The interim Union Budget 2024, presented by Finance Minister Nirmala Sitharaman, has unveiled significant allocations and developments in the sports sector. Let’s delve into the key highlights that are set to shape India’s sporting landscape in the coming fiscal year.
Union Budget 2024: Budget Allocations for the Sports Sector
With the Paris Olympics on the horizon, India’s sports sector has secured its highest-ever budget allocation, totalling an impressive INR 3442 crores. This marks a commendable increase from the previous fiscal year’s allocation of INR 3396 crores.
Breakdown of Budget Allocation
- Khelo India: The crucial initiative focused on grassroots sports development has observed an increase from INR 880 crores to INR 900 crores, signifying heightened support for nurturing budding talent at the grassroots level.
- SAI (Sports Authority of India): A substantial allocation of INR 822 crores has been earmarked to bolster the activities and initiatives undertaken by the Sports Authority of India.
- National Sports Development Fund: An allocation of Rs 18 crores has been directed towards the National Sports Development Fund, paving the way for sustained growth and development within the sporting ecosystem.
During her address, the finance minister emphasized, “The country takes pride in our youth scaling new heights in sports. The record-breaking medal tally achieved in the Asian Games and Asian Para Games in 2023 reflects a high level of confidence. Noteworthy achievements by our athletes, including chess prodigy Praggnanandhaa, underscore the bright future of sports in our nation. Today, India boasts over 80 chess grandmasters compared to just over 20 in 2010.”
Post-Budget Reactions from Sporting Business Stakeholders
Punit Balan, Chairman & Managing Director, Punit Balan Group:
“The government’s proactive stance towards sports, evident through the amplified allocation of funds, will fuel the success of Indian athletes on the global stage. As we gear up for the Paris Olympics, we are optimistic about our youth achieving remarkable feats in international competitions.”
Tenzing Niyogi, CEO and League Commissioner, Ultimate Kho Kho:
“The significant increase in sports allocations, reflecting the government’s unwavering commitment, is poised to elevate India’s performance in international sporting events. This enhanced financial support signifies the government’s vision for fostering and nurturing sporting talent, setting the stage for a promising era in Indian sports.”
Suhail Chandhok, CEO, U Mumba:
“The substantial budgetary allocation for the sports sector, coupled with increased support for Khelo India, is instrumental in driving grassroots development and fostering increased participation across sporting disciplines. The achievements of Indian athletes on the global stage serve as a testament to our nation’s emergence as a sporting powerhouse.”
Vikas Gautam, CEO, Yuva Kabaddi Series:
“The noteworthy budget allocation underscores India’s trajectory towards becoming a dominant force in the global sports arena. By prioritizing grassroots infrastructure and augmenting the Khelo India budget, the government is investing in nurturing latent talent, laying the groundwork for a robust sports ecosystem.”
Aditya Reddy, Co-Founder & CEO, Gamepoint:
“While the interim budget maintained a similar allocation for the sports sector compared to the previous year, the government’s positive approach towards sports presents immense opportunities for the industry. With a vision to transform India into a key player in the global sports ecosystem, we anticipate further measures post-general elections to foster the growth of Indian sports.”
The heightened budget allocation for the sports sector in the interim Union Budget 2024 sets the stage for substantial advancements, positioning India as a prominent contender on the global sports landscape.
