India, Sept. 21 -- In a bid to transform Delhi into a hub for live entertainment and cultural events, the Sports Authority of India (SAI) has slashed rental rates for all major stadiums in the Capital by 40-50%. Officials said the move is expected to draw more national and international concerts and large-scale events to Delhi, many of which had shifted to other cities due to high venue costs in Delhi.

The decision follows a joint initiative between the Delhi government and the Union ministry of youth affairs and sports. Union sports minister Mansukh Mandaviya and SAI approved the reduction earlier this month after several rounds of consultations with industry stakeholders.

Officials said the reduced rates will boost tourism, create job...