Importance of Sports for Economy

Today sport emerges as an important component of Socio-economic development of a country. The active participation in sports improves community health and productivity, reduces medical expenses, imbibes discipline in character, generates great leaders, and enhances social cohesion. The execution of a mega sporting event helps in developing infrastructure, generates employment, secure inflow of foreign capital, generates players and athletes, and thus contributes significantly to the economic development of a country. Therefore, it can be said that the impact of sports on economy and society is multi-dimensional.

There are many sports played in India but cricket is most famous game in India. Since a decade, Indian sports ministry is well focused on increasing the sports facility in India. India has hosted several international sporting events after Independence including 1982 Asian Games to ICC Cricket world Cup in 2011. India is rich in giving great athletes to the world. In sports such as Cricket, Hockey, Wrestling, Shooting, Chess, Badminton, Football, Golf, Kabaddi, Races, Billiards, Baseball, Boxing, Tennis, Formula 1, Polo, and Rock Climbing. Still, India needs to work more on infrastructure and other facilities. In the 11^th Five Year plan, government allocated INR 46,360 Million for development of sports in country. Since then India had hosted Formula 1 Races, Hockey World Cup, Common Wealth Games, and Cricket World Cup.

Businesspersons and celebrities in India also worked with government to promote and develop different sports in India. IPL in Cricket, IBL in Badminton, PKL in Kabaddi, ISL in Football, IHL in Hockey, and IPTL in Tennis, all these leagues in India worked in creating sports hype in the country. Social Media had also played a very important role. Whenever any major sport event occurs in a country then it gives benefit to different sectors. People spend more on tickets, purchase sports brand products, visit restaurants and clubs, watch TV, and many more. Travel Company, Beverages Company also makes huge profits at the time of events.

However, there are certain incidents where government ended up in making loss. Terrorists attacks in Pakistan in 2008, forced ICC to ban cricket matches in Pakistan because of which economy shrinks of that country. Recently in India, West Indies left the tour in between leaving behind loss for sponsors, state sports authorities, BCCI, and other major partners. This forced BCCI to impose a fine of $42 Million to WICB. This may also let BCCI to ban West Indies players play in IPL. Sports contribution in England reached to 1.9% of their total GDP in 2010. FIFA world cup 2014 in Brazil raised business for local players by double.

Hence, it can be seen that sports play an important role in shaping up an economy and government to promote sports in country. This will increase the business for local players who make sports equipments; it will also provide business to airlines and other transport business, media, brokers, and a medium of creating platform for young generation. Adventurous sports like Mountain Biking, Rafting, Cycling, Kayaking, are also positioning in India now. This all will led to increase in employment and will increase money in the economy. 

Indian government will have to make more efforts to promote every sport in India. For this first, the allocation of funds, such as the percentage of budget, should increase to broad base sports. Secondly, sports should be made as an integral part of education system. Third, effectiveness of developmental projects should evaluate periodically. Fourth, Uniformity should be maintained in sports activities of various states of India to provide equal participation opportunity to its citizens. Finally, a structure of good government should incorporate to make the system transparent and accountable. Government should revisit the sporting framework of India. Otherwise, the immense potential of country in sports can never be realized.