Concert boom to boost economy: Report

New Delhi: Concerts in India will increase spending, giving a push to private final consumption expenditure, according to a report released by Bank of Baroda on Tuesday. Key sectors like hospitality, transportation, and retail businesses will record significant growth.

Tax collections will also pick up due to GST on ticket sales, as well as hotels and restaurants, it added. Spending on concerts has surged, with the highest expenditure on tickets of ₹771 crore, the report mentioned.

Next is sponsorship with an expenditure of ₹250 crore, followed by transport (₹208 crore), hotel (₹197 crore), and food & beverage (₹143 crore).