Team Blitz India
NEW DELHI: The ICC cricket World Cup, which commenced on September 5, will boost India’s economy by as much as $2.4 billion, a Bank of Baroda (BOB) report said.
According to economists, the event, which is being hosted in India for the first time since 2011, also coincides with the three-month festive season. Consequently, the even and festive season will benefit the retail sector and people are likely to make “sentimental purchases of merchandise”.
Further, the BOB report expects total Indian viewership for the tournament, including both on television and streaming platforms, to be far larger than the 552 million seen in 2019. The viewership may generate Rs 105 billion to Rs 120 billion in TV rights and sponsorship revenue ‘on a conservative basis.’
The Bank of Baroda report also predicted that the ICC Cricket World Cup may also cause inflation. This is because 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.
