The BCCI appointed KPMG Sports Advisory Group to undertake a survey on the economic impact generated by the IPL on the economy of India, which brought forward the figures.
IPL 2015 consisted of eight franchises that played 60 matches over 44 days in 13 host venues of 12 cities across the country.
As many as 193 cricketers took part in the tournament that attracted 1.71 million spectators at the venues, the BCCI statement added.
"The total economic output associated with IPL matches in India for 2015 is estimated at INR 26.5 billion (USD 418 million). This is the aggregate value of all transactions that took place as a direct, indirect or induced effect of the economic activity of the 2015 matches. Hosting an IPL match also adds value and revenue to the economy of the state," BCCI said.
"The 2015 season, saw around 20 percent of attendees visiting from cities other than the host city. Also notable were international visitors primarily from the United Kingdom, Australia and South Africa."
IPL matches directly affected the economy of India in a variety of ways, according to the survey. The key benefits and opportunities that arose were employment generation across sectors, tourism development, support of tier two cities providing key media exposure and development of cricket and sport participation across the country.
"It is inspiring to know that IPL has had such a positive impact on India's economy; the contribution of INR 11.5 billion to India's GDP through a 60-day event is surely testament to the tournament's success. We look forward to redefine these benchmarks through the upcoming seasons of the IPL and empowering the nation's economy through our future endeavours," IPL chairman Rajeev Shukla said.