Rio 2016 | IOA announces cash prizes for medal-winning Indian athletes

IOA President N Ramachandran and Secretary General Rajeev Mehta announced in a meeting with the managers and coaches of the teams that the body will give a cash prize to every medal-winning Indian athlete at the Rio Games. Rs 50 lakh will be awarded to gold-medal winning athletes, while Rs. 30 lakh and Rs. 20 lakh will be given to silver and bronze medallists respectively.

"This is the first time we are doing it and we hope that this will form an additional incentive for the athletes and we are looking at a higher than ever medal haul", said IOA President N Ramachandran, reported PTI.

Chef de Mission Rakesh Gupta added, "The athletes must keep in mind that they are ambassadors of the country and all eyes will be on them. We want the very best from them and no effort has been spared in helping them".

In addition to the cash awards for the athletes, the IOA will also award the coaches an equivalent of 50 percent of the amount that the athletes receive. India had won six medals at the 2012 Olympics, including four bronze and two silvers. The nation will have its biggest-ever contingent at the Olympics this time, with 124 athletes representing the country in 15 disciplines.

Also, read : Biggest-ever medal haul beckons India's biggest-ever Olympic contingent?

The Indian Railways has also announced a cash prize of Rs.1 crore for its athletes, who wins a gold medal in Olympics. A total of 35 athletes from the Railways will be participating in the Olympics this time.

"A share of 35 players and 6 Coaches from Indian Railway in Rio Olympics is a testimony to the effort that Railways has put in promoting and supporting sports in India," the Indian Railways said in a statement, reported PTI.

Silver medalists will receive Rs.75 lakh and bronze medal winners will be awarded Rs. 50 Lakh. Athletes, who manages a top-8 finish, will receive Rs. 30 lakh, while every athlete will receive Rs. 5 lakh for participation.

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