ICC ODI World Cup 2023 Estimated to Contribute $2 Billion to Indian Economy
According to Bank of Baroda experts, the Cricket World Cup might increase India's economy to 220 billion rupees ($2.6 billion). The quadrennial competition, which begins on Thursday and runs through mid-November, is expected to draw many domestic and international visitors. According to economists Jahnavi Prabhakar and Aditi Gupta in a note published on Oct 4, the matches will mostly boost the tourism and hospitality sectors.
The event, being held in India for the first time since 2011, also coincides with the three-month festival season, which began in September and would be especially advantageous for the retail sector because many people will make "sentimental purchases of merchandise," according to the organizers. Economists predict that total Indian viewership for the tournament, including broadcast and online platforms, will be significantly greater than the 552 million saw in 2019. This might produce 105 billion to 120 billion rupees in TV rights and sponsorship money "on a conservative basis."
The competition, which coincides with India's festival season, will enhance total retail demand, according to the experts. The three-month holiday season began in September. The World Cup, on the other hand, may fuel inflation. According to economists, airline tickets and hotel rentals have increased for the period, and service rates in the informal sector in the ten host cities may see significant rises on top of the festive-season impact. In general, inflation may climb by 0.15%-0.25% for October and November.