The International Cricket Council (ICC) has unveiled an economic report which revealed that the ICC Men’s Cricket World Cup 2023 has brought a significant boost to the Indian economy.
Around USD 1.39 billion (INR 11,637 Crores) has been brought in for the Indian economy. The Investments from both ICC and BCCI along with the stadium upgrades by State Cricket associations have provided benefits to various Indian businesses.
The ICC tournament has influenced many sectors like Tourism, Travel, Food, and Transportation. Out of these tourism was a major contributor to the overall economic impact.
The influx of domestic and international tourists attending the matches has led to a revenue of USD 861.4 million through travel, accommodation, transportation, and food and beverage services.
The secondary spending within the economy amounted to USD 515.7 million, representing about 37% of the total impact.
International visitors explored various places during their stay, contributing USD 281.2 million to the economy. Nearly 68% of these visitors have visited India as a tourist destination for friends and family enhancing India’s global image further.
In hosting the Cricket World Cup over 48,000 full and part-time jobs were created by the event through direct involvement in delivering the tournament, as well as other organizations across their hospitality which further contributed USD 18 million as value to the economy.
The event showcased high exposure to host cities and India through a branding team kit and verbal mentions, generating a media impact of USD 70.7 million for businesses and stakeholders.
The reports further highlighted the benefits of extending beyond the World Cup period to create an impact lasting on the Indian economy as 59% of international attendees mentioned they were highly likely to visit India again in the future.
The event showcased India as a sporting destination and demonstrated the sport’s power can be used for economic development.
“The ICC Men’s Cricket World Cup 2023 has demonstrated the significant economic power of cricket, generating economic benefit of USD1.39 billion for India. The event created thousands of jobs and showcased India as a premier tourist destination, proving that ICC events not only engage fans passionately but also contribute significantly to the economies of our host nations,” said ICC chief executive Geoff Allardice.
