ICC World Cup 2023 expected to inject $2.6 Billion into India's Economy, here's how

The Cricket World Cup 2023 is here, and it's not just a game-changer on the pitch! Economists at Bank of Baroda have projected an astonishing boost to India's economy.... potentially injecting a staggering 220 billion rupees or $2.6 billion to India's economy. This quadrennial cricket extravaganza which started.....and will continue until mid-November, is expected to attract a massive influx of fans from both within India and around the world. With matches scheduled in ten cities across the country, the tournament is poised to significantly benefit the travel and hospitality sectors. According to economists Jahnavi Prabhakar and Aditi Gupta, this event, hosted in India for the first time since 2011, coincides perfectly with the three-month festive season that began in September. This alignment is expected to be a boon for the retail sector, as consumers are likely to make sentimental purchases of merchandise.Furthermore, the economists anticipate a substantial increase in Indian viewership, both on television and streaming platforms, surpassing the 552 million viewers recorded in 2019. It is expected that This surge in viewership could translate into a conservative estimate of 105 to 120 billion rupees in TV rights and sponsorship revenue. As the tournament coincides with the festive season in India, it's expected to stimulate overall retail demand also.. However, there are potential challenges which could not be avoided... The surge in airline ticket prices, increased hotel rentals, and service charges in the informal sector across the ten host cities could contribute to inflation. Overall, inflation is projected to rise, potentially ranging from 0.15% to 0.25% for the months of October and November.The Cricket World Cup is expected to bolster the Indian government's finances through increased tax collections on ticket sales and goods and services taxes on hotels, restaurants, and food delivery services...giving the country an additional fiscal space. India, the host nation, will commence their World Cup journey at the MA Chidambaram Stadium in Chennai, facing Australia on Sunday, October 8th.