Interim Budget 2024 Boosting Sports Industry With Rs 3442 Cr Allocation
Finance Minister Nirmala Sitharaman's union budget 2024-25 allocated Rs 3,442 crore to the sports industry on Thursday, surpassing the previous year's allocation of Rs 3,396 crore. The enhanced financing is likely to play a critical role in expanding India's global sports profile, with a special emphasis on the forthcoming Paris Olympics.
The Khelo India initiative, crucial for developing sports at the grassroots level, saw an increase in funding from Rs 880 crore to Rs 900 crore. The Sports Authority of India (SAI) received Rs 822 crore. Additionally, the National Sports Development Fund was allocated Rs 18 crore.
Further, in her budget speech, Sitharaman acknowledged the achievements of Indian youth in sports. She highlighted India's record-breaking medal tally in the 2023 Asian Games and Asian Para Games, citing it as a testament to the country's growing confidence in the sporting arena.
The minister also praised chess prodigy Praggnanandhaa for his impressive performance against the reigning World Champion Magnus Carlsen.
Further, the industry leaders in India's sports sector expressed optimism about the increased budget allocation, believing it will significantly impact India's global sporting standing.
Punit Balan, Chairman and Managing Director, Punit Balan Group expressed confidence that the increased funding would "provide the impetus for Indian athletes to shine brightly in international competitions," contributing to the nation's continued success on the global stage. He further stated, "With the Paris Olympics looming on the horizon, we are confident that our youth will make it the best-ever campaign for India."
Tenzing Niyogi, CEO and League Commissioner, Ultimate Kho Kho applauded the government's continued commitment, evidenced by the rising budget allocation. He said, "The increased allocations not only boost the morale of our athletes but also serve as a testament to the government's vision for developing and nurturing sporting talent." Niyogi added, "As India gears up for the upcoming Paris Olympics, this heightened financial support will pave the way for a promising era for sports in the country."
Suhail Chandhok, Chief Executive Officer (CEO), U Mumba, acknowledged the crucial role the budget allocation, especially for Khelo India, would play in grassroots development. He noted, "This support for our athletes across all sporting disciplines will facilitate more participation and lead to more medals at the Olympics and other international tournaments."
Vikas Gautam, CEO of Yuva Kabaddi Series commended the budget allocation, viewing it as a "significant stride towards transforming India into a sporting powerhouse." He emphasised, "This budget reflects a visionary approach, recognising that the true potential of our athletes lies in the foundation we build for them today." Gautam expressed hope that the combined efforts would "fuel the aspirations of our youth and propel India to new heights on the global stage."
Aditya Reddy, Co-founder and CEO of Gamepoint acknowledged the interim nature of the budget and the lack of major announcements. He mentioned Prime Minister Narendra Modi's statement about making India a global sports hub and the potential economic opportunities presented by the sports industry. He expressed hope that "the new government formed after the Lok Sabha elections would increase the budget allocation and implement new measures to further develop Indian sports."
With the Paris Olympics on the horizon, this increased budget allocation is a timely boost for Indian sports. The funds will be used to improve infrastructure, support athletes and develop talent at the grassroots level. This, in turn, is expected to lead to improved performances on the international stage and help India achieve its dream of becoming a sporting powerhouse.
