ICC Cricket World Cup: how it can help boost India’s economy
The ICC Cricket World Cup 2023 is the biggest sporting event in India this year, as the country hosts all 48 matches across 10 cities from October 5 to November 19.
The tournament, which features 14 teams competing for the coveted trophy, is expected to have a significant impact on India’s economy, especially in the sectors of travel, hospitality, food and beverage, media, and retail.
According to various estimates, the World Cup could inject up to $2.6 billion into India’s economy and create thousands of jobs.
How the ICC Cricket World Cup 2023 benefits India’s economy
The World Cup is expected to boost India’s economy in several ways, such as:
Increasing consumer spending: The ICC Cricket World Cup 2023 is likely to increase consumer spending across various industries, particularly hospitality, food and beverage, sports and merchandise, and media.
According to a report by Mastercard, the IPL series played earlier this year led to an increase of 25% in in-person average daily spend in restaurants during match days vs. non-match days.
The ICC Cricket World Cup 2023 is expected to have a similar or higher effect, as fans flock to hotels, restaurants, bars, cafes, and food delivery services to enjoy the matches.
The demand for sports merchandise, such as jerseys, caps, flags, and accessories, is also expected to rise, as fans show their support for their teams. The media industry is also set to benefit from the increased viewership and advertising revenue from the ICC Cricket World Cup 2023.
According to the International Cricket Council (ICC), a record number of 35 million fans tuned in to watch the match between India and Pakistan on October 14, making it the most-watched cricket match in history.
The ICC has also partnered with Mphasis, a digital consulting firm, to deliver enhanced and innovative digital experiences for cricket fans through its website and app.
READ ALSO | ICC World Cup May Wing in Share Market: Investor can get 50% more profit
Attracting domestic and international tourists: The ICC Cricket World Cup 2023 is also expected to attract domestic and international tourists to India, as they travel to different cities to watch the matches live or explore the local culture and attractions.
According to data from OTA Insight, a market intelligence platform, flight searches to India surged between 110% to 130% in the months leading up to the World Cup.
According to travel analytics firm Cirium, there are 787 flights scheduled from November 13 to 19 to Ahmedabad, where the final match will be held.
The demand for international flights to India also surged by 15%, particularly from countries such as Australia, the U.K., New Zealand, Sri Lanka, and the Netherlands.
The influx of tourists is expected to boost the occupancy and revenue of hotels, as well as the demand for transportation and other services.
Creating employment opportunities: The ICC Cricket World Cup 2023 is also expected to create employment opportunities for thousands of people in India, both directly and indirectly.
According to a report by KPMG, the IPL series created over 3 lakh jobs across various sectors in 2019.
The World Cup is expected to have a similar or higher impact, as it involves more matches, more teams, and more venues.
The sectors that are likely to generate more employment include hospitality, food and beverage, security, logistics, media, retail, and entertainment.
READ ALSO | Lasith Malinga signs up as Mumbai Indians bowling coach for IPL 2024
Enhancing infrastructure and facilities: The ICC Cricket World Cup 2023 is also expected to enhance the infrastructure and facilities of India’s cities and stadiums, as they prepare to host the mega event.
According to a report by Times of India, the BCCI has spent over Rs 300 crore on upgrading the stadiums across the country, including installing new floodlights, scoreboards, dressing rooms, media centers, and seating arrangements.
The host cities have also improved their roads, transport systems, sanitation facilities, and security measures to ensure a smooth and safe experience for the visitors.
Conclusion
The ICC Cricket World Cup 2023 is not only a thrilling spectacle of sportsmanship and entertainment but also a catalyst for economic growth and development in India.
The tournament is expected to have a positive impact on various sectors of the economy and generate income and employment for millions of people.
The World Cup 2023 is also an opportunity for India to showcase its culture, diversity, and hospitality to the world and enhance its image as a global destination.
