The upcoming ICC Men’s Cricket World Cup, slated to begin this Thursday, is poised to be a major catalyst for India’s economy, with economists from the Bank of Baroda projecting a potential injection of $2.4 billion.
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This substantial economic surge can be attributed to several key factors. Firstly, the return of the World Cup to India, a first since 2011, coincides perfectly with a three-month festive season. This fortuitous alignment is expected to fuel robust growth in the retail sector, as consumers are likely to indulge in “sentimental purchases of merchandise” during this period.
Economists are also anticipating a significant surge in viewership for the tournament in India, encompassing both traditional television broadcasts and streaming platforms. Projections indicate that this surge may surpass the 552 million viewers recorded during the 2019 World Cup. This heightened viewership is expected to translate into substantial revenue, estimated between ₹105 billion to ₹120 billion, primarily stemming from TV rights and sponsorship deals, conservatively calculated.
Additionally, the Bank of Baroda economists predict that the ICC Cricket World Cup could potentially contribute to inflation. The rising costs of airline tickets and hotel accommodations during the tournament, coupled with substantial increases in service charges within the informal sector across the ten host cities, are identified as contributing factors. As a result, it is anticipated that inflation could experience an uptick ranging from 0.15% to 0.25% during the months of October and November.
The expansive cricketing event is also poised to bolster government revenue through increased tax collections. Taxes generated from ticket sales and goods and services, including those applicable to hotels, restaurants, and food delivery services, are expected to provide an additional fiscal cushion for the government.
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The inaugural match of this highly anticipated World Cup will witness England facing off against New Zealand on Thursday, October 5. Host nation India will launch its World Cup campaign at the MA Chidambaram Stadium in Chennai, going head-to-head with Australia on Sunday. , October 8.
This year’s tournament, scheduled from October 5 to November 19, will unfold across ten venues scattered throughout the nation. Worth noting is that the last time India hosted a 50-over World Cup was in 2011, and they emerged victorious. Remarkably, the host nation has secured the title in each of the last three editions of the tournament, intensifying the excitement surrounding India’s performance on home turf.