role in the growth by further penetrating in the markets and also enhancing the gaming experience. As the honorable minister mentioned in her budget presentation, the gaming sector has the potential to become the torchbearer of 'Create in India' &amp; 'Brand India', on the same lines we were hoping for transparent and progressive regulation that will help differentiate games of skill from those of chance, because this is a key area of concern for the industry as a whole. Dilsher Singh Malhi, Founder &amp; CEO, Zupee The creation of the AVGC promotion task force is a welcome move. The initiative with industry participation will help in establishing uniform, progressive policies that will promote growth and investments in the sector, which in turn, will lead to job creation, revenue generation, and engagement opportunities. This will be a crucial step towards bridging the digital divide and unlocking a fully connected and empowered digital India. We believe that this initiative will pave the way for the Indian gaming industry to establish itself on a global stage. Rahul Tewari, Chief Financial Officer, Games24x7 The gaming industry welcomes the decision to set up a task force for Animation, Visual Effect, Gaming and Comics. AVGC taskforce can provide the long-term policy impetus and bring together the various stakeholders to turbocharge the vibrant ecosystem in gaming 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 coming years. We hope this paves way for regularity clarity for gaming, a sector that has contributed immensely to India’s start-up success in the last few years. Manish Agarwal, CEO, Nazara Technologies Ltd. The government’s announcement of an AVGC task force to seek recommendation to create the way forward is a welcome move. As we know, India presently commands around 10% of the global AVGC market and has the potential to reach 20-25% by 2027. This taskforce will facilitate employment for the youth, build domestic capacity to serve the Indian markets and also meet global demand. <keyword id="3471731" type="General" weightage="20" keywordseo="roland-landers" source="Orion">Roland Landers</keyword>, CEO, The All-India Gaming Federation I am pleased that the government has announced a progressive budget; stating the gaming industry as a sector that generates various job opportunities for the youth while boosting the economy of the country. The ideas proposed for the sector are very encouraging. We are thrilled and look forward to the AVGC task force that will give a major boost to the game development sector by building scale and adding to the overall online skill gaming industry’s momentum. AIGF and the skill games council of domain experts will be happy to assist, if need be, in playing a consultative role for the same Likewise, the tax extension to four years will benefit the entire start-up ecosystem in online gaming which is in the excess of 300 companies. Furthermore, the Hon’ble FM’s announcement of the digital rupee launch will increase purchases of virtual goods in games through microtransactions. Finally, 5G auctions when implemented will enhance the gamer experience dramatically as well as facilitate the adoption of new technologies in gaming. Overall, the budget has opened more avenues for the gaming industry.

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