Discover how this historic cricket world cup 2023 event is poised to trigger an emotional and economic revolution, injecting a stunning $1.64 billion into the national economy.
Cricket World Cup 2023 : The Grand Cricketing Carnival
India’s Moment in the Spotlight
The excitement is building, and hearts all throughout India are thumping in sync. More than a sport, the Cricket World Cup is a celebration that resonates deeply with every Indian. The countdown has concluded, and India will proudly welcome the globe to the cricket extravaganza for the fourth time in history on October 5th.
A Billion-Dollar Boost: How India Gains
Beyond the Boundaries
While we all hope for another Cricket World Cup victory after a 12-year wait, one thing is certain: our country is set for an amazing economic boom. According to BQ Prime, India is about to get a spectacular economic influx of Rs. 13,500 crores ($1.64 billion).
To put this in context, it is more than quadruple the economic effect of the 2015 Australia-New Zealand World Cup and the 2019 UK World Cup, which were $347.2 million and $447.8 million, respectively.
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The Economics of Cricket Fever
A Winning Combination of Factors
How does this occurrence occur? The solution lies in the convergence of various variables, as visitors and locals join together to celebrate cricket.
They eat in restaurants, sample street sellers’ wares, buy items, order meals for home delivery, visit local landmarks and tourist attractions, and take part in numerous events that help India’s economy throughout the World Cup.
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Global Visitors Flocking to India
An Economic Revival
From October 5th to November 19th, the competition will take held in 10 cities: Hyderabad, Ahmedabad, Dharamsala, Delhi, Chennai, Lucknow, Pune, Bengaluru, Mumbai, and Kolkata. Foreign visitor arrivals (FTA) in India are expected to return to 80-90% of pre-Covid levels in 2023, raising expectations.
The Frenzy for World Cup Tickets
Stadiums Bursting at the Seams
The demand for ICC Men’s Cricket World Cup 2023 tickets was so high that the BCCI had to offer an extra four lakh tickets in a subsequent sales round, which also sold out quickly.
The stadiums, which can hold more than a lakh people, will attract 30-40 thousand ardent cricket fans from outside Gujarat, who would join local supporters to create an exciting environment.
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Elevated Hotel and Flight Bookings
An Economy on the Rise
The India-Pakistan match on October 14th at the Narendra Modi Stadium in Ahmedabad has seen hotel costs jumping to an amazing Rs. 1 lakh for a single day, with reservations increasing by 200%.
Even the “cheapest” choice is Rs. 89,000 a night at ITC’s Fortune Park Hotel in Ahmedabad. A room at the Leela in Gandhinagar would set you back Rs. 1.7 lakh per night, plus taxes.
The excitement has spread to the air, with flight tickets to Ahmedabad skyrocketing. Prices in various sections of the country have risen by 104% to a whopping 415% during the World Cup season.
TV Sales Surge
The Heartbeat of Every Home
As most spectators prepare to watch the World Cup on television, sales of large-screen televisions are projected to skyrocket. Consider the jump in TV sales during the 2019 Cricket World Cup: leading electronic manufacturers such as Samsung, Sony, LG, and Panasonic had an astounding 100% increase in sales of TVs larger than 55 inches when compared to the same period the previous year.
The Sum Total of Prosperity
Unveiling the Economic Impact
When all of these factors are considered, the total direct and indirect economic effect is staggering: Rs. 11,750 crores.
However, the narrative does not finish there. A 15% economic impact is expected from other sources, such as purchases from local merchants and product sales.
Economists believe that the entire economic effect of the Cricket World Cup 2023 would be stunning Rs. 13,500 crores, which equals to a staggering $1.64 billion at today’s currency rates.
Let us not just rejoice for our team, but also for the incredible economic spectacle that is going to sweep our beloved India. The World Cup is more than a sporting event; it is a celebration of solidarity, enthusiasm, and an economic boom that will make our country proud.