ICC's Men's Cricket World Cup is likely to boost India's economy by $2.4 billion, according to estimates by economists at the Bank of Baroda. The World Cup is slated to begin on 5 October 2023.
Economists predict that the upcoming cricket tournament, hosted in India for the first time since 2011, will coincide with the three-month festive season. This is expected to benefit the retail sector as people are likely to make "sentimental purchases of merchandise".
The economists also anticipate that the total viewership for the tournament in India, including on television and streaming platforms, will be significantly larger than the 55.2 crores seen in 2019.
On a conservative basis, this viewership may generate Rs 10500 crore to Rs 12000 crore in TV rights and sponsorship revenue. However, the economists at the Bank of Baroda have warned that the tournament may also cause inflation due to surging airline tickets and hotel rentals, and substantial increases in service charges in the informal sector in the 10 host cities on top of the festive-season impact.
Overall, inflation may rise between 0.15 per cent and 0.25 per cent for October and November. Despite this, the tournament is expected to support government coffers through increased tax collections on ticket sales, goods and services taxes on hotels, restaurants, and food delivery.
The tournament will be played across 10 venues in the country, with the first match between England and New Zealand on Thursday, October 5.
The host India will start their World Cup campaign on October 8 (Sunday) against Australia at the MA Chidambaram Stadium in Chennai.
The tournament will be held from October 5 to November 19, with India aiming to win after last winning the 50-over World Cup in 2011, which was also held in the country.