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Wednesday, February 21, 2024

Here’s How will the ICC Cricket World Cup 2023 Impact India’s Economy

According to predictions from banks and financial institutions, the ICC Cricket World Cup, which will take place in India from October 5 to the middle of November, is predicted to give the country’s economy a significant boost of Rs 22,000 crore. Regarding this event’s favorable economic impact, economists are upbeat.

There will be ten cities where matches will be played, and both domestic and foreign cricket fans will be in attendance in big numbers. Numerous other industries than travel and hospitality are expected to profit from this flood of tourists.

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.

Positively affecting the country’s economy is the fact that the central government would gain a lot from the World Cup through tax money from numerous sources.

Overall, it is anticipated that the ICC Cricket World Cup 2023 will have a substantial influence on both India’s economy and the nation’s cricket enthusiasts.

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