The Sports Ministry on Wednesday signed Memorandum of Understandings (MoU) with the country's largest energy conglomerate NTPC and Rural Electrification Corporation with the two PSUs pledging Rs 215 crore to the National Sports Development Fund (NSDF).
While NTPC will provide Rs 115 crore for the development of Archery, REC will give Rs 100 crore towards women's hockey and boxing.
The signing of the MoUs was attended by Sports Minister Anurag Thakur, Power and New & Renewable Energy Minister RK Singh, NTPC CMD Gurdeep Singh and REC CMD Vivek Kumar among others.
NTPC has been supporting the archers since 2018 in partnership with Sports Ministry, Sports Authority of India (SAI) and Archery Association of India (AAI) with an aim to provide world class facilities with international exposure to the talented players.
Under its CSR initiative, NTPC has committed Rs 115 crore in five years for development of archery. Out of the total Rs 115 crore, Rs 15 crore will be incurred as a one-time expenditure towards preparations of field targets, setting up of training centres and equipment like bow and arrow.
The remaining Rs 100 crore will be used as recurring expenditure in five years (Rs 20 crore per year) towards the development of archery at the grassroots level, training of identified talents, training of elite talents, development of high-performing coaches, procurement of FOP equipment, development sports and science lab compatible for archery, scholarships/prize money for high performers, advance training/competitive exposure/ foreign training and exposure to sub-junior and junior archers.
Speaking on the occasion, Thakur said financial support was the backbone behind promoting sports in the country and urged more corporates and PSUs to come forward with such noble gestures in the government's effort to make India a sporting nation.
"Just like any athlete needs power, money power is needed to promote sports. This initiative of NTPC and REC will give power to athletes to win medals for the country," Thakur said.
"I urge other companies, PSUs and individuals to come forward and promote sports." RK Singh added: "I am happy to have contributed in the promotion of sports."