|
The Indian sports industry is likely to reach USD 100 billion by 2027, from USD 27 billion in 2020, according to a report by FICCI-Nangia Nxt.
FICCI-Nangia Nxt Knowledge Report - 'Future of Sports in India', which was released on Saturday, added that the Indian sports industry is experiencing a period of dynamic growth. This transformation is driven by various factors, including the commercialization of sports leagues, technological advancements, and a growing emphasis on diverse sporting disciplines, the report said. Sectors such as sports goods, apparel, and media rights are contributing significantly to this growth, with the sports media market alone expected to grow from USD 1 billion in 2020 to USD 13.4 billion by 2027, as per the report. It further added that the landmark achievements by Indian athletes at the 2023 Asian Games and the 2024 Paris Olympics have highlight the nation's increasing competitiveness on the global stage. The sports goods market alone, valued at USD 4.5 billion in 2020, is expected to reach USD 6.6 billion by 2027, while the sports apparel sector is projected to grow from USD 14 billion in 2020 to USD 21 billion by 2023, driven primarily by men's sportswear products, as per the report. The growth in sports-related businesses extends to sponsorships, media rights, and merchandising, further strengthening the sector's overall ecosystem. Kunal, Joint Secretary, Ministry of Youth Affairs and Sports on Saturday emphasized the importance of sports and said that sports play an important role in shaping the economy. "The government needs to ensure that the governance of sports is proper, just and equitable so that those who want to play should get the opportunity along with developing the entire eco-system," he added while addressing the 14th Global Sports Summit, 'FICCI TURF 2024'. Kunal further stated that India has announced to host the Olympics in 2036 and there is a need for all stakeholders to work together to not only achieve the target of 2036 but also of vision of India at 2047. He added the two documents - Sports Policy 2024 and draft National Sports Governance Bill, are currently in the public domain for further consultation. "Very soon we are going to give the final shape to both these two documents. These documents are required as sports is not about sports, but it is the driver of the economy," he emphasized. Manika Batra, Olympian and Indian Table Tennis Player said, "I have seen changes occurring in the sports sector and I am thankful for the support we are now getting from the government and particularly the Sports Ministry. Further, the support from the corporate sector will be beneficial for the sector and players." (ANI)
|
