The ICC Cricket World Cup 2023, scheduled from October 5 to mid-November, is poised to inject a substantial boost of Rs 22,000 crore into India’s economy, as indicated by reports from esteemed banks and financial institutions. Economists are notably sanguine about the favorable economic repercussions this event is set to bring about.
Cricket’s Grand Stage Across Ten Cities
With matches spread across ten cities, the World Cup is set to draw massive crowds of cricket enthusiasts, both local and international. This surge in visitors is anticipated to have a far-reaching impact, not only on the travel and hospitality sectors but also on a myriad of other industries.
Retail Sector Surge
The retail sector is bracing itself for a significant upswing as cricket fever sweeps the nation during this three-month extravaganza. Experts are speculating that this tournament might even surpass the record-breaking 552 million viewership mark set in 2019. This would translate into substantial revenue from television and streaming platforms, resulting in a windfall for advertisers and broadcasters.
Nonetheless, economists are sounding a note of caution, highlighting the potential for a marginal uptick in inflation. This inflationary pressure could affect areas such as airline ticket prices and hotel rates in the host cities, potentially pushing the inflation rate up by an estimated 0.15% to 0.25% between October and November.
Government’s Fiscal Gain
On the bright side, the central government stands to reap significant rewards from the World Cup in the form of tax revenue from diverse sources. This contribution will undoubtedly bolster the national economy, providing a much-needed fiscal boost.
In sum, the ICC Cricket World Cup 2023 promises to leave an indelible mark on India’s economy and capture the hearts of cricket aficionados across the nation. As the tournament unfolds, all eyes will be on the economic scoreboard, where expectations are soaring higher than ever before.