Welcome to ISC. As a first post, this is a good topic which you have raised in our forum. I would just like to request you to please take care of spacing - do leave one space after punctuation. Also, do not put any emoticon symbols please. We wish to encourage the development of English and writing skills of members and these skills tend to go haywire when using SMS type language!
As for the issue you raised: The problem is not with the amount that is doled out per se, but the ridiculous game of upmanship that the politicians play just to show off that they are capable of giving more than somebody else. I agree too that there must be some reasonable limit on the amount which is awarded. Some cash prize is definitely worth awarding but not in excess. Instead, the money that is available could be given to the development of the sport in terms of better facilities as well as giving the money to ensure sportspersons do not miss out on education - why not pay the academic fees of budding athletes in different fields?
Managing Editor, IndiaStudyChannel.com