Budget 2022: the central government announces an increase in the sports budget
The Union Budget, which was presented to the Lok Sabha on Tuesday by Finance Minister Nirmala Sitharaman, revealed an increase in funds of more than Rs 300 crore in sports allocations compared to last year.
The total budget allocated to sports now stands at Rs 3062.60 cr.
Last year (for 2021-2022), the Union budget allocated Rs 2,596.14 crore for sports which was less than the Rs 230.78 crore allocated in the previous financial year.
Now, there has been an increase of Rs 305.58 crore in the sports budget.
With the Commonwealth Games and the Asian Games approaching, this increase in the budget will give a boost to the sector.
The amount allocated to the National Youth Empowerment Program was also increased this year (from Rs 108 crore to Rs 138 crore). The Khelo India program budget has also been increased from Rs 879 crore to Rs 974 crore this time.
The Minister of Finance also spoke about the gaming sector and said: “A working group on the promotion of AVGC, with all stakeholders, will be set up to recommend ways to achieve this and to build capacity. to serve global markets and demand.”
Commenting on the announcement, Jehil Thakkar, Partner and Leader in Media and Entertainment, Deloitte India told PTI that the move will help India reach its potential of 20 lakh jobs in the sector.
“These are essential skills for the growth of the metaverse and India is poised to take advantage of this ecosystem,” he said.
(With PTI inputs)