Indian Premier League (IPL) has emerged as a glorious phenomenon in Indian cricket and it showcases almost 60 matches over a period of one-and-a-half month in several venues across the country every year.
The Board of Control for Cricket in India claimed on Friday that IPL 2015 contributed Rs. 11.5 billion ($182 million) to India's Gross Domestic Product (GDP).
BCCI appointed KPMG Sports Advisory Group (a financial analysis company) to conduct a survey on the economic impact IPL 2015 caused on the Indian economy. The survey brought forward the aforementioned figure.
Approximately, 193 cricketers took part in IPL 2015. The crowd turnout was incredible as nearly 1.71 million spectators came to watch those 60 games in several stadiums across the country during the IPL 2015.
"The total economic output associated with IPL matches in India for 2015 is estimated at INR 26.5 billion ($418 million). This is the aggregate value of all transactions that took place as a direct, indirect or induced effect of the economic activity of the 2015 matches. Hosting an IPL match also adds value and revenue to the economy of the state," a media release from BCCI said.
"The 2015 season, saw around 20 percent of attendees visiting from cities other than the host city. Also notable were international visitors primarily from the United Kingdom, Australia and South Africa."
BCCI said that IPL affected the country's economy directly. The money generated from this cash-rich league helped in employment in several sectors. It also improved the tourism sector across several states. The support from tier two cities helped in the development of the game of cricket as well.
"It is inspiring to know that IPL has had such a positive impact on India's economy; the contribution of Rs 11.5 billion to India's GDP through a 60-day event is surely testament to the tournament's success. We look forward to redefine these benchmarks through the upcoming seasons of the IPL and empowering the nation's economy through our future endeavours," IPL chairman Rajeev Shukla told the reporters at a press conference.
One major thing that has been pointed out by the experts in the last couple of seasons of the IPL is that it not only generates a lot of money but also it provides a good platform for the youngsters to showcase their talent and catch the eyes of the national selectors.