ICC Men's Cricket World Cup To Boost Up India's Economy By $2.4 Billion

The imminent commencement of the ICC Men's Cricket World Cup on Thursday is anticipated to provide a substantial boost to India's economy, estimated at up to $2.4 billion by economists at the Bank of Baroda.

According to these economists, this significant event is being hosted in India for the first time since 2011 and aligns with the three-month festive season. As a result, the conjunction of the cricket event and the festive season is expected to positively impact the retail sector, leading people to engage in sentimental purchases of merchandise.

Credit - ICC

Moreover, economists anticipate that the overall viewership of the tournament in India, encompassing both television and streaming platforms, will surpass the 552 million recorded in 2019. This increased viewership is projected to generate TV rights and sponsorship revenue ranging from ₹105 billion to ₹120 billion, based on a conservative assessment.

The economist at the Bank of Baroda also foresees the possibility of the ICC Cricket World Cup contributing to inflation. This expectation arises from the notable surges in airline ticket prices and hotel rentals during the event period, coupled with anticipated substantial increases in service charges within the informal sector across the ten host cities, further compounded by the impact of the festive season.

In total, inflation is expected to experience an increase ranging between 0.15% and 0.25% for the months of October and November.

Moreover, the significant cricket tournament is poised to bolster government revenues by driving up tax collections. This includes taxes on ticket sales, as well as goods and services taxes on establishments such as hotels, restaurants, and food delivery, thereby providing the country with additional fiscal flexibility, according to economists.

The inaugural match of the cricket World Cup is scheduled between England and New Zealand on Thursday, October 5. Hosted by India, their World Cup campaign kicks off at the MA Chidambaram Stadium in Chennai against Australia on Sunday, October 8.

This year's tournament spans from October 5 to November 19, featuring matches at 10 different venues across the country. The last instance of India hosting a 50-over World Cup was in 2011, and they emerged victorious. Notably, the past three World Cup winners have all been the host nations.

Also Read - ICC Men's Cricket World Cup 2023 Match Schedule