Cricket is celebrated as a religion in our country. With people's firmer beliefs about the game, you would rarely find someone who doesn't like it, irrespective of gender, religion, or any other boundaries. The way it is adored in our country is fantastic. The fame isn't restricted to the country alone, but the popularity is widespread globally.
The reason behind this is not only entertainment but also the economic benefits which it provides. But how you may be thinking, right?
The reason is that hosting international cricket tournaments is a significant source of income contributing to the economy's growth and looking to alleviate your cricket skills. Join the cricket grounds near you.
When we look back at the history of Cricket in India, it dates back to the 18th century, when European merchant sailors announced Cricket.
In 1911, Maharaja of Patiala, Sir Bhupinder Singh, sponsored India's first test tour to England. In 1983, India won its first-ever Cricket World Cup under the captaincy of Kapil Dev in 1983. India defeats Australia in the historic test series known as the Kolkata Test.
In 2007, MS Dhoni led India, which resulted in victory in the T20 World Cup. In 2011, India won the ICC Cricket World Cup for the second time under Dhoni's leadership. In 2014, Virat Kohli became the captain of the Indian team and took charge.
However, some unforgettable people who contributed to the Indian cricket team are CK Naydu, Kapil Dev, Sunil Gavaskar, Rahul Dravid, Sourav Ganguly, Anil Kumble, Sachin Tendulkar, MS Dhoni, VVS Laxman, Rohit Sharma, Virat Kohli etc. This success of Cricket provoked the installation of several of the largest cricket stadiums in the World.
Cricket is the source of revenue generation in the host nations. There are several revenue streams, such as ticket sales, broadcasting rights, etc. Sponsorship deals also majorly generate revenue, and big brands pay a hefty amount to promote their businesses.
Another source of revenue is merchandise sales such as team jerseys, cricket gear, caps, etc. Therefore, through all these revenue generation methods, a chunk of money is also contributed towards the country's growth.
Events like the Indian Premier League attract major tourism to India. This is how the host countries can benefit from hosting Cricket in the country. This attracts tourists across the globe and leads to an increase in tourism-related activities in the country, which automatically increases the revenue.
Here, hotels see a rise in bookings, restaurants' incomes surge, and even local businesses experience an increase in visitors. It is so true that our country's culture is so graceful that it affects many foreign countries where people adore it and try to practice it. So this is how when people visit for IPL, they are attracted to the local cultures and contribute towards the soaring revenue in the country.
These tournaments invite several permanent and temporary jobs in the country, which boosts the employment rate. During the preparation for hosting a game at a significant level, there is a lot of demand for jobs, especially in sectors such as marketing, hospitality, security, etc.
Beyond the short-term employment benefits, the host nation's investment in Infrastructure, such as stadiums, roads, and public transport, has a long-lasting impact. This will have a durable effect and benefit the local community for years. It even helps in the construction of world-class stadiums that help attract future elements, ensuring a continuous economic cycle that boosts growth and impacts the economy.
These high-profile cricket tournaments also act as a significant drive for foreign investment. International brands and tournaments view this as an opportunity to expand and enhance their market, helping in the surge of advertising and sponsorship investment.
Events like IPL also drive major investors and sponsors of international firms eager to tap into the massive viewership. This strategy not only improves the local economy but also alleviates the nation's position at the global level. Therefore, organizing or hosting cricket tournaments is the best way to attract significant foreign investments.
How much does Cricket contribute to the growth of India's GDP?
According to the BCCI, in 2015, IPL contributed around 140 million dollars to India's GDP. This number increased to around 6 billion dollars in 2019, which is 45 times more than the previous time. However, in 2023, the IPL contributed a massive sum of around 11.2 billion dollars.
What is the BCCI's primary source of income?
The primary source of income for the BCCI is new media rights deals.
However, the board's media rights income alone amounted to ₹8,744 crore. The Women's Premier League generated a surplus of 377 crore in its debut year.
Which is the richest cricket board in the World?
The richest cricket board in the World is BCCI, which has an impressive financial strength of around Rs. 18,760 crores. This is not only responsible for running the Indian Premier League but also serves as the crucial driver of the global cricket economy.
What is the full form of ICC?
ICC, also known as the International Cricket Council, is the global governing body of Cricket. The ICC was founded as the Imperial Cricket Conference in 1909 by representatives from Australia, England, and South Africa.
Major tournaments like the ICC World Cup and IPL only generate significant revenue through ticket sales and broadcasting rights and stimulate growth in tourism, hospitality, and Infrastructure sectors. Therefore, with the expansion of the game at the global level, undoubtedly, Cricket is shedding an impact of positive growth towards the economy.
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