Tue. May 21st, 2024

The Cricket World Cup could potentially contribute around Rs 22,000 crore ($2.6 billion) to India’s economy, according to economists at Bank of Baroda. The economists anticipate that the tournament, which begins on Thursday and extends until mid-November, will attract a large number of domestic and international fans. With matches played in ten different cities, the travel and hospitality industries are expected to benefit the most. This year’s event is particularly advantageous as it coincides with a three-month festive season that commenced in September, leading to increased retail activity. The economists also predict that viewership, both on television and streaming platforms, will surpass the 552 million recorded in 2019, potentially generating between Rs 10,500 crore and Rs 12,000 crore in TV rights and sponsorship revenue. However, the World Cup may also contribute to inflation, as prices for airline tickets and hotel rentals have increased during the tournament period. Service charges in the informal sector within the host cities may also experience significant hikes. This could result in a rise in inflation of 0.15%-0.25% during October and November. On the positive side, the tournament is expected to boost tax collections on ticket sales and goods and services, thereby providing the central government with additional fiscal space.

By admin