Sports Sector Gets the Infrastructure Status
The Union Finance Ministry has decided that sports infrastructure will be included under the harmonised master list of infrastructure sub-sectors.
Earlier, the Ministry of Youth Affairs & Sports Affairs had moved the proposal for inclusion of sports in the list to address the issue of deficit of sports infrastructure in the country.
Key Facts
- It will include sports stadia and infrastructure for academies for training and research in sports and sports-related activities in the infrastructure sub-sectors.
- With this, sports sector becomes eligible for obtaining long term financial support from banks and other financial institutions on same principle available to other infrastructure projects.
- It will also encourage private investment in a public good which has socio-economic externalities in a country with young population.
- It will also bolster investment in sports infrastructure sector which will contribute to the economy and help in promotion of health and fitness of the people.
- It will also provide opportunities for employment in the new and existing sectors. Besides, investment from private sector will widen the platform from where the country can become a sporting power in future.
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Month: Current Affairs - October, 2016