The Union Finance Ministry has accepted the All India Council of Sports’ recommendation to amend the Indian Companies Act 2013’s provisions and widen the scope for CSR activities in Sports promotion. The creation and maintenance of sports infrastructure, upgradation and renovation of existing facilities and sports science support including setting up of Gymnasium and Rehabilitation Centres have been accepted as part of the Corporate Social responsibility (CSR) initiatives.
Earlier, CSR funds were required to be spent on ‘training to promote rural sports, nationally recognised sports, Paralympics sports and Olympic Sports’. While the corporate world has shown their interest in taking up sports in a big way but they were restricted to of sports training only.
It was requested of the Union Minister of Corporate Affairs to include ‘Sponsoring National and International Competitions’ for the holistic development of sports in the country. In this connection, it was mentioned that Mission Olympic Cell has been set up under the Chairmanship of Director General, Sports Authority of India to prepare the Indian Contingents for Olympic Games 2016, 2020 and 2024.