ICC President Ehsan Mani believes this year's ICC Champions Trophy will be the perfect stage for India's cricket fans to show their renowned passion for the game.
"India's love for cricket is enormous and the supporters here deserve a world-class tournament," he said at the launch of the Event in New Delhi on Thursday.
"The ICC Champions Trophy is that world-class Event this country has been craving.
"And with a new format that should ensure every match will feature a huge amount of intensity, this tournament promises to be the best ICC Champions Trophy yet," added Mr Mani.
Mr Sharad Pawar, the President of the Board of Control for Cricket in India (BCCI), was equally enthusiastic at the prospect of hosting the tournament, the first time India has staged an ICC Event since 1996 when it acted as joint hosts of the ICC Cricket World Cup alongside Pakistan and Sri Lanka.
"The BCCI is very excited to be hosting this prestigious event that will bring all the major cricket-playing sides together in India for the first time in 10 years," he said.
"The ICC Champions Trophy is an important event for world cricket and we are looking forward to working in partnership with the ICC to deliver an exceptional tournament."
This year's tournament will see the top 10 teams from the LG ICC ODI Championship table (as of 1 April 2006) battle it out in 21 matches at four venues between 7 October and 5 November.
The four lowest-placed sides in that list - Sri Lanka, the West Indies, Zimbabwe and Bangladesh - will take part in a round-robin preliminary stage with only two of them able to progress to the second stage.
That stage will see the remaining eight teams - two of the above plus Australia, South Africa, India, Pakistan, New Zealand and England - divided into two groups of four with the top two sides in each contesting semi-finals.
The final will follow and for the winners there will be the honour of lifting one of the biggest prizes in international cricket and the prospect of walking away with a winner's cheque for US$500,000.
That final will be staged at Mumbai's Brabourne Stadium - The Cricket Club of India (CCI) - on 5 November, one of five matches for a ground that will welcome back ODI cricket for the first time in 11 years.
The other venues are Ahmedabad, Jaipur and Mohali and every match in the tournament will be day-night. Ahmedabad and Mohali already have permanent floodlights and Jaipur and CCI are set to install light towers in the coming months.
Mr Mani said the timing of this year's ICC Champions Trophy, coming less than six months before the ICC Cricket World Cup in the Caribbean, would add to its excitement and give it a genuine edge and significance.
"The timing of this tournament is hugely significant for all participating teams," he said.
"It is a chance for players in every side to secure their places, it will give teams the opportunity to develop and test their plans and strategies as well as look at potential ICC Cricket World Cup rivals and it will offer followers of the game an insight into how each team is progressing."
Mr Mani confirmed the tournament has been granted a tax exemption.
"We are extremely grateful to the Government of India for agreeing to grant tax exemption for the ICC Champions Trophy," he said.
"The tax exemption was an important factor in determining the location for this event and the Indian Government's decision is a massive boost to the game of cricket all over the world.
"All money generated from ICC Events is distributed to our members for the development of the game and the ICC Champions Trophy, in particular, plays a vital role in helping to ensure our great sport remains healthy and continues to grow on a worldwide basis.
"It is part of a range of ICC Events that have been sold to broadcasters and sponsors, with the revenues forming a significant part of the budget of many of our Members.
"In addition to the millions of dollars earned by the ICC Full Members that take part, this tournament alone will have generated US$65 million in funding for the Associate and Affiliate Members of the ICC, by the time the ICC Champions Trophy 2006 concludes.
"It is with the benefit of this funding that our 86 Associate and Affiliate Members around the world are able to improve their facilities, infrastructure, coaching and development of the game and promote cricket at grassroots levels in their countries.
"And it is thanks to the resources the ICC provides that the game continues to grow and prosper and that, in turn, ensures that we leave the game in a healthy state for future generations," added Mr Mani.
Many of those resources come thanks to the support of cricket's commercial partners and Mr Mani paid tribute to them at the ICC Champions Trophy launch.
"The support of our commercial partners and the contribution of Global Cricket Corporation together with those of our Official Global Partners LG, Pepsi, Hutch and Hero Honda, as well as our Official Partners Indian Oil, Cable and Wireless and Visa and our broadcast partners, particularly SET Max, is invaluable," said Mr Mani.
"Their support allows cricket to make the massive investments necessary to build the legacy that will sustain the sport for future generations and we are once again indebted to them."
Mr Mani added the ICC Champions Trophy would also provide an opportunity to highlight the contribution cricket has made to the communities in which it operates and its willingness to meet the social responsibilities that the sport has.
"I was privileged to be in Mumbai three years ago to announce the partnership between international cricket and UNAIDS, to help combat the terrible impact that HIV and AIDS has on people throughout the cricketing world," he said.
"Over 25 percent of all people living with HIV and AIDS live in the 10 countries that will participate in the ICC Champions Trophy. India alone has around five million people afflicted by this terrible illness.
"The ICC Champions Trophy 2006 will be the next opportunity for international cricket to use its profile and position, as a leader within the communities it represents, to draw attention to this issue," he added.