As the ICC Cricket World Cup 2023 takes centre stage in India, economic experts are predicting a significant financial surge for the nation.
India, for the first time since 2011, has the honour of hosting this monumental event, and the economic impact is expected to be substantial. Reports from the Bank of Baroda and other financial institutions suggest that the tournament will inject a staggering Rs 22,000 crore into India’s economy.
Anticipating Economic Boost
Economists are optimistic that the ICC Cricket World Cup, which commenced on October 5 and will run until mid-November, will not only captivate cricket fans but also provide a substantial economic upswing.
With matches spread across 10 cities, the event is drawing large crowds of both local and international cricket enthusiasts. This influx of visitors is set to drive revenue not only in the travel and hospitality sectors but also in various other industries.
Retail Sector to Shine
For the retail sector, the three-month extravaganza promises a surge in buying and selling. Cricket fever is set to grip the nation, resulting in heightened activity.
Experts are also confident that this year’s tournament will surpass the remarkable 552 million viewership mark set in 2019. Higher viewership on television and streaming platforms is anticipated to generate revenue ranging from 10,000 to 12,000 crores, benefiting advertisers and broadcasters alike.
Potential Economic Side Effects
While the ICC Cricket World Cup promises significant economic gains, it may have some side effects. Economists caution that inflation could experience a slight uptick during the event, potentially affecting areas such as airline ticket prices, hotel rates, and various services in the 10 host cities. This could result in a modest increase in the inflation rate, ranging from 0.15% to 0.25% between October and November.
Government Revenues
On the flip side, the central government stands to benefit substantially from the World Cup. Tax revenue from ticket sales, products, hotels, restaurants, and services will contribute to government coffers. This injection of funds is expected to have a positive impact on the national economy.
As the world’s attention turns to India, the ICC Cricket World Cup 2023 is poised to make a significant economic mark, benefiting various sectors and ultimately contributing to the nation’s financial prosperity.
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