While the Indian cricket team did not get their hands on the one-day World Cup trophy last year, the Indian economy surely benefitted from the mega event that took place in the country. As per the report by the International Cricket Council (ICC), the men’s ODI World Cup 2023 contributed around Rs 11,637 crore (USD 1.39 billion) to the economy of India.
The tournament, held from 5 October to 19 November 2023, proved to be the biggest cricket world cup ever. Direct investment into staging the event from both the ICC and the Board of Control for Cricket in India (BCCI) combined with a programme of stadium upgrades via the State Cricket Associations delivered direct benefits to Indian businesses across a range of sectors.
Tourism provided the biggest boost with around USD 861.4 million in revenue generation. This included accommodation, travel, transportation and food and beverage because of a massive influx of domestic and foreign tourists attending the matches. Due to the World Cup being held in India, International travellers visited multiple tourist destinations during their stay which amounted to an economic impact of USD 281.2 million and around 19 per cent of international attendees marked their first-ever visit to the country.
Held in 10 cities across the country, the World Cup reported a record-breaking attendance with around 1.25 million spectators visiting the stadiums to watch the tournament. With 73 per cent of the local attendees stated that hosting the World Cup in the country has enhanced the country’s image, with the pan-India impact of the event amounting to USD 253.9 million. The value is not associated with a host city.
“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,” stated Geoff Allardice, Chief Executive, ICC.
As per the report, around 48,000 full and part-time jobs were created by the event through direct involvement in delivering the tournament, as well as other organisations across the hospitality sector which further contributed USD 18 million as value to the economy.
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