With its sponsorship revenue receipt making an upward trend, Indian Olympic Association today announced that the annual grant given to its state units and National Sports Federations will be increased next year.
IOA Secretary General Rajeev Mehta said that the grants will be increased to allow better facilities for sports in the country.
"Our marketing agency IOS Sports & Entertainment have done a wonderful job in raising sponsorship for Rio Olympics 2016 and from the sponsorship money we are now planning to increase our grant for our state Olympic associations and National Sports Federations in the next Annual General Meeting," Mehta said in a release.
For the development and promotion of sports in India, IOA has been giving a grant of Rs 6 lakhs to each of the state Olympic Associations and National Sports Federation since last year.
Mehta also congratulated IOA President N Ramachandran on being awarded the 'OCA Award of Merit' on September 25 at Danang in Vietnam where the 5th Asian Beach Games is currently going on.
Ramachandran was conferred with the prestigious award for his outstanding contribution to sports in Asia by OCA President Sheikh Ahmed Al-Fahad Al-Ahmed Al-Sabah on September 25 at the OCA General Assembly being held in Danang.
Ramachandran had also received International Olympic Committee' 'Olympic Order' for his contributions to Olympic movement from IOC President Thomas Bach during the Rio Olympics.
Ramachandaran has thus become the only IOA President to be bestowed with two prestigious awards in close succession.
Disclaimer: No Business Standard Journalist was involved in creation of this content
