The Finance Ministry on Friday decided that sports infrastructure will be included under the harmonised master list of infrastructure sub-sectors, including the provision of sports stadia and infrastructure for academies for training and research in sports and sports-related activities.
The Sports Ministry had earlier moved the proposal for inclusion of sports in the list to address the issue of deficit of sports infrastructure in the country, an official release said.
This inclusion would make the sports sector eligible for obtaining long-term financial support from banks and other financial institutions on the same principle as is available to other infrastructure projects.
The release said the Ministry of Finance too the decision after a series of meetings and discussions with different agencies, including the Reserve Bank of India (RBI).
"This inclusion would 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 of this country as also provide opportunities for employment in the new and exciting sectors."
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"It goes without saying that investment of the private sector will widen the platform from where the country can become a sporting power in future," the release added.
--IANS
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