Budget 2024: Eyes On Funding As India Prepares For Olympics
The Indian sports sector awaits the budget release as the Paris Olympics approaches. This anticipation is fuelled by a record allocation of Rs 3397.32 crore in the Union Budget for FY 2023-24, an 11 per cent increase over the previous year, Highlighting the government's initiatives to encourage sports and physical fitness.
Furthermore, a look at the last 15 years demonstrates how the Indian sports industry has evolved financially. The budget increased dramatically from Rs 708 crore in 2007-08 to Rs 3670 crore in 2009-10, owing to preparations for the Commonwealth Games in Delhi. However, witnessed changes across the following years, rising from Rs 2841 crore in 2010-11 to Rs 1121 crore in 2015-16 and 2019-20, reaching Rs 2636.06 crore.
Even with its expansion in 2023, India's sports budget is still minimal when compared to developed countries like the United Kingdom (UK), Australia, Japan and the United States (US).
Further, ahead of the Finance Minister's budget announcement on 1 February 2024, industry participants are optimistic about further policies that will advance India's athletic goals. Punit Balan, chairman of the Punit Balan Group, praises the government's dedication and highlights the vital role that professional leagues play in conjunction with community-based programs like Khelo India.
He further expressed his optimism, stating, "Last year's considerable increase in the sports budget demonstrated the government's commitment to fostering athletic talent. Given the Paris Olympics 2024 this year, I'm hoping to see a continuous emphasis on supporting and developing future stars. "The combination of grassroots initiatives such as Khelo India and professional leagues is critical for developing talent and ensuring a sustainable ecosystem for Indian sports. “Beyond the Paris Olympics, India hopes to host the 2036 Olympics.
Tenzing Niyogi, CEO of Ultimate Kho Kho, advocates for continued support for non-cricket sports and talent development through strategic fund allocation, particularly for National Sports Federations. Suhail Chandhok, CEO of U Mumba, anticipates dedicated funds for emerging homegrown leagues and a strategic focus on grassroots development.
"Given the burgeoning growth of domestic sports leagues, we expect financial support to increase their national profile. We also aim for a deliberate focus on grassroots development and talent discovery, which are, in my opinion, essential foundations for building a thriving sports ecosystem. Putting money into these sectors will support and sustain the growth of a variety of sports, said Vikas K. Gautam, CEO of Yuva Kabaddi Series. He further addressed the critical issue of international-level coaching, facilities and sports sciences, saying, "Given the current lack of infrastructure and the absence of internationally standardised coaching facilities, the allocation of funds towards the training of coaches is crucial.
Aditya Reddy, Co-founder of Gamepoint, expects a double-digit budget increase aligned with the Prime Minister's bid for the 2036 Olympics. He anticipates capital expenditure for facility upgrades and new establishments, policy amendments and improved access to public sports facilities to catalyse private sector involvement.
The Union Budget 2024 holds immense significance for the Indian sports industry. With continued government support, strategic investments and collaborative efforts, India's sporting dreams, both for Paris and beyond, can soar to new heights. As the nation eagerly awaits the budget presentation, the stage is set for a golden era of Indian sports on the global podium.
