The excitement is building as India plays host to the ICC Cricket World Cup 2023, and economic experts are predicting a financial windfall for the country.
According to reports from the Bank of Baroda and other financial institutions, hosting this mega cricket event is expected to inject a staggering Rs 22,000 crore into India's economy.
Anticipated windfall
Economists have expressed optimism that the ICC Cricket World Cup, which kicked off on October 5 and will run until the middle of November, will provide a significant economic boost.
The matches are scheduled to take place in 10 cities across the nation, drawing large crowds of both local and international cricket enthusiasts.
This influx of visitors is expected to drive revenue not only in the travel and hospitality sectors but also in various other industries.
Mega event to boost multiple sectors
With India hosting the ICC Cricket World Cup for the first time since 2011, economists are forecasting robust activity in the retail sector throughout the three-month event.
The retail sector is expected to see a surge in buying and selling as cricket fever grips the nation.
Additionally, experts predict that this year's tournament will surpass the 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.
This surge in viewership is poised to benefit advertisers and broadcasters alike.
Inflation may rise slightly
While the ICC Cricket World Cup promises significant economic gains, it may also have some side effects.
Economists warn that inflation could rise slightly during the event, impacting areas such as airline ticket prices, hotel rates, and other 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.
On the flip side, the central government stands to benefit substantially from the World Cup.
Tax revenue from ticket sales
Tax revenue from ticket sales, products, hotels, restaurants, and services, including food delivery, will contribute to government coffers.
This injection of funds is expected to have a positive impact on the national economy.
As cricket fever sweeps the nation and the world's attention turns to India, the ICC Cricket World Cup 2023 is poised to leave a significant mark on both the economy and the hearts of cricket fans across the country.
