India's Sports Industry Projected to Reach USD 130 Billion by 2030, with Government Investments and Digital Adoption Fueling Growth
Mumbai (Alayaran.com): According to a report by Google and Deloitte, India's sports industry is set to grow exponentially, reaching USD 130 billion by 2030 at an impressive compound annual growth rate (CAGR) of 14 per cent. This translates to nearly double that of the country's GDP, marking a significant increase from USD 52 billion in 2023.
The report, "Think Sports: Unlocking India's $130B Sports Potential," attributes the growth to increased government investments, surge in quality sports content, and widespread digital adoption among the nation's 655 million sports fan base. This shift has created a robust market that benefits not only from job creation but also tax revenue.
The report projects significant employment benefits, with up to 10.5 million new jobs anticipated by 2030. Furthermore, it forecasts USD 21 billion in indirect tax revenue, which is expected to nearly triple the current contributions of USD 9 billion.
Former Indian National Cricket Team captain Anil Kumble expressed his opinions on the need for grassroots initiatives to drive growth and success. "India's journey towards becoming a sporting powerhouse requires investments in quality infrastructure, nationwide programmes for early talent identification and development, training grassroots coaches, and ensuring access to qualified experts in physical and mental aspects of sports." He attributed these efforts could potentially triple the number of medals won at international competitions by 2034.
According to Google-Deloitte's report, a significant portion of the fanbase is diverse. With 90 per cent following multiple sports, traditional favorites like cricket share space with emerging interests in kabaddi and football – boasting fan bases of 120 million and 85 million respectively.
The rise of digital platforms has significantly transformed how fans engage with sports content. With Gen Z consisting of 43 per cent of the fanbase, they predominantly consume sports content online. Noteworthy is that an immense 36 per cent of the sports fan base are women, shattering stereotypes typical for men-dominated sports.
"India's potential to become a global leader in sports presents both opportunities and responsibilities," stated Deloitte South Asia CEO Romal Shetty.