Cricket has always been celebrated as a big festival with full of emotions in India. The Indian Premier League, founded in 2008 by the BCCI, has emerged as one of the most successful sports tournaments in the world. It is the proof of Indians’ love for cricket.
In this article, you will learn how IPL brings growth to the Indian GDP and generates various economic benefits.
1. Significant growth in the GDP
The Indian Premier League continuously contributes to the rise of Indian GDP; factors like huge branding scope and massive fan following across the globe are the reasons behind massive profits and tremendous contribution to the Indian economy.
The Board of Control for Cricket in India (BCCI) had appointed a sports advisory group KPMG in 2015 to survey the economic contribution of IPL.
It was found that this sports tournament increased Indian GDP by a whopping amount of INR 11.5 billion.
2. Help in boosting tourism
Tourism is one of the biggest boons of any country’s economy. In the IPL season, India enjoys significant growth in the tourism sector.
As per Cox & Kings, IPL tournament resulted in a 30% growth in the tourism sector. People in large numbers come from different nations to see the sports festival in India.
Also, the BCCI has always managed to attract star players from different countries to participate in the Indian Premier League, which helps get attention from worldwide audiences and brings more footfall into the stadium.
3. Generates employment
To successfully organize a massive event like the Indian Premier League, a large number of human power, whether spot boys, managing staff, technicians, security guards, and event catering services, every service requirement gets a desirable boost.
A report highlighted by the UN assembly for peace and development showed that IPL had created $3.2 billion in economic value, and the market for sports equipment and gadgets has also seen a massive rise, resulting in increasing the market size to INR 40 billion.
4. Boost media exposure
As per the BARC (broadcast rights holder star India), In 2019, IPL viewership broke all previous records, 462 million viewers watched this sports tournament on the star network channel. Compared to the previous session, the reach was up by 12%.
Due to the viewers’ record viewership and engagement, popular brands and giants from respective industries are always keen to advertise and show interest in the sponsorship.
5. Boom Hotel and Restaurant business
With the increase in travelling, hotel and restaurant business shows promising growth in selected cities and some popular tourist places.
This tournament grabs attention from both worldwide and local audiences, and because of employment opportunities, people from small cities also come to selected cities where the tournament will be played.
Hence, the Indian Premier League boosts the hotel and restaurant business in many ways.
Conclusion
The fear and restrictions of the Covid-19 pandemic have faded away, and now fans can experience the sports festival of India, i.e. IPL, in full-fledged mode with high energy from all the players around the world.
Let us know what you think about the economic benefits of the IPL.
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