CWG’s economic impact: $4,940 mn
The Commonwealth Games are expected to result in an overall economic impact of USD 4,940 million on India’s Gross Domestic Product (GDP) during a period of four years, ending 2012.delhi Updated: Oct 04, 2010 01:14 IST
The Commonwealth Games are expected to result in an overall economic impact of USD 4,940 million on India’s Gross Domestic Product (GDP) during a period of four years, ending 2012.
According to a Games Organising Committee (OC) document, this figure is almost three times the economic impact of the 2006 Melbourne Games on Australia’s 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,” the document said.
The document further states that the 2002 Manchester Games created an impact of nearly USD 3,400 million on Britain’s GDP, 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 “enormous employment opportunity” of close to 24.7 lakh jobs.
“The social and environmental impact of the Games will be highly laudable,” it said.
However, Hazard Centre, an NGO, claimed that Delhiites will have to pay a huge price for the “development work” carried out for the 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 the Athens Olympics, held four years ago.
Mexico, Seoul, Barcelona and Sydney were cities that followed suit and incurred losses of many millions of dollars, it claimed.