The imminent commencement of the ICC Men’s Cricket World Cup, scheduled for Thursday, is anticipated World Cup $2.4 billion boost into India’s economy, as projected by economists from the Bank of Baroda. This grand event, marking India’s hosting after a decade, coincides with a three-month festive season, promising substantial gains for the retail sector as consumers indulge in sentimental merchandise purchases.
Furthermore, economists foresee a remarkable surge in viewership, encompassing both television and streaming platforms, surpassing the 552 million viewers observed in 2019. This surge in viewership may translate into a conservative estimate of ₹105 billion to ₹120 billion in TV rights and sponsorship revenue. However, alongside the economic highs, there’s a possibility of inflationary pressures. The costs of airline tickets and hotel rentals have surged, and service charges in the informal sector across the ten host cities might witness significant spikes, especially during the festive season.
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The ripple effect of this major cricket extravaganza will also be felt in the government’s coffers, primarily through increased tax collections. These will stem from ticket sales, goods and services taxes on hospitality services including hotels, restaurants, and food delivery, thereby providing the country with additional fiscal leverage.
The World Cup spanning from 5th October to 19th November, will be staged across ten venues in India. Notably, the last time India hosted a 50-over World Cup was in 2011, and interestingly, they emerged as the champions. The anticipation for this year’s event is palpable, marking a significant moment in the nation’s sporting and economic landscape.
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