The Cricket World Cup is starting in India, and it’s expect to give a big boost to India’s economy. Economists at the Bank of Baroda think it could add as much as 200 billion rupees (about $2.4 billion) to India’s economy.
The tournament, happening every four years, is set to bring in lots of cricket fans from India and around the world. This will mostly benefit the travel and hospitality sectors since matches are being play in 10 different cities.
This event, hosted in India for the first time since 2011, also happens during a three-month festive season that started in September. This is great news for the retail sector because people tend to buy special items during festivals.
The economists believe that more people will watch the tournament in India this time compared to 2019. This could mean a lot of money from TV rights and sponsorships, roughly between Rs 10,500 crore to Rs 12,000 crore.
However, there’s a downside too. Prices for things like airline tickets and hotel rooms have gone up because of the tournament. Also, services in the 10 host cities might become more expensive, especially during the festive season. This could lead to a slight increase in inflation, around 0.15% to 0.25% for October and November.
On the bright side, the tournament will help the Indian government collect more taxes from ticket sales, hotels, restaurants, and food delivery. This will give the government more money to work with.
