The ICC Cricket World Cup, happening from October 5 to mid-November, is expected to bring a massive boost of Rs 22,000 crore to India’s economy, according to reports from banks and financial institutions. Economists are optimistic about the positive economic impact of this event.
Matches are set to take place in 10 cities, drawing large crowds of cricket fans, both local and international. This influx of visitors is predicted to benefit not only travel and hospitality but also various other industries.
The retail sector is expected to see increased activity as cricket fever takes hold during this three-month event. Experts believe that the tournament may surpass the 552 million viewership mark set in 2019, generating substantial revenue from television and streaming platforms, benefiting advertisers and broadcasters.
However, economists caution that the event could lead to a slight rise in inflation, affecting areas like airline ticket prices and hotel rates in the host cities, potentially increasing the inflation rate by 0.15% to 0.25% between October and November.
On the bright side, the central government will benefit significantly from the World Cup through tax revenue from various sources, contributing positively to the national economy.
Overall, the ICC Cricket World Cup 2023 is expected to make a significant impact on both India’s economy and the hearts of cricket fans across the country.
