Chennai: Indian Olympic Association on Friday laid out a plan to improve its financial condition by deciding to attract corporate sponsorship to fund the national sports federations and state Olympic bodies while also announcing cash rewards for medal winners of the 2014 Commonwealth and Asian Games.
The IOA in its Annual General Body Meeting here decided to grant the NSFs and state Olympic bodies Rs 3 lakh each per year. The AGM also decided to hold South Asian Federation Games in Guwahati in November-December next year while awarding Uttarakhand the 38th National Games in 2018.
"We have found that the government grants to NSFs have come down considerably and there are hardly any given to the state Olympic association. The Executive Committee of the IOA took a decision that each NSF and state Olympic association will be given Rs 3 lakh per year each," Ramachandran said.
Asked how the money will come for the IOA to fund the NSFs and state Olympic bodies, Ramachandran said, "Give me some time. We just started. But, before I end my term I am reasonably certain that we will make IOA financially sound and independent of government, financially at least."
He said that steel major JSW has expressed its desire to offer help to NSFs and the athletes.
"We had a presentation by a sponsor JSW, who offered to help and fund National Sports Federations to help athletes better themselves. IOA will have to be financially viable and financially independent," Ramachandran.
"We need more funds for functioning and get money from sponsors. I have taken the permission from the executive committee and the AGM to approach sponsors for sponsoring the IOA and NSFs," he said.
Ramachandran also announced that the IOA will award cash prizes to the country's medal winners in the multi-sporting events held this year.
"As far as I am concerned the athletes come first. If they perform well, the NSFs get recognition. On this basis, the EC recommended to AGM that all medal winners in CWG, Asian Games and Asian Beach Games this year will get cash reward. Each athlete who won a gold will get Rs 3 lakh, Rs 2 lakh for silver winners and Rs 1 lakh for bronze winners," said the IOA President.