ICC World Cup 2023: Indian economy may see Rs 20,000 crore boost, says Bank of Baroda research

The ICC World Cup 2023 that begins today in India may boost the country's economy as much as Rs 20,000 crore ($2.4 billion), estimate economists at the Bank of Baroda.

How the Cricket World Cup 2023 Could Boost India's Economy

Travel Boom: Economists Jahnavi Prabhakar and Aditi Gupta wrote that the quadrennial tournament, which starts on October 5, 2023, and runs through mid-November, is expected to draw large numbers of visiting fans domestically and internationally. With the matches played across 10 cities, that will mostly benefit the travel as well as hospitality sectors.

Also Read: ICC World Cup 2023: Global brands likely to spend ₹3 lakh/second on ads to tap into Indian consumers

TV Viewership

Experts are also expecting the viewership for the tournament including both TV and streaming platforms to exceed 552 million seen in 2019. That may generate Rs 10,500 crore to Rs 12,000 crore in TV rights and sponsorship revenue “on a conservative basis.”

Beware of Inflation

The ICC World Cup can also cause inflation as the 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 increase.

The economists pointed out that the inflation may rise between 0.15%-0.25% for October and November.

Festive Season

As the tournament coincides with the three-month festive season that started in September will be particularly beneficial for the retail sector as many people will make “sentimental purchases of merchandise”, noted the economists.