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The Union Budget for the fiscal year 2023–2024 was released by Finance Minister Nirmala Sitharaman on Wednesday. The budget’s allocation for the sports industry was the largest ever given that it increased dramatically from the prior fiscal year by more than 300 crores.
Prior to this year’s Asian Games and the 2024 Paris Olympics, the Finance Ministry has allotted Rs 3397.32 crore for the sports industry, which has given the industry a significant boost.
The Sports Authority of India (SAI) saw an increase of Rs 132.52 crore from the previous year, after the top body’s budget was reduced by Rs 7.41 crore in 2022–2023. The sports budget for this year includes financing for SAI in the amount of Rs 785.52 crore.
With its Rs 1045 crore allocation, Khelo India has received the largest portion of this year’s sports budget. The National Sports Federation (Rs. 325 crore), National Service Scheme (Rs. 325 crore), and National Sports Development Fund have been given the remaining sum (Rs 15 crore).
With the Asian Games this year and Paris Olympics next set to be held in 2024 it was on the expected lines that there will be an increase in the allocation of funds to meet the demands of the two mega-events in the sports budget.
Sports Budget 2023-24
Khelo India: Rs 1045 crore
SAI: 785.52 crore
National Sports Federations: 325 crore
National Service Scheme: 325 crore
National Sports Development Fund: Rs 15 crore
A bigger boost is injected into the sports sector this year, and India’s sports economy and ecosystem will continue to prosper at this extraordinary pace.
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