Latest News | Govt Should Leverage Sports Industry for Economic Growth: Report
Get latest articles and stories on Latest News at LatestLY. The government should focus on developing a model to leverage the sports industry for economic growth and frame policies to encourage more investment in sports infrastructure, events, and related goods and services, according to a report.
New Delhi, Dec 3 (PTI) The government should focus on developing a model to leverage the sports industry for economic growth and frame policies to encourage more investment in sports infrastructure, events, and related goods and services, according to a report.
The Nangia Nxt- FICCI Knowledge Report, titled 'Future of Sports in India,' also suggested that the government could provide incentives to the private sector to fund large-scale, holistic sports programmes to support talent development as part of their Corporate Social Responsibility (CSR) activities.
CSR contributions could be leveraged to establish and run high-performance training centres with facilities, including international coaches, nutritionists, and mental and physical trainers.
It said that the government may formulate policies to establish and support comprehensive skill development programmes for sports coaching, sports management, and sports-related ancillary industries to boost employment generation through sports, especially in tier-2 and rural areas.
While the sports industry has seen remarkable advancements, challenges such as financial insecurity for athletes, underutilised infrastructure, and the need for greater inclusivity persist.
Expanding financial aid programmes, developing robust career transition pathways, and fostering a culture of inclusivity can address these issues, the report said.
"The Indian government should focus on developing a model to leverage the sports industry for economic growth, in addition to developing the capacity of Indian athletes to compete at higher levels," said the Future of Sports in India report.
The report also suggested that the government must actively bid for and host international competitions and sporting events.
It may also diversify sports offerings in multiple states by promoting winter and traditional sports, thereby also encouraging sports tourism.
The Nangia Nxt- FICCI Knowledge Report also said that the Indian sports industry is experiencing a period of dynamic growth, with projections to expand from USD 27 billion in 2020 to USD 100 billion by 2027.
This transformation is driven by various factors, including the commercialisation of sports leagues, technological advancements, and a growing emphasis on diverse sporting disciplines.
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.
Additionally, landmark achievements by Indian athletes at the 2023 Asian Games and the 2024 Paris Olympics highlight the nation's increasing competitiveness on the global stage, it added.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)