India's economic growth will be boosted by the Cricket World Cup in addition to being entertaining
According to researchers at the Bank of Baroda, the Cricket World Cup might contribute up to Rs 20,000 crore ($2.4 billion) to the economic growth of the host nation, India.
Read more: RBI Monetary Policy 2023: What factors influence policy rate?
Economists claim that the three-month holiday season also happens to coincide with the event, which is being held in India for the first time since 2011. The retail industry will profit from the holiday and festive season as a result, and consumers are likely to buy goods out of sentiment.
It is predicted that a substantial number of fans from both domestically and internationally would attend the quadrennial tournament, which starts on Thursday and lasts through mid-November. According to economists Jahnavi Prabhakar and Aditi Gupta in a report released on Wednesday, the travel and hotel industry would mostly gain from the matches being played in 10 cities.
World cup may also lead to inflation
The ICC Cricket World Cup may lead to inflation, according to the bank of Baroda economist. This is due to the rising costs of travel and lodging, as well as the potential for significant rises in service fees in the unorganized sector of the 10 host cities beyond the effects of the festive season. According to them, the overall inflation rate for October and November may increase by 0.15 to 0.25%.
The economists expect much higher overall Indian viewing for the competition than the 552 million observed in 2019, which includes both television and streaming platforms. On a conservative approach, that might bring in between Rs 10,500 crore and Rs 12,000 crore through TV rights and sponsorship.
Contribute to the government's ability to collect taxes
According to the analysts, the tournament will also help India's government coffers through greater tax collections on ticket sales as well as goods and services taxes on lodging, dining, and food delivery, providing the nation more budgetary room.
When and where this competition will be held
The event will take place this year from October 5 until November 19. Ten locations around the nation will host the competition. India last hosted a 50-over World Cup in 2011, and they won. The hosts have claimed the last three victories.
England and New Zealand will face off in the opening cricket World Cup match on Thursday, October 5. On October 8 (Sunday), host India will face Australia at the MA Chidambaram Stadium in Chennai to open their World Cup campaign.
OTT India updates you with the latest news, The Country’s no.1 digital news platform OTT India. Keeps you updated with national, and international news from all around the world. For more such updates, download the OTT India app on your Android and IOS device
.