Should India Host The Olympics? An Economic Perspective
On the 78th Independence Day, Indian Prime Minister while addressing the nation in his speech highlighted the nation's ambition to host the 2036 Summer Olympics and confirmed that preparations are already underway. Recently, The Union Sports Minister Anurag Thakur also highlighted the significance of hosting the Olympics and said India will be fully prepared to bring the Games to the country in 2036. But why is the Indian Government so keen on hosting the Olympics, and is in today's day and age is really worth it? The International Olympic Committee (IOC) and its supporters contend that hosting can raise a city’s global profile and generate economic benefits through tourism and investments in infrastructure. But despite these claims of increased tourism and global profile, research indicates that the economic gains from hosting the Olympics are frequently exaggerated. In the 1976 Montreal Olympics financial risks associated with hosting increased significantly resulting in almo