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.
"The World Cup has the potential to boost India’s GDP, more so because it coincides with the festive season," Sabnavis said.
India last hosted the world cup in 2011, when 1.2 million people attended matches, according to data from brokerage house Jefferies.
"On India match days, fares have shot up on average by150% for select hotels and 80% for select flights compared with the prior week," said Jefferies in a note this week.
"We expect companies to run world-cup specific promotions on match days to tap this consumption boost."
Persons:
Narendra Modi, Sachin Tendulkar, Amit Dave, Madan Sabnavis, Sabnavis, Jefferies, Rajesh Magow, Baroda's Sabnavis, Ira Dugal, Lincoln
Organizations:
Cricket, ICC Cricket, New Zealand, Narendra, Rights, International Cricket, Bank of Baroda, Hospitality, Reuters Graphics Online, homestays, Baroda's, Thomson
Locations:
England, New, Ahmedabad, India, Rights MUMBAI, Western India, Pakistan