Indian fans keep cricket at the core of their hearts. After 12 riveting editions of the ODI World Cup, the 13th edition is all set to be exclusively hosted by India for the first time. The world’s richest cricket board – the Board of Control for Cricket in India (BCCI) has left no stone unturned in their quest to make the prestigious event a spectacle to behold.
The 10-team tournament might boost the host country’s economy by as much as 200 billion rupees ($2.4 billion), according to economists of the Bank of Baroda. A lot of fans from around the world will come to India to cheer for their favorite teams and this will undoubtedly bode well for the travel and hospitality sectors.
The economists predicted total Indian viewership for the tournament to be much more than 552 million seen in 2019, for both the television and streaming platforms. A whopping revenue of INR 10,500 crore to INR 12,000 crore in TV rights and sponsorship could be generated “on a conservative basis.”
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The ODI World Cup 2023 will run from October 5-November 19 and this period coincides with the festive season in India. This would benefit the retail sector by giving rise to “sentimental purchases of merchandise”.
ICC World Cup 2023 & Indian Economy:
a) Economy will likely get booster of INR 180bn to 220bn from it;
b) Retail Sector will get more benefits as festive season also coincide with this tournament;
c) Viewership will likely be far larger than 552 million seen in 2019;
— Ali Najib (@alinajib15) October 5, 2023
The economists feel that there could be a surge in the service charge rates in the 10 host cities and inflation may rise between 0.15 per cent-0.25 per cent for October and November. The prices of airline tickets and hotel rooms have already increased massively.
The 2023 Cricket World Cup is expected to have a significant positive impact on the Indian economy. The tournament will attract millions of visitors from around the world, generate billions of dollars in revenue, and boost the travel, hospitality, and retail sectors. The event is also expected to have a modest inflationary impact.
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Overall, the 2023 Cricket World Cup is a major opportunity for India to showcase its culture and economy to the world. The BCCI has invested heavily in the tournament and is expecting a significant return on investment.
