Sports Budget 2023 Highlights: Union Budget 2023 LIVE – Good news for athletes. The sports sector has received its highest-ever budget allocation in history. With an over 300 Crore jump, sports sector has received Rs 3397.32 Cr allocation in the new FY 2023-24 Union Budget. The Union Finance Minister presented the budget for 2023-24 at the parliament today. With Asian Games 2023 coming up and Paris Olympics preparations in full-swing, the Finance Ministry has recognised the importance of increasing the budget. Khelo India recieved a whopping 1045 Cr funding. 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.
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Sports Budget Allocation 2023-24:
- Khelo India: Rs 1045 Cr
- SAI: 785.52 Cr
- National Sports Federations: 325 Cr
- National Service Scheme: 325 Cr
- National Sports Development Fund: Rs 15 Cr
Sports Budget 2023 LIVE: Sports sector gets RECORD Rs 3397.32 Cr allocation ahead of Asian Games 2023, Follow LIVE Updates
National Sports Federations
National Sports Federations have received a bump with Rs 325 Cr allocation. In 2022-23, NSFs received a total of Rs 280 Cr budget, the same as 2021-22.
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.
SAI Budget
The Sports Authority of India has also received a bump. With Asian Games and Olympic qualifiers, SAI has an uptick in funding with Rs 785.52 Cr. Last year, SAI had received a Rs 7.41 Cr budget cut. But this year, SAI has received a Rs 132.52 Cr hike.
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: Sports sector gets RECORD Rs 3397.32 Cr allocation ahead of Asian Games 2023, Follow LIVE Updates
Blow for Esports players: While there were massive expectations for gamers in the new budget, they will be disappointed. The new budget has proposed TDS and Taxability on winnings at the time of withdrawal or at the end of the financial year.
“TDS would be without the threshold of 10000. For Lottery, crossword puzzles games, etc. threshold limit of 10k shall continue but shall apply to aggregate during a financial year,” the budget read.
The good news is that with computer peripherals and smartphones getting cheaper, it will help esports players save some initial setup costs.
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: Sports sector gets RECORD Rs 3397.32 Cr allocation ahead of Asian Games 2023, Follow LIVE Updates
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