The Indian economy might gain $2.6 billion from ICC Cricket World Cup 2023
By siliconindia | Thursday, 05 October 2023, 02:32:27 PM IST
Indian experts from Bank of Baroda predict that the Cricket World Cup might increase the country's GDP by up to 220 billion rupees ($2.6 billion). The quadrennial tournament, which starts and runs through mid-November, is expected to draw large numbers of visiting fans domestically and internationally. With the matches played across 10 cities, that will mostly benefit the travel as well as hospitality sectors.
The event, which is being hosted in India for the first time since 2011, also coincides with the three-month festive season that started in September and will be particularly beneficial for the retail sector as many people will make “sentimental purchases of merchandise", they added. The economists expect total Indian viewership for the tournament, including both on television and streaming platforms, to be far larger than the 552 million seen in 2019. That may generate 105 billion rupees to 120 billion rupees in TV rights and sponsorship revenue “on a conservative basis".
The tournament which coincides with the festive season in India would give a boost to overall retail demand, the researchers said. The three-month-long festive season started in September. However, the World Cup may also cause inflation. Airline tickets and hotel rentals have surged for the period, and service charges in the informal sector in the 10 host cities could show substantial increases on top of the festive-season impact, the economists said. Overall, inflation may rise between 0.15% and 0.25% for October and November. The tournament will also support Indian government coffers through increased tax collections on ticket sales, goods and services taxes on hotels, restaurants and food delivery, giving the country additional fiscal space.
Read More News :