The Google dictionary defines Industrialization as “development of Industries in the country or a region on a wide scale”. All developing countries like India are focusing on developing their Industries and one industry that has immense growth potential in our country is the sports industry. The sports industry sector may include several different segments such as sporting goods (in manufacturing and retail), sporting garments, sports tourism and the available opportunities in sporting management and sponsorship. Sport is regarded as one of the largest industries worldwide in terms of generating employment and revenue. Sports is a multi-billion dollar global industry propelled by enormous consumer demand. The global sports industry is estimated to be around $600 billion contributing around 0.5 per cent of the world GDP (it ranges to even 5 per cent in some countries) whereas in India it contributes only 0.1 per cent of the GDP.
There has been a non-sporting culture in India with cricket being an exception and the only major sport in India which thwarted the growth of this much deserving industry. In last 3 to 5 years this trend has seen a drift. The Indian sports scene is making its path beyond the game of cricket towards a plethora of sports, resulting in the growth of participation, viewership and sports-related industries. India’s improving economic climate, rising disposable incomes, and changing outlook towards fitness is fueling the increase in demand for sports-related goods and services. Investment prospects range from the manufacturing and retail of equipment and apparel to advertising, talent management, and training.
Mr Sanjay Gupta, MD Star India while speaking at the Confederation of Indian Industry Scorecard forum, 2018, the flagship event on sports of the CII (earlier last year) said that the Indian sports Industry has a potential to reach the $10 billion mark in next 5 years. “Over the last few years, the kind of activity around the business of sports has been tremendous. There are now over 15 domestic leagues in the country – across kabaddi, football, wrestling, boxing, badminton – from just 2 five years back.” He added.
Leagues have provided major support to all the sports and the industry. Any sportsmen will confirm the notion that leagues have done a miracle for their game and wonders in terms of revenue. The most famous Indian Premier League is estimated at $5.3 billion. The other leagues are also contributing their shares and this has helped the Indian sports Industry touch the $2.7 billion mark from $1.3 billion five years ago. Several entrepreneurs have made fantastic models like eduSports that enable schools to adopt sports education, Anthill creations that make cost-effective play areas in unused spaces etc.
Khelo India has also brought major changes in the minds of people with regard to their perception of sports. It provides assistance to players during their school life and is a big motivation to bring them to the field of sports. It provides a scholarship of 5 lack rupees per annum for a stint of 8 years which will help players to develop their skills from a very young age. It is providing major assistance to our future heroes. Case in point 16-year-old Nisar Ahmed from a slum in the national capital, who missed breaking the world record in the 100m sprint by 0.2 sec and has now been selected as one of the 14 athletes to undergo training by Usain Bolt’s coach in Jamaica.
Once we start getting better players who are now coming out at a rate like never before will surely lure people towards watching more sports bring in more advertisement and the cascading effects will bring a boom in this industry.
