Cricket is a well-celebrated game in India, and it’s celebrated and considered not just a sport but a festival that offers a lot of enthusiasm and delight to the supporters.
Indian cricket has developed much past the level of a gentleman’s game to win over millions of followers. There is a good likelihood that the streets will be empty and that attendance at schools and offices could be low if India is gaming with a well-known opponent.
This profitable glamorous event is a whole entertainment package tied to several economic ideas, including brand strategies, investments, India Premier League (IPL) for GDP growth, etc. And by following up on this article, you will see the significant ways India’s economy has benefitted from this game in recent times.
1. More Tax Contributions
Before the inception of IPL, the Board of Control for Cricket in India (BCCI) was not to pay taxes because it was considered a nonprofit organization. IPL had been classified as a commercial operation when it first began, so the BCCI was required to make tax payments, which boosted the amount of money collected by the government.
Since the start of the cricket competition, the BCCI has generated a sizable amount of taxes, and they also compel all licensed betting platforms like Sportsbet.io and every TV channel to pay their tax.
2. Creates New Job
The IPL significantly boosts employment and contributes to India’s economic growth. Companies, businesses, athletes, and sponsors create most of these job opportunities. Poverty alleviation has helped alleviate poverty in some regions of India. A platform that contributes majorly to job creation is a significant breakthrough.
Stores that sell sporting gadgets and kits have also benefitted from this game, with an increasing market share of 40 billion INR. Statistics by the UN General assembly for Peace and Development show the game has created over $3.3 billion in economic value.
3. Community Development
Cricket can contribute significantly to community development that promotes both economic progress and individual development. Cricket promotes these developments by increasing exposure, revenue, and employment opportunities. Additionally, because cricket is a likeable game in India, it is considered a way to engage and integrate people from different backgrounds, strengthening ties between varied communities.
4. Boost Tourism
India has long been a popular destination for tourists due to its diversity. However, in recent years, India’s sport has benefitted the nation’s tourism, providing thrills and excitement for travellers from inside and outside India.
Sports tourism is a multi-billion dollar industry that entails travelling to watch a sporting event– like the IPL, which draws more than 350 billion viewers annually, many of whom come to India from several other countries, is an illustration of this.
Sports tourism in India is constantly increasing, with a growth of over 12%, because of recent advances in infrastructures, transportation, and other areas. Cricket, because of its popularity, is a big investment in the tourism industry, generating significant income and, consequently, promoting economic progress.
5. Boost Sales in the Hotel and Restaurant Industry
Hotels and restaurants also significantly benefit cricket. During the 60-day competition, check-ins rise, and visitors globally enjoy experimenting with various Indian dishes, which invariably impacts the hotel and restaurant industry. Through tax payments, the country also benefits from this gesture.
The Indian economy has benefited from the sport of cricket. Global fan support, massive fan followings, and massive branding have contributed to an ongoing increase in GDP. According to KPMG’s survey study, the 60-day cricket IPL tournament brought INR 11.5 billion (USD 182 million).
Numerous corporations now use Indian cricket as a marketing tool, taking full advantage of the cricketers’ popularity with fans to pitch their products and services. That means the cricket game is significant for India’s economy for two reasons: Indians’ love of it and its fan base.