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Business News/ Sports / Sports News/  ICC Men's Cricket World Cup may boost India’s economy by $2.4 billion: Report
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ICC Men's Cricket World Cup may boost India’s economy by $2.4 billion: Report

Indian viewership for the tournament expected to be larger than in 2019Cricket World Cup may cause inflation and support government coffers

ICC Cricket World Cup: The first match of the ODI World Cup between England v New Zealand will be played at Narendra Modi Stadium, Ahmedabad on Thursday (REUTERS)Premium
ICC Cricket World Cup: The first match of the ODI World Cup between England v New Zealand will be played at Narendra Modi Stadium, Ahmedabad on Thursday (REUTERS)

The ICC Men's Cricket World Cup, which is set to commence on Thursday, will boost India's economy by as much as $2.4 billion, economists at the Bank of Baroda estimate.

According to economists, The event, which is being hosted in India for the first time since 2011, also coincides with the three-month festive season. Consequently, the even and festive season will benefit the retail sector and people are likely to make "sentimental purchases of merchandise".

Also read: ICC World Cup 2023: Complete schedule of match fixtures, livestreaming details and more

Further, the economists expect total Indian viewership for the tournament, including both on television and streaming platforms, to be far larger than the 552 million seen in 2019. The viewership may generate 105 billion to 120 billion in TV rights and sponsorship revenue “on a conservative basis".

The economist at the bank of Baroda also predicted that the ICC Cricket World Cup may also cause inflation. This is because airline tickets and hotel rentals have surged for the period, and service charges in the informal sector in the 10 host cities could show substantial increases on top of the festive-season impact.

Also read: Cricket World Cup: Here’s the biggest USP of the 2023 edition

Overall, inflation may rise between 0.15% and 0.25% for October and November.

The big cricket tournament will also support government coffers through increased tax collections on ticket sales, goods and services taxes on hotels, restaurants, and food delivery, giving the country additional fiscal space, economists said.

Also read: ICC World Cup 2023 in India to generate 1,248 crore in sponsorship deals: Report

The first cricket World Cup match will be played between England and New Zealand on Thursday (5 October). Host India will start their World Cup campaign at the MA Chidambaram Stadium in Chennai against Australia on October 8 (Sunday).

This year the event will be held from 5 October to 19 November. The tournament will be played across 10 venues in the country. Last time India hosted a 50 over World Cup was 2011, and they won. Each of the last three winners have been the hosts.

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Published: 05 Oct 2023, 01:55 PM IST
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