{"id":1274149,"date":"2023-10-07T08:57:33","date_gmt":"2023-10-07T03:27:33","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1274149"},"modified":"2023-10-07T08:58:09","modified_gmt":"2023-10-07T03:28:09","slug":"cricket-world-cup-2023-rs-22000-crore-will-be-infused-into-indian-economy-during-this-48-day-mega-sporting-event","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/cricket-world-cup-2023-rs-22000-crore-will-be-infused-into-indian-economy-during-this-48-day-mega-sporting-event\/","title":{"rendered":"Cricket World Cup 2023: Rs 22,000 Crore Will Be Infused Into Indian Economy During This 48-Day Mega Sporting Event"},"content":{"rendered":"\n<p>Economists at Bank of Baroda estimate that the Cricket World Cup hosted by India will bring in as much as 220 billion rupees ($2.6 billion) or Rs 18,000 to 22,000 crore to the economy.<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"465\" src=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/10\/Untitled-design-8-1.png\" alt=\"Cricket World Cup 2023: Rs 22,000 Crore Will Be Infused Into Indian Economy During This 48-Day Mega Sporting Event\" class=\"wp-image-1274168\" srcset=\"https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/10\/Untitled-design-8-1.png 1000w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/10\/Untitled-design-8-1-300x140.png 300w, https:\/\/trak.in\/stories\/wp-content\/uploads\/2023\/10\/Untitled-design-8-1-768x357.png 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/figure>\n\n\n\n<p>The 13th edition of the tournament began in India on Thursday with 48 one-day international matches scheduled across a two month period.&nbsp;<\/p>\n\n\n\n<p>India last hosted the world cup in 2011, when 1.2 million people attended matches.<\/p>\n\n\n\n<p><strong>Overall contribution&nbsp;<\/strong><\/p>\n\n\n\n<p>The report said that the impact on gross value added is estimated to be around Rs 7,000 to 8,000 crore.<\/p>\n\n\n\n<p>Most of this will be concentrated in the consumption sector, <a href=\"https:\/\/www.businessworld.in\/article\/ICC-Men-s-World-Cup-2023-Hitman-King-s-Cover-To-Boost-India-s-GDP\/05-10-2023-493825\/\">particularly <\/a>services consumption, with the hospitality sector benefiting the most.&nbsp;<\/p>\n\n\n\n<p>Madan Sabnavis, chief economist at Bank of Baroda said, &#8220;The World Cup has the potential to boost India\u2019s GDP, more so because it coincides with the festive season.\u201d<\/p>\n\n\n\n<p><strong>Major sectors to be benefited&nbsp;<\/strong><\/p>\n\n\n\n<p>&#8220;Consumption, particularly services consumption, is likely to receive the <a href=\"https:\/\/www.reuters.com\/world\/india\/crazy-fans-set-add-kicker-indias-economy-world-cup-begins-2023-10-06\/\">maximum <\/a>boost. Hospitality and tourism sectors are likely to benefit the most.&#8221;<\/p>\n\n\n\n<p>The tournament is expected to draw large numbers of visiting fans domestically and internationally.<\/p>\n\n\n\n<p>Played across 10 cities it will be the most beneficial to the travel as well as hospitality sectors, wrote economists Jahnavi Prabhakar and Aditi Gupta.<\/p>\n\n\n\n<p><strong>Festive season contribution&nbsp;<\/strong><\/p>\n\n\n\n<p>The event also coincides with the three-month festive season that started in September.<\/p>\n\n\n\n<p>This will be especially beneficial for the retail sector as many people will make \u201csentimental purchases of merchandise.\u201d<\/p>\n\n\n\n<p><strong>Viewership contribution<\/strong><\/p>\n\n\n\n<p>The economists expect total Indian viewership both on television and streaming platforms, to be far larger than the 552 million seen in 2019, the previous edition of the tournament.&nbsp;<\/p>\n\n\n\n<p>This could generate 105 billion rupees to 120 billion rupees in TV rights and sponsorship revenue \u201con a conservative basis.\u201d<\/p>\n\n\n\n<p><strong>Inflation: Why?<\/strong><\/p>\n\n\n\n<p>However, the World Cup may also lead to inflation.&nbsp;<\/p>\n\n\n\n<p>Airline tickets, hotel rentals have surged for the period, and service charges in the informal sector in the 10 host cities could show substantial increases on top of the festive-season impact.<\/p>\n\n\n\n<p>Ahmedabad, which will host a game between rivals India and Pakistan on Oct. 14, has seen a 200% increase in room reservations compared to August, said Rajesh Magow, group chief executive at MakeMyTrip.<\/p>\n\n\n\n<p><strong>Ticket spending<\/strong><\/p>\n\n\n\n<p>Ticket sales will be an important item of spending.&nbsp;<\/p>\n\n\n\n<p>Based on the stadium capacity and charges for each ticket, BoB <a href=\"https:\/\/www.businessworld.in\/article\/ICC-Men-s-World-Cup-2023-Hitman-King-s-Cover-To-Boost-India-s-GDP\/05-10-2023-493825\/\">expects <\/a>the total ticket sales to the tune of Rs 1,600-2,200 crore.&nbsp;<\/p>\n\n\n\n<p>&#8220;This is based on the assumption of varied attendance for each match with all India games registering 100 per cent attendance,&#8221; it added.<\/p>\n\n\n\n<p>Overall, inflation may rise between 0.15%-0.25% for October and November.<\/p>\n\n\n\n<p><strong>Adjacent spending<\/strong><\/p>\n\n\n\n<p>This is <a href=\"https:\/\/www.livemint.com\/sports\/news\/icc-mens-cricket-world-cup-may-boost-india-s-economy-by-2-4-billion-report-11696491868651.html\">because <\/a>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 increases on top of the festive-season impact.<\/p>\n\n\n\n<p>However, this would be restricted to these ten cities for the period of October and November only.<\/p>\n\n\n\n<p>The tournament will also <a href=\"https:\/\/www.bqprime.com\/business\/cricket-world-cup-may-add-2-4-billion-to-indian-economy-bank-of-baroda\">contribute <\/a>to government coffers through increased tax collections on ticket sales, goods and services taxes on hotels, restaurants and food delivery, giving the country additional fiscal space, the economists added.<\/p>\n\n\n\n<p><a href=\"https:\/\/www.cricketworldcup.com\/news\/3558110\">Image Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Economists at Bank of Baroda estimate that the Cricket World Cup hosted by India will bring in as much as 220 billion rupees ($2.6 billion) or Rs 18,000 to 22,000 crore to the economy. The 13th edition of the tournament began in India on Thursday with 48 one-day international matches scheduled across a two month [&hellip;]<\/p>\n","protected":false},"author":24,"featured_media":1274168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[3609],"class_list":["post-1274149","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cricket-world-cup-2023"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cricket World Cup 2023: Rs 22,000 Crore Will Be Infused Into Indian Economy During This 48-Day Mega Sporting Event - Trak.in - Indian Business of Tech, Mobile &amp; Startups<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/trak.in\/stories\/cricket-world-cup-2023-rs-22000-crore-will-be-infused-into-indian-economy-during-this-48-day-mega-sporting-event\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cricket World Cup 2023: Rs 22,000 Crore Will Be Infused Into Indian Economy During This 48-Day Mega Sporting Event - Trak.in - Indian Business of Tech, Mobile &amp; Startups\" \/>\n<meta property=\"og:description\" content=\"Economists at Bank of Baroda estimate that the Cricket World Cup hosted by India will bring in as much as 220 billion rupees ($2.6 billion) or Rs 18,000 to 22,000 crore to the economy. 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