Latest news with #VirendraGrover
News18
2 days ago
- Business
- News18
‘Can We Build IITs By Just Watching IPL?' IITian Questions India's Priorities
Last Updated: In his LinkedIn post, Virendra Grover asks if IPL's huge revenues could be taxed and used to fund new IITs and research. 'Can we build new IITs by just watching IPL?" This question surfaced in a LinkedIn post shared by career coach Virendra Grover. For over two months, India was immersed in the excitement of the Indian Premier League (IPL). It showed that the passion for cricket is undeniable. But Virendra raised an important question: what if the huge revenues generated by IPL were taxed and redirected towards building India's future like funding new IITs and research? Quoting IISc Bengaluru professor Mayank Shrivastava, Virendra, an IITian himself, wrote, 'India doesn't lack money. Indians don't lack money. What we lack is the vision to invest in the future." In his post, Virendra backs his point with some striking numbers. He shares that IPL 2023 revenue was Rs 11,770 crore and BCCI's surplus was Rs 5,120 crore. Over three years, IPL profits total Rs 15,000 crore. He says that with a potential tax of 40%, this money could be 'Enough to build 10 new IITs." He also highlights that franchise profits of Rs 800-1,200 crore per year could generate a tax potential of Rs 6,000 crore annually for research. But here's the irony Virendra points out in his post: 'BCCI pays no income tax (charitable status), Research labs pay GST on equipment, Bollywood, religious trusts, sports leagues = tax breaks." Quoting Shrivastava, he wrote, 'Entertainment is subsidised. Research is taxed." He then asks some hard-hitting questions: 'Why does a cricket board enjoy tax exemption while research institutions struggle for funding? Why are we taxing microscopes but not match tickets? If India truly dreams of becoming a tech powerhouse, is this where our money should go?" 'If 1% population has acquired more wealth, don't spend time in questioning that…instead help others Rise," he concluded. Take a look at the post here: In the comment section, one user said, 'Interesting. Did not know this. Disappointing. So it's more important to produce world class cricketers than scientists? Haha." Another shared, 'Food for thought for all the policymakers! Reason for not having good researchers and breakthrough researches in India." A person disagreed with Virendra's view, writing, 'With all due respect, this is a misguided comparison!! Like comparing car and carpet!! Entirely two different things! We cannot draw a comparison like this. And how can you say science is not thriving on its own. It's like if you have two eyes or kidneys, why not donate one?" Meanwhile, this year's IPL concluded with Royal Challengers Bangalore emerging as champions by defeating Punjab Kings in the final match.
Time of India
5 days ago
- Business
- Time of India
We cheer for IPL sixes, but who's cheering for science? IITian gives a 'big, Indian' reality check as RCB victory euphoria erupts
The IPL's massive revenue: A missed opportunity for science A deeper look at India's science funding Live Events More than just cricket: A wider pattern of tax breaks Why does the BCCI pay no Income Tax? (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel India spends more on cricket than on science. This stark reality is raising serious questions about national priorities. Virendra Grover, a career coach, points out that the Indian Premier League's (IPL) massive revenues alone could fund ten new Indian Institutes of Technology (IITs), if the money was taxed and redirected toward cites IISc professor's message: 'India doesn't lack money. Indians don't lack money. What we lack is the vision to invest in the future.' This insight hits the core of a growing debate. The professor adds, 'Entertainment is subsidised. Research is taxed,' highlighting the sharp contrast in how India treats its sports and science 2023, the IPL earned ₹11,770 crore, with the BCCI posting a ₹5,120 crore surplus. Over the past three years, profits topped ₹15,000 crore. Yet, the BCCI pays no income tax, thanks to its status as a charitable organisation.'If a simple 40% tax applied just on BCCI's IPL profits, nearly ₹15,000 crore could have been raised over three years—enough to fund 10 new IITs or a national deep-tech innovation corpus,' Shrivastava wrote on LinkedIn. 'Add franchise profits (₹800 to ₹1,200 crore/year), and another ₹320 to ₹480 crore could be collected annually. In total, nearly ₹6,000 crore per year could be redirected into research, just from the IPL ecosystem.'India's research and development spending stands at a mere 0.6–0.7% of GDP. Compare this to the global average of 2.6%, the US at 3.5%, China at 2.4%, and South Korea at 5%. Half of India's R&D budget comes from the government. Private investment remains research labs face additional costs. They pay GST on imported equipment, consumables, and software licenses—expenses that make innovation harder. Grover questions the fairness: 'Why are match tickets tax-free while scientific tools are not? Why do institutions aiming to push India forward struggle for funds?'Shrivastava highlights that it's not only the IPL that enjoys tax exemptions and subsidies. 'Bollywood productions enjoy tax breaks and state subsidies. Religious trusts command vast commercial empires while enjoying full tax exemptions. New sports leagues are given startup tax holidays. If even a fraction of these sectors were taxed modestly, thousands of crores could fund India's scientific foundations.'The BCCI's tax exemption comes from its registration as a charitable organisation whose goal is to promote cricket. But this status faces scrutiny. With IPL's explosive commercial growth, questions arise about whether the BCCI should still be Income Tax Department argued that BCCI's fundamental objectives changed with the commercialisation of IPL. However, in February, the Bombay High Court quashed this advisory, keeping BCCI's tax exemption intact for Grover stresses he is not against sports or entertainment but calls for balance. 'These funds could also support income-building for the poor,' he says. His message to those concerned with inequality is clear: 'Don't question the top 1%. Help others rise.'As India cheers its cricket stars, Grover and Shrivastava urge the country to invest equally in what powers its future—science, research, and education. Redirecting a portion of the IPL's untaxed profits could be a game-changer.
