Did you know that this Budget 2023-24 was the last one by Modi Govt? Yes, before the next elections, this is the most crucial decision this Indian government had to take to please all its citizens.
The sports sector has received its highest-ever budget allocation in history. With an over 300 Crore jump, the sports sector has received Rs 3397.32 Cr allocation in the new FY 2023-24 Union Budget. The Union Finance Minister presented the budget for 2023-24 at the parliament today.
With Asian Games 2023 coming up and the Paris Olympics preparations in full swing, the Finance Ministry has recognised the importance of increasing the budget. Khelo India received a whopping 1045 Cr funding.
Sports Budget 2023-24 Allocation:
- Khelo India: Rs 1045 Cr
- SAI: 785.52 Cr
- National Sports Federations: 325 Cr
- National Service Scheme: 325 Cr
- National Sports Development Fund: Rs 15 Cr
Here is how the sports industry reacted:
Recently, Sports For All joined Khelo India as powered by sponsor to empower India’s next sports icons wherein a 5-year-long association will see Sports For All investing ₹12.5 crores to promote Khelo India mission, developing grassroots sports in the country
Rishikesh Joshi, Founder of Sports For All (SFA):
“This is a strong message from the Govt. Of India on the importance of sport to our nation. For India to be a Global Sports Super Power we constantly need to focus on Grassroots Sports and a large part of this budget has consistently been allocated towards the same. The over 200% jump in the Khelo India Budgets from 2017 shows the importance of investing in youth sport!”
“The quality of science, nutrition and professionals that our young athletes need will get a huge boost. Also, more athletes will be able to get the support they need and thereby our participation in global events such as the Asian Games will get strengthened. India will also be able to attract and host more global sports events which will further strengthen our sporting ecosystem”
Mr Tenzing Niyogi, CEO & League Commissioner, Ultimate Kho Kho.
The Union Budget for the fiscal year 2023/24, which was presented by Finance Minister Nirmala Sitharaman today saw an increase of over Rs 300 crore in sports allocations from last year. The sports budget has increased to Rs Rs 3397.32 crore. This will be a progressive step in aiding India’s preparations for this year’s Asian Games and Paris Olympics which can result in an increased presence in multi-nation prestigious events and an opportunity funnel for widespread sports to come into the limelight.
The budget will enable financial assistance to the state governments to develop sports infrastructure and facilities and to encourage sports participation at the grassroots level. The growth of Indigenous Sports will fuel the sports league talent supply chain which eventually will bring India closer to becoming a Multi-Sport Playing Nation. The increasing commercialization of sports in India is also helping to create a vibrant sports culture.
Sangeet Shirodkar- CEO and Co-founder, 27th Sports
“The sports sector in India has been granted the largest budget allocation in its history and from a venture capital perspective will be positive as it is helpful towards entrepreneurs that are solving real pain points in the sports industry. The massive increase of over 300 Crores in the Union Budget effectively shows a steady rise for the Indian Sports and Venture Capital Industry as it helps startups gain more support in funding and mentorship programs. The budget will help to focus specifically on emerging markets and sports such as cricket, golf, beach sports, and e-sports among others. India’s growth being the highest among major economies is a powerful aspect that will aim to encourage the participation of youth and women in the sports activities in our country.”