World Cup To Shower Thousands Of Crores On Indian Economy?
Looking at the ways of revenues, TV rights, and sponsorship are expected to generate as much as Rs 10k to 12k thousand
By: Tupaki Desk | 6 Oct 2023 6:37 AM GMT
The Cricket fever had gripped India yet again with the Much-awaited World Cup which kickstarted the other day between defending champions England and runner-up New Zealand. After a long time, India is hosting the World Cup. The last time India hosted the tournament was back in 2011. India lifted the trophy then.
The Indians are pretty much excited for the match. Making the World Cup special, a prediction says that the World Cup would shower thousands of crores on India. Host India is expected to add as much as $2.6 billion to its pocket which is huge.
The Bank of Baroda estimated that the World Cup might add up to Rs 22,000 crore ($2.6 billion) to India's economy. The ongoing tournament will last until mid-November and throughout the same Indian economy is expected to add big revenue to its name.
Looking at the ways of revenues, TV rights, and sponsorship are expected to generate as much as Rs 10k to 12k thousand. No words can describe the craze Cricket has in India and fans will keep all the work aside to watch the tournament. The viewership is likely to see new records this time.
10 venues were picked for the matches in the World Cup and pearl city Hyderabad is also among them. Fans from other cities and abroad will fly to the cities where the matches will be played. The travel sector will see big numbers in business. Fans have to stay in hotels if they don't have friends and relatives.
Travel, accommodation, and food sectors will also see big numbers as revenue. Hotel prices and flight tickets are expected to go up resulting in big revenue.
However, there are also a few fears that inflation might erupt due to the big craze among people for the matches and the revenue increasing. Inflation is a situation where the goods and services prices increase suddenly.
Looking at the positive impact of the possible inflation, the Indian economy can add more revenue as GST is applicable for almost every sector. Be it hotel rooms, food that we order, or the items we taste at the eateries, the bill comes along with GST. So more money is expected to fall into the government's pocket.
