In spite of the sports sector in the country showing significant progress, India needs to traverse a long way before emerging as a serious player in the world of sports, it was stated here today during a Confederation of Indian Industry "Business of Sports" summit.
In spite of the sports sector in the country showing significant progress, India needs to traverse a long way before emerging as a serious player in the world of sports, it was stated here today during a Confederation of Indian Industry “Business of Sports” summit.
“India has a long way to go before it emerges as a serious player in the world of sports. The country is facing a moment of truth after its performance at the 2016 Rio Olympics,” said Jaideep Ghosh, Partner and Head, Transport, Leisure and Sports, KPMG in India, at the function.
Ghosh was referring to the country’s meagre medal haul of one silver and one bronze through shuttler P V Sindhu and wrestler Sakshi Malik in the quadrennial sports spectacle.
“To initiate a strong foundation for the development of sports in India, the country needs to focus on three major aspects — improving governance and infrastructure, building a sporting culture and deploying a focused approach to winning medals,” he said.
“The country’s sports sector is going through a significant transition. In February 2016, the government accorded an industry status to sports infrastructure, which is expected to attract investments from the private sector, thereby not limiting its role to just Corporate Social Responsibility (CSR) activities and non-profit organisations,” he added.
According to a report compiled by KPMG and CII, corporate funding the Indian sports sector is experiencing a sea change with all-round developments initiated by the government, the private sector as well as non-profit organisations.
Increasing viewership, sponsorship and participation in sports other than cricket, a rising number of sports start-ups and the growth in rural viewership numbers are key trends driving the growth of this sector in India.
The report further said that sports viewership on TV grew 30 per cent over the two year period between 2014 and 2015 and in 2015, the Indian sports sponsorship market grew 6.7 per cent to Rs 5,190 crore.
“Sports consumption in India is on the rise with leagues as well international sports garnering strong support across multiple platforms. Out of the 11 operational leagues, nine were launched during 2013–16 and two more are planned in 2016,” the report said.