Business News
4 min read | Updated on January 20, 2024, 14:39 IST
SUMMARY
Last year, the Union Budget 2023 witnessed a historic allocation of ₹3,397.32 crore to India's sports sector, including a boost to Khelo India with ₹1,045 crore. 2024 budget is expected to emphasise the development of indigenous sports leagues, and talent identification. This year’s budget allocation is a significant step towards fostering athletic talent and building future stars in the 2024 Olympics.
Can Budget 2024 help India bring home Olympic medals
The increased budget allocation has led to significant consequences for various schemes and organisations within the sports sector. The allocation of funds towards the training of coaches has also contributed to enhancing the coaching infrastructure and nurturing aspiring athletes.
The National Sports Federations and the National Service Scheme both saw an increase in their budgetary allocations, to ₹325 crore each. This increase in budgetary support for sports and youth initiatives highlights the government's commitment to fostering a robust sports culture in the country. The government's attention to infrastructure building, support to elite athletes, and creating equal opportunities for women, persons with disabilities, and youth from remote areas has been instrumental in driving these budget decisions.
The government in Budget 2024 is expected to put added emphasis on initiatives such as Khelo India, Fit India Movement, Target Olympic Podium, and Mission Olympic Cell. Additionally, the government could also explore ideas like incentivising sports goods manufacturing and engaging private organizations in the management of sports facilities through a Public-Private Partnership or PPP model. These steps can play a pivotal role in the transformation of the sports sector in India, aligning with the nation's ambition to host the 2036 Olympics. It is crucial to strategically allocate budgets for diverse sports, infrastructure, and talent development across various sporting disciplines.
As a consequence of the budget decisions in 2023, there has been a noticeable impact on the sports sector. The increased allocation of funds has contributed to emerging homegrown sports leagues in the country. Furthermore, the emphasis on talent identification and grassroots-level development has played a crucial role in creating a vibrant sports ecosystem and promoting sustainable development across diverse sporting disciplines.
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