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How Much Money Do Indian Olympic Winners Make? Tokyo Olympic 2021

Wednesday, July 28, 2021

/ by mansuralisaha


 News Cover: Indian athletes at the Olympics are given the highest prize money in the world Yup you heard that correctly. In this episode, I will be breaking down the maths of it all Who makes what, And is India really upping its game? I would love to see you there. especially on WhatsApp, and let cheer the Indian contingent on as they make their way to the Tokyo Olympics 2021 The International Olympic Committee doesn’t give any prize money, the athlete gets the medal, and of course, the glory that one brings to their nation. was researching the media was talking about this chart – which shows Singapore awarding its medallist’s with the highest amount in the world Gold $1 million and this much for the others And so I got wondering how much does India give its athletes in our country medalists get awarded twice - once from the ministry and once from the state that they represent. The Ministry of Youth Affairs and Sports in India – gives its athletes 75lakhs for gold medal 50lakh and 30 lakhs respectively. 

Additionally, the central government will also give Rs 10 lakh to each athlete for participating in individual and team events. And they have been giving our athletes a monthly stipend of Rs50,000 since 2017, in preparation for the Olympics. now when it comes to the different states and their cash prizes we see the amount ranging from 6 crores to 10lakhs. This year in the Indian contingent there are many bright prospect’s and wrestlers Bajrang Punia and archer Atanu Das are two of the brightest. If Bajrang clinches the gold, he will pocket Rs 6 crore as cash award from his state while Das will have to be satisfied with just Rs 25 lakh. Other states like. UP, Odisha and Chandigarh are offering Rs 6 crore for gold followed by Karnataka and Gujarat and then you have Delhi Tamil Nadu and Rajasthan Punjab has 26 athletes heading to the Olympics this year one of the highest across India. A monetary boost of Rs. 5 lakhs has also been given to all athletes who qualify. 

While their winners will get 2.5crores. So yes India is awarding its athletes more than any other country in the world other than Singapore for that gold. So if you do get here and you do achieve this then all the sacrifices and hard work make financial sense. Last Olympics 2016 – PV Sindhu ultimately walked away with 10crores for her win. She got 5 crores and 3 crores from. these states along with her national cash prize. In fact, even Sindhu’s coach P Gopichand was awarded Rs 1 crore. So let’s understand that not all countries even give these rewards The United Kingdom, for example, does not offer specific medal bonuses but rather devotes approximately $162 million USD of government and lottery funds to Olympic sports each year. But compared to the rest of the world India doesn’t win many medals and so the high amount for gold is usually there for nations that don’t top the list of medal-winning countries. Take Singapore for eg: they won 1 gold in 2016 – and have won 5 medals till now in the history of their participation. Compare that to the united states which have won this many medals. Legendary swimmer Michael Phelps himself has walked away with 28 Olympic medals. that’s the total number of medals that India has even won at the Olympics When you see this table you realize that the countries that have won lots of medals offer lesser prize money to their athletes. 

The medals and bonuses may be worth a fortune, but in some countries, the money does not go straight to athletes' accounts. In India, Abhinav Bindra was first taxed for his Olympic win but he moved to the courts for an appeal ultimately he wasn’t. Hopefully the same applies to our athletes this year. American medalists have to pay taxes on the prize money awarded to them but they also get taxed on the value of the medals themselves In Singapore, 20% of the cash prize the medalists make has to go back to the NSA This year in India the bets seem much higher, we have a contingent of 119 athletes this will be India's largest-ever contingent at the Olympics. Despite all these numbers, the sad truth is that even though in the last handful of years investing in athletics and sports has seen an increase in govt and corporate funding the truth is that a lot of national state level and ex-international level athletes are not taken care of by us. Being an athlete means you are dedicating your life to the hope of bringing glory to your country, it is my humble opinion that we should be doing more for all our sportsmen who are not a part of ip l. Are we finally taking sports other than cricket more seriously? Who are you rooting for at the Olympics? Let's send them all the good vibes and wish them all the luck. Here’s to the Indian contingent at the Tokyo Olympics 2021.

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