Amid political unrest and a sluggish economy in Nepal, the second season of the Nepal Premier League was successfully completed. The Nepal Premier League is a cricket festival for Nepalese cricket lovers in Nepal and those living abroad. With better infrastructure, the second season was an improved version of the first one. It has not only revolutionized the cricket industry of Nepal but has also contributed to economic growth.
Contribution to Tourism
Many celebrated players, commentators, and presenters flew from different countries to participate in the Nepal Premier League, which helped promote the tourism sector. With their presence, global attention has been drawn to the beauty of Nepal. Many hotels such as Royal Tulip and Dusit Thani were booked as hospitality partners. The demand for tourist buses as travel partners also increased.
Creation of Job Opportunities
The Nepal Premier League not only created jobs for players, commentators, and cricket officials, but it also provided job opportunities to drivers, ride-hailing services, small shopkeepers around the stadium, and security guards. Many food stall owners had the opportunity to generate income every day. This helped in reducing unemployment.
Increase in Investments
Different owners invested huge amounts to buy each team that participated in the Nepal Premier League. According to the Cricket Association of Nepal, the total license price was 168.9 million rupees. Since investment is a major component of economics, an increase in investment stimulates Nepal’s economy. It also has long-term benefits, such as upgrading sports infrastructure, including building more stadiums. This can help Nepal host international matches, which eventually increases revenue.
Consumer Spending
During the Nepal Premier League, fans bought tickets ranging from Rs 500 to Rs 2,000. The season pass was available at Rs 15,000 each. The estimated revenue from ticket sales is around 80 to 120 million rupees. This acted as a short-term stimulus to Nepal’s sluggish economy. Moreover, it increased liquidity in the local market.
Inflow of Remittance
The second edition of the Nepal Premier League was not streamed free on YouTube unlike the first edition. People outside Nepal had no free access to watch the tournament. People living in Gulf countries had to subscribe to the Dish Home Go app at Rs 500, and it cost $10 in other countries. The projected revenue from OTT rights is 53 million rupees. This inflow of foreign currency can help stabilize the balance of payments and increase Nepal’s foreign currency reserves. The monetization of national sports helps in the transition from a remittance-based to a service-based economy.
Collection of Tax Revenue
The government imposes taxes on various activities related to the Nepal Premier League such as investments, ticket sales, hotel payments, broadcasting rights, and more. Prizes such as cash, bikes, and cars are also subject to tax. According to the prevailing Income Tax Act of Nepal, prizes come under the definition of windfall gain, where 25% withholding tax is imposed on the amount exceeding five lakhs. This tax collection can help reduce the budget or fiscal deficit of the government.
Conclusion
The Nepal Premier League has proven that it is more than just a cricket event. From creating and shaping new fan culture to boosting the economy, it has made many contributions. The league not only inspires players and cricket professionals but also supports the growth of various economic sectors. Its impact extends to private industries and corporate sectors such as transportation, hotels, and broadcasting. The league has also created an atmosphere for innovation, such as fantasy apps where fans can predict and choose the best-performing players. The Cricket Association of Nepal is not only helping players dream big; it is also supporting Nepal’s economic recovery.