Indian Sports Industry Set to Soar to $100 Billion by 2027: Report

The Indian sports industry is poised for significant growth, projected to reach $100 billion by 2027, driven by technological advancements, diverse sports, and increased media rights. The report highlights the role of achievements in recent sports events and government initiatives shaping this dynamic industry.

The Indian sports industry is on track to expand substantially, with projections indicating a growth from $27 billion in 2020 to an impressive $100 billion by 2027. This revelation comes from the FICCI-Nangia Nxt Knowledge Report titled 'Future of Sports in India,' released recently.

The transformation is attributed to several factors, including the commercialization of sports leagues, technological developments, and a focus on various sports disciplines, the report outlines. Sectors like sports goods, apparel, and especially media rights are playing pivotal roles in this growth trajectory, with the sports media market alone set to balloon from $1 billion in 2020 to $13.4 billion by 2027.

The report underscores significant achievements by Indian athletes at major international events such as the 2023 Asian Games and the upcoming 2024 Paris Olympics, which highlight India's rising competitive stature globally. The sports goods market, valued at $4.5 billion in 2020, is expected to climb to $6.6 billion by 2027, while the apparel sector could grow from $14 billion in 2020 to $21 billion by 2023.

Beyond tangible goods, growth is evident in sponsorships, media rights, and merchandising, fortifying the sector's ecosystem. Kunal, Joint Secretary of the Ministry of Youth Affairs and Sports, emphasized sports' role in bolstering the economy during the 14th Global Sports Summit 'FICCI TURF 2024.' He stressed proper governance to ensure inclusive participation and announced plans for India to host the Olympics in 2036. Two key policy documents are under consultation to guide the sector's future.

Olympian Manika Batra, representing athletes, acknowledged government and corporate support, noting the significant changes in sports. This backing, she insists, is vital for the continued advancement of Indian sports on the world stage.

(With inputs from agencies.)