Sports goods manufacturing faced slump during pandemic
India has an untapped potential of US$110 million a year for exports of sports goods which in 2019-20 was US$278.9 million, according to Export-Import Bank of India.
Some of the key strategies highlighted by the Indian Exim Bank for unleashing this growth potential include:
improvement in the standards, quality and certification regime in the country for meeting regulatory requirements in major markets,
reduction of the import dependence on China for both raw materials and finished products,
setting up of a research and development institute for investment in up-stream research in material sciences and sports sciences,
strategies for increasing market access in relatively untapped geographies,
financial and infrastructural support for development of more sports goods clusters, greater awareness through regular seminars and workshops regarding the various developments in the industry, and
greater involvement of states for encouraging investments in the sector.
The potential and strategies for bolstering growth in exports of sports goods were discussed in a webinar on ‘Taking Indian Sports Goods Businesses to the Global Arena’ organized by India Exim Bank on 29 January 2021. Nearly 100 participants and had speakers from India Exim Bank and the Sports Goods Export Promotion Council (SGEPC) attended the webinar.
Speaking on the occasion, Tarun Dewan, Executive Director, SGEPC, highlighted the strong capabilities of the sports goods industry in India and informed the participants about the various efforts taken by the SGEPC to support the exporters.
India has the potential to become one of the leading sports goods suppliers in the world, and stakeholders need to take concerted and cohesive action towards creating an enabling environment for the sports goods manufacturers, said Dewan.
N. Ramesh, Deputy Managing Director, India Exim Bank, noted that like many other sectors, the world of sports also came to a standstill due to the pandemic, and sports manufacturing faced an unprecedented slump during what would otherwise be a peak demand season.
He further underscored that as the country and the world gradually move towards normalcy, the sports goods industry would need to forge partnerships and adopt strategies for making the sector more resilient to such downturns.
In his presentation, Prahalathan Iyer, Chief General Manager, Research & Analysis Group, India Exim Bank, highlighted the need for Indian sports goods industry to diversify its exports basket, as well as its target markets, in order to widen its footprint in the global arena.
He highlighted the potential for exports from the sports goods sector and outlined the strategies which could help enhance India’s share in global exports of these products.
T.D. Sivakumar, General Manager, Business Development Group, India Exim Bank, outlined the significant scope for exporters to leverage the various programs of India Exim Bank, including the recently launched Ubharte Sitaare program.
He also apprised the exporters about ‘Exim Mitra’- a trade finance portal that offers a diverse range of information, advisory and support services, which reach out to potential as well as existing exporters to enable them to evaluate international risks, exploit export opportunities, and improve competitiveness. #exports #manufacturing #investment /fiinews.com
