Sports Minister was speaking at the second annual general meeting of Sportscom.
While the Indian sports industry is making all possible efforts to make a comeback from the impact of COVID-19 the pandemic, Sportscom has recommended some solutions to rejuvenate the sporting sector in the post-pandemic era. India’s Sports Minister Kiren Rijiju also assured taking up the issues with respective ministries for conclusive solutions.
The Indian sporting market size is currently being estimated to be a $2-billion industry. But opportunity and growth plans showcase the ability of the Indian sports market economy to be among the top 5 countries globally.
Addressing the members during the second annual general meeting of Sportscom, Kiren Rijiju said, “We are trying to resume all sports training activities by October but We have no sporting competitions now but as I see things emerging, hopefully, a vaccine will come out soon. Early next year, we will have some kind of very fascinating events back in the field.”
Based on the studies and recommendations formulated by the company, rationalization of GST, issues of Reverse Charge Mechanism in Sports Sponsorship, expanding the scope of CSR in sports under the Schedule VII, making Indian sports manufacturing Atmanirbhar and rebuilding grassroot and community sports in a more inclusive manner were some of the other key suggestions that were made by the sector leaders.
Cosco India director Neeraj Jain said, “The uniformity of GST in the manufacturing segment if done at 12% would mean 50% jump in the growth of domestic market sales. While apparel and shoe manufacturing is not included in Sports Manufacturing sector, the market size alone for these two products stand at 17000 crores and needs a nodal agency to recognise and regulate the sector.”
While efforts are on to resume live sports events sector in India since the pandemic and the subsequent lockdowns, the throbbing INR 9000+ crore live sports events sector remains one of the worst-hit with resumption plans still facing roadblocks.
Stressing on minimizing logistic spends and relooking at financial cushioning with the inclusion of COVID-19 sports events cancellation as part of insurance and relaxing promoter’s liability and accountability were some of the key recommendations put forth by Vivek Singh, Joint MD of Procam International while taking on Revival of Live Sports event and Reverse Charge Mechanism.
At such a time FIT India movement shouldn’t be looked at as a mere government initiative but should be put forth as a people’s movement. It’s not just about bringing sports into mainstream but it’s also about enabling policy changes for the sports and fitness industry to truly showcase Brand India and Make in India brands.
Chaired by Jalaj Dani, the special session was attended by the prominent SPORTSCOM Industry Confederation members in the business and sporting industry including Vivek Singh (Joint MD of Procam International), Udit Sheth (Founder and Managing Director of SE TransStadia) and Neeraj Jain along with former athletes and experts of sports, Pullela Gopichand, Ashwini Nachappa, Monalisa Barua Mehta and Viren Rasquinha.