Monday, October 4, 2010

CWG to boost Indian GDP by $4.94 mn, 24.7 lakh jobs


Commonwealth Games 2010 is expected to result in an overall economic impact of USD 4,940 million on India's GDP during a period of four years ending 2012 and create an employment opportunity close to 24.7 lakh.
According to a Games Organising Committee document, this figure is almost three times the economic impact the 2006 Melbourne Games had on Australian GDP. It is estimated that the Commonwealth Games 2010 would result in an overall economic impact of approximately USD 4,940 million on India over the period of 2008-12. It said the 2002 Manchester Games created an impact of nearly USD 3,4000 million in Britain's, while the Melbourne Games created an impact of USD 1,600 million on Australia's GDP. The OC estimates said the Delhi Games are also expected to create an "enormous employment opportunity" of close to 24.7 lakh jobs. The social and environmental impact of the Games will be highly laudable as they are bound to encourage improved standards of education to children, boost sports activities, create a better quality of life and experience for citizens, increase international recognition and create environmental consciousness among the community. However, an NGO Hazard Centre claimed that Delhiites will have to pay a huge price for the "development work" carried out for Commonwealth Games and "in the next 25 to 30 years, each one of them will have to pay a debt in form of increased prices of land, basic commodities and petrol." The report titled 'Heritage Games' claimed that countries which hosted events like Olympics, World Cup and Commonwealth Games have plunged into huge debts after suffering losses. It attributed the economic crisis in Greece to its 16,600 million dollar "adventure" of Athens Olympics four years ago. Mexico, Seoul, Barcelona, Sydney were cities that have followed suit and have incurred losses of many millions of dollars, it claimed. The Games Organising Committee had earlier set up a Commonwealth Business Club India in partnership with Federation of Indian Chambers of Commerce and Industry to encourage and support Indian business community's involvement in the marketing and promotion of Indian sports. The CBCI, headed by OC Chairman Suresh Kalmadi, also aims to draw high-powered offshore business delegations to India during the Games and enable them to leverage the unfolding opportunity of transacting business.


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