In a gretest religious event, the inauguration of the Ram Mandir in Ayodhya on January 22 not only marks a significant spiritual occasion but is also expected to have a substantial economic impact, as per a report by foreign brokerage firm Jefferies. The $10 billion transformation, including a new airport, upgraded railway station, township, improved road connectivity, and more, is anticipated to have a positive effect on Ayodhya and its surrounding areas. This comprehensive makeover is projected to attract a large number of tourists, with estimates exceeding 50 million annually, and could serve as a model for tourism-driven growth across the country.
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Jefferies' report identifies Ayodhya as a catalyst for boosting India's tourism industry, turning the ancient city into a global religious and spiritual tourist destination, comparable to Mecca and Vatican. The focal point of this transformation is the new Ram temple, built for $225 million.
The economic implications are significant, with an expected surge in tourism and increased economic and religious migration to Ayodhya. Various sectors, including hotels, airlines, hospitality, FMCG, travel ancillaries, and cement, stand to benefit.
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Significant infrastructural improvements have been made to support Ayodhya's growing tourism. Phase 1 of the new airport, operating at a cost of $175 million, can currently handle 1 million passengers, with additional domestic capacity and an international terminal expected by 2025, accommodating 6 million passengers. The railway station's capacity has doubled to accommodate 60,000 passengers per day, and plans for a 1,200-acre greenfield township are underway, along with improved road connectivity.
India's tourism potential is substantial, contributing $194 billion to the FY19 GDP and expected to grow at an 8 percent CAGR to $443 billion by FY33, despite setbacks caused by COVID-19. Religious tourism remains a significant segment, attracting millions of tourists annually despite existing infrastructural challenges.
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Around 50 Luxury Hotels Set to Open in Ayodhya According to reports, hotel chains like Indian Hotels Company (IHCL), Marriott International, Sarovar, and Wyndham Hotels & Resorts are considering establishing hotels in Ayodhya. Renowned hotel chains are expanding their presence in Ayodhya, with around 50 major hotel development projects currently underway, according to official sources. As numerous smaller hotels, resorts, and homestays also invest in the area, Ayodhya is becoming a focal point in the hotel industry.
UP Prepares for 20 Million Visitors in Next Six Months The UP government is actively preparing to accommodate the expected increase in tourists following the conclusion of the Ram Mandir Pran Pratishtha ceremony on January 22, with the temple opening to the public two days later. The focus is on addressing various aspects such as lodging, logistics, traffic management, parking facilities, provision of drinking water, route diversions, and the deployment of electric buses to facilitate the movement of pilgrims within Ayodhya, among other considerations.
The Uttar Pradesh government expects a daily influx of at least 100,000 pilgrims following the ceremony on January 22. Their estimates project that a minimum of 20 million individuals will visit Ayodhya in the next six months to pay their respects at the recently constructed Ram temple.
The government has also planned tent cities and dharamshalas to host pilgrims. Similarly, Varanasi offers a good template for religious tourism, with over 538,000 tourists visiting last year until December 2.
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UP Stands to Gain Rs 4 Lakh Crore by Year-End According to an SBI report, the construction of the Ram Mandir in Ayodhya and various tourism initiatives may significantly contribute to Uttar Pradesh's tax revenue, potentially reaching Rs 20,000-25,000 crore. The report predicts a doubling of tourist spending in the state this year compared to 2022, emphasizing the completion of the Ram Mandir and proactive measures taken by the UP government to promote tourism.
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SBI anticipates that total expenditure by tourists in Uttar Pradesh could surpass the Rs 4 lakh crore mark by the end of the year. In 2022, domestic tourists spent nearly Rs 2.2 lakh crore, while foreign visitors contributed an additional Rs 10,000 crore to the state's economy. Ayodhya alone attracted 2.21 crore tourists in 2022.
The report suggests that the state government could design a comprehensive travel itinerary, offering tourists a glimpse of the captivating history across various significant locations within the state and neighboring states, following a hub-and-spoke model. Additionally, it proposes that India could collaborate with other countries to create an international tourist map.
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