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Sports sector receives its highest-ever budget allocation in history with an over 300 cr jump
Mumbai: The sports sector has received its highest-ever budget allocation in history. With an over Rs 300 crore jump, the sports sector has received Rs 3,397.32 crore allocation in the new FY 2023-24 Union Budget.
The union finance minister presented the budget for 2023-24 at the parliament on 1 February. With Asian Games 2023 coming up and the Paris Olympics preparations in full swing, the finance ministry has recognised the importance of increasing the budget. Khelo India received Rs 1,045 crore funding.
Sports budget allocation 2023-24:
1. Khelo India: Rs 1,045 crore
2. SAI: 785.52 crore
3. National Sports Federations: 325 crore
4. National Service Scheme: 325 crore
5. National Sports Development Fund: Rs 15 crore
Recently, Sports For All joined Khelo India as powered by sponsor to empower India’s next sports icons wherein a five-year-long association will see Sports For All investing Rs 12.5 crore to promote Khelo India mission, developing grassroots sports in the country.
SFA founder Rishikesh Joshi, “This is a strong message from the government on the importance of sport to our nation. For India to be a global sports super power we constantly need to focus on grassroots sports and a large part of this budget has consistently been allocated towards the same. The over 200 per cent jump in the Khelo India Budgets from 2017 shows the importance of investing in youth sport!
“The quality of science, nutrition and professionals that our young athletes need will get a huge boost. Also, more athletes will be able to get the support they need and thereby our participation in global events such as the Asian Games will get strengthened. India will also be able to attract and host more global sports events which will further strengthen our sporting ecosystem.”
Ultimate Kho Kho CEO, league commissioner Tenzing Niyogi said, “The Union Budget for the fiscal year 2023/24, which was presented by finance minister Nirmala Sitharaman saw an increase of over Rs 300 crore in sports allocations from last year. The sports budget has increased to Rs 3,397.32 crore. This will be a progressive step in aiding India’s preparations for this year’s Asian Games and Paris Olympics which can result in an increased presence in multi-nation prestigious events and an opportunity funnel for widespread sports to come into the limelight.
“The budget will enable financial assistance to the state governments to develop sports infrastructure and facilities and to encourage sports participation at the grassroots level. The growth of indigenous sports will fuel the sports league talent supply chain which eventually will bring India closer to becoming a multi-sport playing nation. The increasing commercialisation of sports in India is also helping to create a vibrant sports culture.”
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Meta plans 8,000 layoffs in new AI-led restructuring wave
First phase from May 20 may cut 10 per cent workforce amid AI pivot.
MUMBAI: At Meta, the future may be artificial but the cuts are very real. The social media giant is reportedly preparing a fresh round of layoffs, with an initial wave expected to impact around 8,000 employees as it doubles down on its artificial intelligence ambitions. According to a Reuters report, the first phase of job cuts is slated to begin on May 20, targeting roughly 10 per cent of Meta’s global workforce. With nearly 79,000 employees on its rolls as of December 31, the move marks one of the company’s most significant workforce reductions in recent years.
And this may only be the beginning. Sources indicate that additional layoffs are being planned for the second half of the year, although the scale and timing remain fluid, likely to be shaped by how Meta’s AI capabilities evolve in the coming months. Earlier reports had suggested that total cuts in 2026 could reach 20 per cent or more of its workforce.
The restructuring comes as chief executive Mark Zuckerberg continues to steer the company towards an AI-first operating model, committing hundreds of billions of dollars to the transition. Internally, this shift is already visible: teams within Reality Labs have been reorganised, engineers have been moved into a newly formed Applied AI unit, and a Meta Small Business division has been created to align with broader structural changes.
The trend is hardly isolated. Across the tech sector, companies are trimming headcount while investing aggressively in automation. Amazon, for instance, has reportedly cut around 30,000 corporate roles nearly 10 per cent of its white-collar workforce citing efficiency gains driven by AI. Data from Layoffs.fyi shows over 73,000 tech employees have already lost jobs this year, compared with 153,000 in all of 2024.
For Meta, the move echoes its earlier “year of efficiency” in 2022–23, when about 21,000 roles were eliminated amid slowing growth and market pressures. This time, however, the backdrop is different. The company is financially stronger, generating over $200 billion in revenue and $60 billion in profit last year, with shares up 3.68 per cent year-to-date though still below last summer’s peak.
That contrast underlines the shift underway. These layoffs are less about survival and more about reinvention. As Meta restructures itself around AI from autonomous coding agents to advanced machine learning systems, the question is no longer whether the company will change, but how many roles will be left unchanged when it does.
