- The Cricket World Cup runs from October 5th to November 19th and is expected to provide a significant economic boost to India
- The World Cup could contribute approximately $2.4 billion to India’s economy
- A temporary inflation increase of 0.15% to 0.25% between October and November
The Cricket World Cup, commencing today on October 5th and concluding on November 19th, is set to extend over a month. According to an economist at the Bank of Baroda, this sporting extravaganza is ready to provide an immediate economic boost.
The economist estimates that this event could inject approximately $2.4 billion into India’s economy. Notably, this ICC World Cup is being hosted in India for the first time since 2011.
The rationale behind this anticipated economic upturn is the fortuitous overlap of the World Cup with festive events during these months. As a result, the retail sector is expected to reap profits, as enthusiastic fans are likely to make merchandise purchases while their World Cup fervor remains high.
Furthermore, the tournament’s viewership in 2019, both on traditional broadcasts and online streaming platforms, reached a staggering 552 million viewers. This is expected to translate into significant revenues, estimated between 105 billion to 120 billion Indian rupees, primarily from TV rights and advertising revenue, conservatively calculated.
Additionally, the influx of international fans traveling to host cities for the tournament matches is anticipated to drive up hotel prices and airfare costs, leading to a temporary increase in inflation. This inflationary effect is projected to be in the range of 0.15% to 0.25% between October and November.
The highly awaited tournament, which has kicked off today, promises substantial benefits for India’s economy. With emotions running high as fans fervently cheer for their respective teams.