Reports: ODI World Cup 2023 could add $2.4 billion to Indian economy

Indian fans keep cricket at the core of their hearts. After 12 riveting editions of the ODI World Cup, the 13th edition is all set to be exclusively hosted by India for the first time.

The world's richest cricket board - the Board of Control for Cricket in India (BCCI) has left no stone unturned in their quest to make the prestigious event a spectacle to behold. As the tournament gets underway on Thursday, October 5, with defending champions England taking on New Zealand in Ahmedabad, the excitement in the air is quite palpable.

The World Cup will not only bring some of the finest cricketers around the globe to India but also benefit the country on the monetary front. As per economists of the Bank of Baroda, the 10-team tournament might boost the host country's economy by as much as 200 billion rupees ($2.4 billion). A lot of fans from around the world will come to India to cheer for their favourite teams and this will undoubtedly bode well for the travel and hospitality sectors, as per a note from economists Jahnavi Prabhakar and Aditi Gupta.

The economists predicted total Indian viewership for the tournament to be much more than 552 million seen in 2019, for both the television and streaming platforms. A whopping revenue of Rs 10,500 crore to Rs 12,000 crore in TV rights and sponsorship could be generated “on a conservative basis."

Inflation rate could rise during ODI World Cup 2023

The ODI World Cup 2023 will run from October 5-November 19 and this period coincides with the festive season in India. Prabhakar and Gupta felt that this would benefit the retail sector by giving rise to “sentimental purchases of merchandise".

The economists feel that there could be a surge in the service charge rates in the 10 host cities and inflation may rise between 0.15 per cent-0.25 per cent for October and November. The prices of airline tickets and hotel rooms have already increased massively.

India begin their campaign in the marquee event with a clash against five-time champions Australia on Sunday, October 8.