India’s Highest Ever Sports Budget In Financial Year 2023-2024-Sports Blog-IISM Mumbai

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Indias Highest Ever Sports Budget In Financial
Year 2023-2024 ?3,397.32 Crore
Sports have become an integral part of our
society, both in terms of encouraging a healthy
lifestyle and contributing to the economy. The
sports industry is a significant contributor to
the global economy, and governments throughout
the world have increased their spending on
sports development and marketing. In India, the
government has increased its sports budget, with
an emphasis on constructing world-class
facilities to assist athletes and promote the
countrys sports culture. In this blog, we will
look at Indias sports budget and the
governments efforts to promote sports across
the country. You may also like to read- Khelo
India Youth Games (KIYG) Indian Governments
Flagship Grassroots Talent Hunt
Programme Sports Budget 2023 The Indian
government has proposed a sports budget of
?3,397.32 crore to the Ministry of Youth Affairs
and Sports. This is an increase of 11 over the
previous fiscal years budget of Rs. 3,062.30
crore.
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Not all of the funds in the budget are for
players. They are distributed to other athletic
organisations with the goal of developing these
organisations in India. Knowing where the budget
is allocated and to which organisation will give
you a better understanding of where the money
will be spent. That being said, lets go over the
detailed allocation of funds to the sporting
bodies. Allocation of funds This year, the funds
allocated to the National Sports Federations
(NSFs) have gone up. The previous years
allocations were ?280 crore, and that has been
increased to ?325 crore. The funds for the
Sports Authority of India (SAI) have been
increased to ?785.5 crore from the previous
years revised grant of ?749.43 crore. Apart from
appointing coaches, SAI will use the budget to
manage several national teams, national camps,
and provide the best infrastructure and
facilities to athletes. Khelo India, the
governments flagship initiative, receives a
significant portion of the financial allocation.
Khelo India will receive 1,045 crore, a 400 crore
increase above the previous revised allotment of
600 crore. With its many programmes, such as the
Khelo India Youth Games and the Khelo India
University Games, Khelo India has evolved into a
platform for identifying and nurturing young
talent. Since its inception in 2018, the funding
for Khelo India has been increasing. The
National Sports University has been given a
budget of 107.84 crore. The sports university,
founded in 2018, is the first of its type,
offering programmes in sports science and
medicine, coaching, sports administration, and
technology. The National Centre of Sports
Science and Research was another prominent
organisation that received funding in this
budget. They were allotted 13 crore to distribute
to medical schools and universities to construct
sports science and research centres. However,
the money set aside for athlete incentives has
decreased by 10 crore from the previous years
allotment of 55 crore, amounting to a total of 45
crore. The National Anti-Doping Agency has been
allocated 21.73 crore after a National Anti-
Doping Bill was passed last year to create a
statutory body for regulating anti-doping
activities, and the National Dope Testing
Laboratory has been allocated 19.50 crore.
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Summary The Indian governments sports budget for
202324 indicates the countrys dedication to
supporting sports. It demonstrates that they are
investing in a brighter and healthier future
for the country. The sports budget and
initiatives should be viewed as a chance to build
a sustainable athletic environment that benefits
both athletes and society as a whole. With the
above-allocated budget in Sports, we can say that
the increased budget will be directly
proportional to the increase in sporting
activities in our country. This will lead to
more and larger sporting events being held across
India which will require trained sports
management professionals. You may also like to
read- Five reasons you should begin with
carving a career for yourself in the Sports
Industry This was the sports budget of the fiscal
year 202324 in a nutshell.