The Ministry of Finance said sports infrastructure will be included under the harmonized master list of infrastructure subsectors, easing the flow of investments and incentives to the sector.
The decision was taken after a series of meetings and discussions with different agencies including RBI.
This inclusion would bolster investment in sports infrastructure sector which will contribute to the economy and help in promotion of health and fitness of the people of this country as also provide opportunities for employment in the new and exciting sectors, said the government.
The Ministry of Youth Affairs & Sports Affairs had moved a proposal for inclusion of Sports in the harmonized master list of infrastructure sub-sectors so that the sports sector becomes eligible for obtaining long term financial support from banks and other financial institutions on the same principle as is available to other infrastructure projects.
Sports like Cricket with the backing of the Board of Control for Cricket in India (BCCI),though represents India, functions like a “private funded” body ensuring surplus funds.
The BCCI is the richest cricket board in the world.
This move could bring in similar investments from the private companies thereby showing a light for growth of other sports in the country.