FM Sitharaman presents Union Budget 2023, Sports sector to see boost with Asian Games 2023 in mind, Follow LIVE
Sports Budget 2023 LIVE: Union Budget 2023 LIVE – The Union Finance Minister will present the budget for 2023-24 today. With Asian Games…
Sports Budget 2023 LIVE: Union Budget 2023 LIVE – The Union Finance Minister will present the budget for 2023-24 today. With Asian Games 2023 coming up, the sports sector could see a bump in budget 2023. Last year, India saw a massive increase in sports budget with government-promoted sports schemes such as Khelo India getting a significant bump. The trend is likely to continue. Follow Budget 2023 LIVE Updates on InsideSport.IN.
In the 2022-23 budget, the sports sector received a Rs 358.5-Cr increase in funds. From ₹2757.02 in 2021-22, it was increased to ₹3062.60 crores last year. Through TOPS (Target Olympic Podium Scheme), athletes also received a big boost in training.
Sports Budget Allocation 2022:
- Khelo India: Rs 974 Cr
- SAI: 653 Cr
- National Sports Federations: 280 Cr
- National Service Scheme: 283.5 Cr
- National Sports Development Fund: Rs 16 Cr
Sports Budget 2023 LIVE: Finance Minister Nirmala Sitharaman presents Union Budget 2023 today, Sports sector to see boost with Asian Games 2023 in mind, Follow LIVE Updates
National Sports Federations
The biggest beneficiary of NSF funds could be All India Football Federation (AIFF). With the AIFF presenting Vision 2047, it expects a significant bump in the funds. The government of India momentarily ceased funding AIFF due to its constitution and alleged corruption.
In 2022-23, NSFs received a total of Rs 280 Cr budget, the same as 2021-22.
SAI Budget
The Sports Authority of India received a minimal Rs 7.41 Cr cut to Rs 653 Cr last FY. However, with Asian Games and training for Olympics qualifiers, it is expected to increase.
It’s Budget Day
Wonder how much money will be set aside for sports and how will the technological investments and plans help in the development of the Esports industry.
Not to forget about the debatable GST rates in the sports and gaming industry.— Akshata Shukla (@shukla_akshata) February 1, 2023
Sports Budget 2023 LIVE: Finance Minister Nirmala Sitharaman presents Union Budget 2023 today, Sports sector to see boost with Asian Games 2023 in mind, Follow LIVE Updates
Increase in incentives for sportspersons:
With Asian Games 2023, the government is likely to increase funding for incentives to sportspersons. This category received a bump from Rs 245 Cr to Rs 357 Cr.
Focus on Esports: However, the expectation is for the esports sector. With the government formally recognising esports as a potential growth sector, it is likely to get its own budget allocation.
GST on sports equipment:
Another important area of concern for sportspersons are high GST rate on certain sports equipment. While athletes have demanded GST to be minimum on such equipment, it is to be seen whether the government pays any heed.
Sports Budget 2023 LIVE: Finance Minister Nirmala Sitharaman presents Union Budget 2023 today, Sports sector to see boost with Asian Games 2023 in mind, Follow LIVE Updates
