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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," the document said.
It said the 2002 Manchester Games created an impact of nearly USD 3,400 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," it said.
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 (CBCI) in parternship with Federation of Indian Chambers of Commerce and Industry (FICCI) to encourage and support Indian business community's involvement in the marketing and promotion of Indian sports.
"Its aim was to raise sports sponsorship and market India as a prefered business partner and destination across the Commonwealth," the document said.
The CBCI, headed by OC Chairman Suresh Kalmadi, also aims to draw high-powered offshore business delegations to Idnia during the Games and enable them to leverage the unfolding opportunity of transacting business.
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i hade given a project to find out about impact of cwg on indian economy.
Dear Sir, In my opinion the time is not now for India to venture in to areas like CWG hosting when many other pressing basic problems are facing us. This funds could have been utilized better with value addition. We should have concentrated in areas like Water resources, Basic Education ,Price, Affordable Health, Old age care and Population management. There is no need now to show India in bright light. we are already to some extent in good light. Thanks to our other programmes.
As far as reputation of India is concerned CWG affected it very badly.Now every FDI acknowleges that Indian politicians are corrupt to the core and will desist from participating whole heartedly.Congress party hurt reputation of India.Games are held in 2010 the effects are felt in 2008 this is analysis or paralysis.
It is not all about money, honey.
If India opened her doors since the Independence what would have been the impact on India's economy?
CWG impact is everywhere wherever such international games organized, for example Melbourne, Greece, England and Asia as well. Since the economic recession otherwords financial collapses emanated in 2008 from USA, it was propagated to the whole world, leaving India and China a conceivable impact as the fast emerging economical giant in South and Sout east Asia So the reckoning amount of round $ 5 billion could be able to recover by India earlier than the foregoing countries. More over, hosting such International even is making a boost of India to recognize among International world, not even amidst sport & games, but even in the economical and business field, except the worst flays of Englanders due to their endless antipathy and alienation against India at all times. Still they may take profit out of India´´s emerging economy.
An economic impact of round $5 Billion is lesser than an impact of isolating India out of International games and recognition. More to add most of the countries had been affected with such financial crisis after hosting CWG,WC and Olympics as well. I mean not only India which could be able to balance the exchequer as fast as possible as an emerging country economically than the countries stated above at par, have affected hopelessly.