The recent ICC Men’s Cricket World Cup left a substantial imprint on India’s economy, as revealed by the “ICC Cricket World Cup: A boost to India’s economy” report from the Mastercard Economics Institute. The tournament notably elevated spending by foreign tourists, particularly in sectors like hospitality and dining. Despite Australia clinching victory in the finals, the Indian economy emerged as a substantial beneficiary.
Key matches, including India vs Pakistan, India vs England, and the final clash against Australia, witnessed a remarkable surge in spending by foreign tourists. Host cities’ quick-service restaurants experienced significant cross-border spending, with some recording over 300% growth compared to regular days. The study, surveying tourists from various countries, emphasized the World Cup’s multiplier effect on India’s economy.
Gautam Aggarwal, division president of South Asia at Mastercard, emphasized the tournament’s impact on cross-border and domestic spending, especially in travel, dining, and accommodation. Notably, in-person restaurant spending during key India matches saw a remarkable 400% increase. Overall, the report highlights the considerable economic benefits major sporting and cultural events bring to local and national economies.
