New Delhi, October 6, 2023 – The much-anticipated ICC Cricket World Cup 2023 for Men’s , scheduled to begin on Thursday, is poised to inject a substantial $2.4 billion boost into India’s economy, according to economists at the Bank of Baroda.
In a significant milestone, India is hosting the ICC Cricket World Cup for the first time since 2011. This event’s timing aligns perfectly with the three-month festive season, potentially leading to significant economic benefits as consumers are expected to engage in “sentimental purchases of merchandise.”
ICC Cricket World Cup 2023 viewership to generate television rights and sponsorship revenues between ₹105 billion to ₹120 billion
Economists are also forecasting that the viewership for the tournament in India, encompassing both traditional television and streaming platforms, will surpass the 552 million seen in 2019. This surge in viewership could generate television rights and sponsorship revenues ranging between ₹105 billion to ₹120 billion, as per conservative estimates.
However, economists at the Bank of Baroda are not only predicting economic gains but also cautioning about potential inflationary pressures. The increased demand for airline tickets and hotel rentals during the tournament period, coupled with rising service charges in the informal sector across the ten host cities, could lead to a noticeable uptick in inflation. Estimates suggest that inflation may rise by 0.15% to 0.25% during October and November.
On the brighter side, the ICC Cricket World Cup 2023 is expected to bolster government revenues through increased tax collections. Taxes on ticket sales, goods, and services such as hotels, restaurants, and food delivery are expected to contribute significantly to government coffers, providing additional fiscal room, economists contend.
The inaugural match of the ICC Cricket World Cup 2023 will feature England and New Zealand on Thursday, October 5. Host nation India will commence its World Cup campaign at the MA Chidambaram Stadium in Chennai against Australia on Sunday, October 8.
This year’s tournament is slated to run from October 5 to November 19, with matches taking place across ten venues in India. The last time India hosted a 50-over World Cup was in 2011, and they emerged as the champions. Interestingly, the previous three World Cups were won by the host nation, adding to the excitement surrounding India’s prospects in this year’s competition.