Union Budget 2023-24: Reactions from Sporting Events Industry leaders and experts!
by Niddhi Sharma Industry Watch | February 7, 2023 | Feature
Union Budget 2023-24 Sporting Events Industry Namrata Parekh Vivek Singh Tenzing Niyogi
Finance Minister Nirmala Sitharaman recently unveiled the Union Budget for the fiscal year 2023-24. In the announced budget, the Sporting Industry received its biggest-ever allocation as it saw an increase of over Rs 300 crores from the previous financial year.
Further to the announcement, EVENTFAQS Media reached out to the experts from the Sporting Events Industry to know more about their views on how the budget will help in the growth of the Sports Event Industry? and top trends that will shape the sporting industry in 2023.
Below are the responses by the experts:
Tenzing Niyogi, CEO and League Commissioner, Ultimate Kho Kho
- "This is a progressive step resulting in an increased presence in multi-nation big ticket events and more importantly creating an opportunity funnel for widespread sports to come into limelight."
"The Union Budget for the fiscal year 2023/24, which was presented by Finance Minister Nirmala Sitharaman saw an increase of over INR 300 crore in sports allocations from last year to INR 3397.32 crore. This is a progressive step in aiding India’s preparations for this year's Asian Games and Paris Olympics which can result in an increased presence in multi-nation big ticket events and more importantly creating an opportunity funnel for widespread sports to come into limelight. The growth of Indigenous Sports will fuel the sports league talent supply chain, eventually getting India closer to becoming a Multi-Sport Playing Nation. The increasing commercialization of sports in India is also helping to create a vibrant sports culture.
Increased spends across age and talent with a layered approach clubbed with performance data across all sports disciplines and will bring attract more brands entering the indigenous sports space to have direct conversations with families. We have to have a focussed approach at the bottom of the sporting pyramid to create more traction which makes brands keen to associate at school level tournaments."
Namrata Parekh, Co-founder and Director, Meraki Sport & Entertainment
- "I believe that the sports events industry is at an inflection point and will be a key beneficiary of this propulsion - a much needed one, after a two-year pandemic-imposed hiatus."
"The 2023 Budget has proposed an allocation of Rs 3,397.32 crore to the Ministry of Youth Affairs and Sports, with Khelo India, the government’s flagship programme being the biggest beneficiary with an increase of Rs. 439 cr. from the previous year. This to me underscores the government’s intent to develop participation and awareness of Olympic sports, signalling the government interest in popularising sport beyond cricket, amongst youth of our country.
Additionally, the increased allocation to SAI & NSFs, prioritises holistic support to athlete development, ensuring that our athletes get access to world- class training and ancillary infrastructure, catalysing our journey towards becoming a true sporting powerhouse.
Enthused by the government’s vision, I hope corporates, institutions & investors continue to increase their spends on events and experiences that encourage both participation and consumption of sports, thereby propelling the entire ecosystem.
If the slate of new events & experiences that have happened in the recent past and/or are scheduled to happen going forward are an indication of things to come viz. ATP 250, Chess Olympiad, Formula E race, MotoGP etc., I believe that the sports events industry is at an inflection point and will be a key beneficiary of this propulsion - a much needed one, considering the industry is bouncing back after a two-year pandemic-imposed hiatus."
Vivek Singh, Managing Director, Procam International
- "The 2023-24 budget has also opened up an opportunity for the authorities to partner with private sports promoters to help in the proliferation of sports, especially participative sports."
"We see the current sports budget as the much-needed impetus for a year when our country is gearing up for the Asian Games followed by Paris 2024. Most importantly, an overall increase of 723.97 cr from the previous year with Khelo India as the centrepiece and an allocation of 1,045 cr. is only a testament that the government of India sees huge potential in the program to create future champions for the country.
The 2023-24 budget has also opened up an opportunity for the authorities to partner with private sports promoters to help in the proliferation of sports, especially participative sports. It also creates a gateway for increased financial impetus in the form of concessions or waivers for the usage of the government’s sporting infrastructure to certain Indian mass participative sporting events of global stature thereby, furthering the cause of health and fitness among people."
For editorial related queries, reach us at edit@eventfaqs.com
In the announced budget, the Sporting Industry received its biggest-ever allocation as it saw an increase of over Rs 300 crores from the previous financial year.