The Next Big Industry in India- SPORTS | Indian Economy

The Next Big Industry in India- SPORTS 


The sports industry and also the sports services sector in India is grooming very speedily. During the last few years, it has shown a huge increment in its size and value, it involves a huge amount of investments both by the government and private sector. The sports industry is the manufacturing of sport-related goods, services, and ideas through sports activities with business, media, and politics. The Indian sports industry has witnessed an evolution phase in the past two decades.
If we look commercial end this growth came, due to an increase in awareness about sport, changes in consumer preferences of the sports media. The sports industry is also providing a huge employment opportunity to the Indian people. We can also say that Indian sports goods have a ready market for their consumption due to cost competitiveness. India has a large number of labor supply due to that provide low cost skilled labor
One of the biggest changes in Indian sports in 2008 when the sports league was started, the introduction of leagues like Indian Premier League (IPL), Premier Hockey League (PHL), Indian Super League (ISL), PRO Kabaddi League (PKL), etc. and hosting international sporting mega-events like 2010 Commonwealth Game, 2010 Hockey World Cup, 2011 Cricket World cup, these events complete makeover of the Indian Sports Market.
I think in multiple ways any sport needs some basic infrastructure like a ground sports complex, transportation facilitates leading to the area, electricity, coaching, instruments used, clothing, medical supports, administrative setup, building all this needs a lot of resources and investment. Further to the telecasting a sporting event involves a lot of action. Right from the ground to TV, everything contributes to GDP directly or indirectly. People buy tickets in turn pay taxes. People from all over the world visit our country boosting our tourism, hospitality industry. All these activities involve a lot of investment, people working earning than in turn spending on buying stuff or saving that all things contributing to the Indian Economy.
In an interview Mr. Sanjay Gupta, he was Managing director of Star India, he emphasized the importance of the sports industry in India, saying that it has a potential to become a $10 billion industry in the next 5 to 7 years. and this journey has only begun sports is still at 0.a% share of our GDP, while globally the industry is sized at around 0.5% of GDP share”. As per the latest report by IMARC Group, titled Indian sports and fitness goods market size reached US$ 3,621 Million in 2018. And the market value is anticipated to reach US$ 6,054 Million by 2024, Growing at a CAGR of 9.0% during 2019-2024.

Impact of Sports Industry or Services on Indian Economy:
Revenue Generation: Thousands of tickets sold will earn the Govt. income in the form of Taxes. Advertisement hoardings all-round the stadium be it inside the ground or out of it gets revenue for the stadium and in turn earn revenue for Govt. In terms of Taxes. TV rights bought by private companies and Govt. getting taxes.

Employment creation: Number of skilled and unskilled technicians work in the stadium be it groundsman or cameramen earn money. It creates employment. And also for producing sports goods companies need people and automatically its creating employment.

FDI: Taking advantage of India’s rules 100% under the government approval rout at the time now made automatic, Decathlon were able to set up 60 stores across India. With this govt. is getting revenue and also people getting jobs through this FDI.

Increasing Tourism: Sport truism has been growing at 10-12% in India which is a manifestation of the ever-growing enthusiasm of India sports fan to visit a destination with the primary objectives of attending a sports event.

Employment opportunities’ in Sports industry and Services:
Sports is regarded as the biggest industry in terms of revenue and employment. India, a developing nation plays a key role in this revenue system. The face of the industry and hence the scenario is changing claiming sports as the next big industry in India. at present, the total contribution is approximately 0.5% which is now experiencing an overall growth by introduction of games like Indian Premier League, Indian Super League, Indian Badminton League, Pro Kabaddi and many more

Career Opportunities in the following fields:
Manufacturing Industry
Goods and Apparel Industry
Medicine Sector
Sports Photographer
Sports Event Planner
Team Manager
Marketing Consultant
Health and Fitness

Here are five actions that the Indian government must take to promote sports entrepreneurship in India.
Recognizing Sports as an Industry: Once, sports are recognized as an industry, it can generate a large number of employment opportunities in the form of the apparel and equipment sector, sports medicine, sports tourism and other sport-related sectors.

Promoting Industry-based Sports Education: We see a sudden marked in sport management programs, sports medicines, sports tourism, and affiliated sectors. This is a sign for the Indian government to take effective methods to promote programs that cater to industry-based sports education.

Increase Funds and Tax Holidays for Sports-Based Firms: In order to attract young and visionary entrepreneurs to the sports sector, the Indian government must increase funding and offer tax holidays for sports-based firms. India has great potential for sports entrepreneurship. We need to create sectors like SEZ for sport-specific companies that will aid the growth of the sports sector.

Provide Land and Invest in Sports Infrastructure through PPP Model: A Public-Private Partnership (PPP) model works best for building sports infrastructure. Also, a long-term land lease will help to get adequate land to build such facilities. A perfect blend of private and public partnerships is the solution to the troubles India faces when it comes to providing world-class sports infrastructure to its budding athletes.
Conclusion: -
The present scenario of sports is definitely better than before with the introduction of new leagues like IPL, ISL, PKL, etc. currently India is on the right path towards the sports industry. And the fast-growing sports industry will create more job opportunities. And also There are many strong reasons for the overall economic growth of a country, because of a successful sport or sportspersons to a whole new industry engagement and employment creation. In the end think of sports as an industry like any other. When demand is created, the automatic supply happens. To make that supply happen, an entire supply chain opens up and then will added investment to the country.

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