What are the Economic Benefits of Cycling?
Cycles are an integral part of our daily lives while having a huge impact on the Indian Economy as well as culture and society. Some use it for fitness, some for commuting to work, some to fulfill the need of their lives, and some to enjoy the simple pleasures of life. Talking about the Dabbawalas in Mumbai, the iconic rickshaws in Delhi for short distance commuting, and the fitness revolution empowered by various cyclothons being conducted in the country are live testimony to the use and importance of bicycles in India.
There is no doubt that cycles are an environment-friendly mode of transport providing numerous health and environmental benefits. Moreover, bringing in picture the economic benefits of cycling is something that is worth a discussion with the ‘Hard Economic Value’ and the ‘Economic Growth with Increased Business Prospects’ that it displays.
Let us first discuss about the Hard Economic Value of Cycling:
· The number of cars on Indian roads currently estimates to about 23 million cars consuming more than 4 million barrels per day. Now, think about the Indian roads flooded with bicycles. This in turn will tremendously reduce the cost of fuel consumption.
· Economy also goes up the growth scale with reduced cost of bicycle infrastructure and the bicycle maintenance cost.
· More the number of cycles less will be the retail spend requirement for car parking space.
· Less expenditure on mode of transport will eventually lead to increased expenditure to something productive and meaningful to have a better standing in the international markets.
· Retail business will also shoot up with increased use of cycling by improving the pedestrian and bicycle infrastructure. These days real estate is experiencing a paradigm shift in sales as homes with convenient walking and cycling track is supporting higher sales.
· The redefinition of India’s cycling hypothesis is Saksham Pedal, an event conceptualized with the mission of instilling social-environmental consciousness and leveraging the promotion of fuel conservation. This in turn is indirectly benefiting the Indian economy with international recognition of exceptionally talented cyclists of India winning huge prize money during the event.
Let us now discuss about the Economic Growth with Increased Business Prospects:
The increased adoption of this environment-friendly mode of transport in the recent years is gradually breaking down the negative perception associated with the sport of cycling. Hence, the numbers of bicycles are increasing and so are the business prospects. Let us see how:
· The bicycle market is on an exponential growth with constantly increasing cycle sales. When the retail sale will increase, the repair and maintenance will certainly increase, in turn leading to more business. In the recent years, the bicycle output has already displayed a quadrupled growth.
· Manufacturers and wholesalers will experience a huge jump in the production and distribution of cycles across India. India is known to produce a 10% average of the world bicycle production while the manufacturers of top 10 cycles in India like Hero Cycles, Avon, and Atlas display their respective shares of volume.
· Bicycle tourism is another sector to see a boom in the years to come which in turn will contribute to the growing Indian economy. Many international cycling enthusiasts are showing interest to explore the beauty of Indian destinations by bicycle.
· Many international cycle manufacturers are venturing into India with a mission to attract Indian cycling enthusiasts. Some manufacturers are having their individual set up and some are planning to initiate a joint venture with the existing Indian bicycle manufacturers.