A Booming Industry and Economic Sector in India

The global sports sector is calculated to be valued between $480-620 Billion. Sports, on the other hand is yet to be recognized as an economic sector in India, owing to the fact that there has been very little research done on the scale or size, growth potential, and opportunities available. There are several different sectors within the sports industry which are sports tourism, sporting goods, sporting garments. Several other opportunities are coming up for the Sporting management and Sponsorship. In developed countries like the USA & UK, the sports industry can and may contribute 1 to 5 percent of the country’s GDP.

 Despite the increased awareness and interest in various sports other than cricket, a lack of sporting culture has curtailed the emergence of a similar industry in India. As a result of the lack of industry status, corporate investments in sports have historically been limited to non-profit corporate social responsibility programmes and projects, with the potential for profit-related activities under the sports industry. Sports industry, unknown to many, provides a lot of opportunities in generating employment and revenue. National director for sports and live events at GroupM ESP, Mr. Vinit Karnik, explained that sports was considered as a loss-making affair, especially in India. Despite all this, the Sports industry in India has seen a 5% YoY growth. Initiatives such as, Indian Premier League (Cricket), Hockey India League, Indian Badminton League, Pro Kabaddi League, Indian Super League (Football) are indeed one of the most important factors contributing to the growth of Indian sports industry.

 The development of the sports industry in India will pay off handsomely in a variety of ways. In the years ahead, this Industry will have large employment opportunities as well as massive business opportunities. Without professional sports managers, the government's plans to make India a sporting powerhouse will prove inadequate. Even though its fundamentals are not solid, the Indian sports industry has a bright future. This is where professional sports managers can help India's sports industry develop a strong base.

 In recent years, professional hockey, kabaddi, badminton, tennis, football, and cricket leagues have sprung up in India, necessitating the establishment of a proper medical support system. It's also uncertain if Indian sports medicine will be to deal with such on- and off-field incidents. Despite the fact that India's sports medicine sector is still in its infancy, the Sports Injury Center at Safdarjung Hospital, which not only boasts world-class facilities and doctors, but can also treat foreign athletes at a very competitive rate, has taken a step forward. As a result, India's sports tourism sector is likely to develop and improve.

 Overall, India's sports industry has enormous business potential, especially in the areas of marketing, management/sponsorship, products or apparel export, sports medicine, and tourism. As a result, the time has come to make investment stability smoother so that companies that are already interested in sports can turn to for-profit projects, while companies that have never been involved in sports can see this field as a perfect place to do CSR. It's time to see if the sports industry will really be the next big thing in India's economy.