ICC World Cup 2023 brought in Rs 11,637 Crores in Indian Economy

sanjeev

khelja|11-09-2024

The International Cricket Council (ICC) has unveiled a new economic report, revealing that the ICC Men's Cricket World Cup 2023 has brought in a staggering USD1.39 billion (INR 11,637 Crores) for India's economy.
  Direct investments from both the ICC and the Board of Control for Cricket in India (BCCI), along with stadium upgrades by State Cricket Associations, provided substantial benefits to various Indian businesses. The tournament's influence extended across multiple sectors, significantly boosting India's economy and highlighting the value of ICC events. Tourism Boost and Economic Impact The influx of domestic and international tourists attending matches led to USD 861.4 million in revenue through accommodation, travel, transportation, and food and beverage services.
This tourism surge was a major contributor to the overall economic impact. Additionally, secondary spending within the economy amounted to USD 515.7 million, representing about 37% of the total impact. International visitors explored numerous tourist destinations during their stay, contributing USD281.2 million to the economy.
Nearly 68% of these visitors expressed their intention to recommend India as a tourist destination to friends and family, enhancing India's global image further. Spectator Attendance and Local Impact A record-breaking 1.25 million spectators attended the ICC Men's Cricket World Cup 2023. Remarkably, nearly 75% were experiencing an ICC Men's CWC 50-over match for the first time. Among international attendees, 55% had previously visited India regularly, while 19% were visiting for the first time due to the World Cup. Local attendees also viewed the event positively; an impressive 73% believed hosting the Cricket World Cup reflected well on India's image.
The Pan-India impact-value not tied to a specific host city-was valued at USD253.9 million. Job Creation and Media Exposure The event created over 48,000 full-time and part-time jobs through direct involvement in delivering the tournament and other roles in the hospitality sector. This job creation contributed an additional USD18 million in value to India's economy. Host cities and India received significant media exposure through city shots, team kit branding, and verbal mentions during broadcasts.
This media impact was valued at USD70.7 million for businesses and stakeholders involved. Long-Term Benefits The report also highlights lasting benefits beyond the World Cup period. About 59% of international attendees indicated they were highly likely to visit India again in the future. The event showcased India as a premier sporting destination and demonstrated cricket's potential as a catalyst for economic development. The majority of international visitors stayed more than five nights in India, while domestic travellers spent an average of two nights in host cities.
This extended stay further boosted local economies through increased spending on accommodation and other services.