12th October 2023, Mumbai: The ICC Cricket World Cup may boost India’s economy by 220 billion ($2.6 billion), according to economists at Bank of Baroda. With the tournament underway and set to continue until mid-November, cricket fans from all over the world are gathering in large numbers to India to see this cricketing spectacle. The rise in the visitors generated by the Cricket World Cup in the country will create in increase in demand for goods and services specially in the travel and hospital sector of India.
Opportunity Lies for India’s Travel Industry
As the ICC World Cup takes center stage, India’s travel industry is poised for substantial growth. Thousands of cricket enthusiasts from different parts of the country and abroad are converging on the host cities, resulting in increased air travel, hotel bookings, and transportation services. Hotels and several others ways of travelling resources are gearing up to meet this demand, which is expected to generate a valuable revenue and provide a boost to the overall economy of India.
Hospitality Sector Gears Up for a Busy Cricket Season
Hotels and restaurants are preparing for a busy cricket season, as cricket fans book accommodations and dine out while attending the matches. This rise in the demand will not be helping in generating a good income but also will create a good employment opportunities for several workers and employees within the area specially in the hospitality industry.
Increase in demand of goods and services leads to growth India’s Economy
This ever lasting impact of the ICC World Cup happening in India expands further on the travel and hospitality sectors. The growth in demand for various goods and services creates an economic boost within the shops of our country. From increased in demand and production of goods to employment opportunity, the ICC World Cup tournament will help in the economic growth in sectors such as transportation, food, Clothes and many more.
Cricket lovers Gathers For ICC World Cup 2023
As cricket fans explore different parts of India while attending the World Cup matches, they are given the opportunity to discover the country’s rich cultural heritage, scenic beauty, and diverse tourist attractions.
The 2023 ICC World Cup: Boosting India’s Economy on and off the Field
The ICC Cricket World Cup not only offers thrilling matches and showcases the cricketing talent of the participating teams but also provides a significant boost to India’s economy. With economists estimating a potential 220 billion ($2.6 billion) impact, the tournament generates a surge in demand for goods and services, benefiting various sectors. As the matches progress and the eyes of the world remain focused on India, the country has a unique opportunity to shine both on and off the field, showcasing its vibrant economy and welcoming spirit to the globe.
By Harsh Rathod