New Delhi: According to a report by FICCI-Nangia Nxt, the Indian sports industry is expected to grow significantly, reaching USD 100 billion by 2027, up from USD 27 billion in 2020. The Future of Sports in India report, released on Saturday, highlights a dynamic period of growth driven by various factors including the commercialization of sports leagues, technological advancements, and a broader focus on multiple sports disciplines.
Key Highlights from the Report:
- Commercialization & Technological Advancements:
The report attributes much of the growth to the increased commercialization of sports leagues, like the IPL, as well as advancements in technology. These factors have collectively driven the expansion of the sector across various industries such as sports goods, apparel, media rights, and more. - Media Rights Growth:
The sports media market is expected to grow dramatically, from USD 1 billion in 2020 to USD 13.4 billion by 2027, driven by the increasing popularity of sports content and broadcasting. - Sports Goods and Apparel:
The sports goods market, valued at USD 4.5 billion in 2020, is projected to reach USD 6.6 billion by 2027. Similarly, the sports apparel sector is expected to grow from USD 14 billion in 2020 to USD 21 billion by 2023, primarily driven by demand for men’s sportswear. - Indian Athletes’ Success:
The achievements of Indian athletes, such as their performance at the 2023 Asian Games and the 2024 Paris Olympics, have brought global attention to India’s competitive edge in sports. This has further enhanced the country’s sports profile internationally.
Government’s Role and Vision:
Kunal, Joint Secretary at the Ministry of Youth Affairs and Sports, emphasized the importance of a well-governed sports ecosystem. He pointed out that ensuring equitable opportunities for aspiring athletes and developing the ecosystem would play a crucial role in the future of sports in India.
He also mentioned that India’s bid to host the 2036 Olympics is a significant milestone for the country. The government is working on finalizing the Sports Policy 2024 and the National Sports Governance Bill, which are open for public consultation. These documents will be integral to India’s vision for sports development, both for the upcoming Olympics and the broader goal of national development by 2047.
Support from the Corporate Sector:
Olympian Manika Batra, who also spoke at the event, expressed her gratitude for the support the sports sector has been receiving from the government. She noted that the involvement of the corporate sector will be pivotal in further developing the industry and supporting athletes.
Outlook for the Future:
With significant investments, expanding infrastructure, and growing interest from both the government and corporate sectors, the Indian sports industry is poised for substantial growth in the coming years, potentially reshaping India’s role on the global sports map. The country’s bid to host the Olympics in 2036 adds an ambitious dimension to this growth, underscoring India’s determination to be a major player in global sports.