The ongoing 2023 ICC Men’s Cricket World Cup may boost the host country India’s economy by as much as ₹22,000 crore ($2.6 billion), according to an estimate from the Bank of Baroda.
The quadrennial tournament, which began on October 5 and will continue until November 19, is expected to attract a large number of fans from India and abroad. With matches being played across 10 cities, the championship is likely to benefit other sectors such as tourism and hospitality, said the economists working with the bank on October 4.
The ICC Cricket World Cup, hosted in India for the first time since 2011, coincides with the three-month festive season that began in September. It will particularly benefit the retail sector, as many people are expected to make sentimental merchandise purchases, underlined the economists.
The total Indian viewership for the tournament, including both on television and streaming platforms, is expected to be significantly larger than the 552 million viewers recorded in 2019. It may generate ₹10,500 crore to ₹12,000 crore in TV rights and sponsorship revenue on a conservative basis, the Bank of Baroda team said.
However, the economists also warned that the World Cup may lead to inflation, with airline ticket and hotel rental prices surging during the period, along with service charges in the informal sector in the host cities. The researchers expect inflation to rise between 0.15% and 0.25% for October and November overall.