The announcement was made by the Madhya Pradesh chief minister Shivraj Singh Chauhan, who formally inaugurated the tournament here yesterday.
"This amount will be increased to Rs 51 lakh next year", Chauhan said.
He also announced a proportional increase in the prize amount for runners-up and the team bagging the third slot in the tournament.
Former Olympian Dhanraj Pillay was also present on the occasion.
The tournament features two teams, one each from Malaysia and New Zealand and twelve Indian team such as Air India, Bharat Petroleum, ONGC and Punjab National Bank.