Reuters
[Source: Reuters]
Match tickets selling for up to 50,000 Indian rupees ($600) a pop. Flights to get to a venue. Hotel bookings. Or even just a match-watching party with food and alcohol ordered in.
The cricket frenzy set to hit India as the International Cricket Council’s World Cup begins in a nation of cricket-crazy fans is expected to give a short boost to the country’s economy as consumers splurge to enjoy their favorite sport.
World Cup related spending could add an estimated additional output of 180-200 billion Indian rupees in the October-December quarter with matches spread out over this month and the next, estimated Madan Sabnavis, chief economist at Bank of Baroda.
“The World Cup has the potential to boost India’s GDP, more so because it coincides with the festive season,” Sabnavis said. “Consumption, particularly services consumption, is likely to receive the maximum boost. Hospitality and tourism sector are likely to benefit the most.”
The 13th edition of tournament began in India on Thursday with 48 one-day international matches scheduled across a two month period. India last hosted the world cup in 2011, when 1.2 million people attended matches, according to data from brokerage house Jefferies.
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