India is hosting the Cricket World Cup 2023, and it’s more than just a sporting spectacle. According to Bank of Baroda economists, the event could give a huge boost to India’s economy, adding up to 220 billion rupees or $2.6 billion to the country’s GDP. The cricketing mega-event will run till mid-November and is expected to draw a large number of fans from across India and the world. The tournament, which is being held in ten different cities, will have a positive impact on the travel and hospitality sectors. Economists Jahnavi Prabhakar and Aditi Gupta enphasised the fact that this was the first time since 2011 that India was hosting the World Cup, and it coincides with the three-month festive season that started in September. This combination is likely to boost the retail sector, as consumers may buy more merchandise related to the event. Additionally, the economists predicted a significant rise in Indian viewership, both on TV and online platforms, surpassing the 552 million viewers recorded in 2019. They estimated that this increase in viewership could generate around 105 to 120 billion rupees in TV rights and sponsorship revenue.
However, there are some potential challenges that cannot be ignored. The increase in airfares, hotel rates, and service charges in the informal sector in the ten host cities could lead to inflation. The economists predicted that inflation could go up by 0.15% to 0.25% for the months of October and November. The World Cup is also expected to improve the government’s finances through higher tax collections on ticket sales and GST on hotels, restaurants, and food delivery services, providing the country with some extra fiscal space.
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