ICC Cricket World Cup is Likely to Boost India’s Economy Drastically
India hosting the 2023 ICC Cricket World Cup is likely to boost the nation's economy as large groups of cricket enthusiasts are traveling to India.
Tickets for matches can cost up to 50,000 Indian rupees ($600) each, and additional expenses include travel and accommodation. Alternatively, one can opt for a gathering with food and drinks to enjoy the game.
A short-term boost to the nation’s GDP is anticipated as people spend lavishly on watching their most beloved sport during the cricket craze that is due to hit India when the International Cricket Council’s World Cup gets underway.
According to Madan Sabnavis, the head of economics at Bank of Baroda, World Cup-related expenditure might increase output by 180–200 billion Indian rupees during the October–December quarter if the matches are broken out across the coming month and the following.
“The World Cup has the potential to boost India’s GDP, more so because it coincides with the festive season,” Sabnavis remarked.
There are 48 one-day international tournaments slated over two months for the 13th rendition of the event, which got underway in India on Thursday. Based on information gathered by the investment bank Jefferies, 1.2 million spectators watched games when India last held the World Cup in 2011.
MakeMyTrip, a global transportation and lodging reservation service, reported a spike in travel bookings to important match cities such as Ahmedabad in Western India and Dharamshala in the northern part of the nation.
Rajesh Magow, group president of the platform, reported a 200 per cent rise in accommodation reservations compared to August for Ahmedabad, which is scheduled to host the match against foes India and Pakistan on October 14.
According to him, as cricket enthusiasts visit in greater numbers to attend matches, the requirement for residences has increased as well.
Hotels near smaller locations are completely booked for many days. The drawback, according to Jefferies, maybe that a greater number of Indian consumers choose to watch games from home instead of leaving the house to shell out money at malls, theme parks and cinemas.
On the other hand, the occasion should help rapid business, Alcobev, beverages, media outlets, gaming online, and other industries, according to the study.
It is anticipated that the businesses will run World Cup-specific offers on game days to capitalise on this increase in buying. Higher inflation could also result from the increased demand.
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