Wednesday, February 21, 2024

How much will India benefit from the Rs 10 billion makeover of Ayodhya?

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Ram temple.Image Credit source: ANI

The grand inauguration of Ram temple of Ayodhya is going to take place on January 22, 2024. Life will be respected. From the Prime Minister of the country to the country’s famous actors and businessmen will be present. After which a grand Ram temple will be dedicated to the country. The biggest question is how much this temple will benefit the state and the country economically. A day earlier, SBI had said in its report that Uttar Pradesh can earn additional income of Rs 25 thousand crore every year. Now a foreign brokerage company has estimated that due to the makeover of Ram Temple and Ayodhya, India may see an increase of more than 5 crore tourists in the number of tourists. Let us also tell you what has been said by this brokerage company?

$10 billion makeover

Foreign brokerage firm Jefferies said in a report that after the inauguration and consecration of Ram temple, a big economic impact can be seen in the country. With Ram Temple, India is getting a new tourist destination, due to which the number of tourists in the country can increase by 50 million or more than 5 crore every year. According to the Jefferies report, the $10 billion makeover (new airport, railway station, township, better road connectivity etc.) will have a multiplier effect with new hotels and other economic activities. It can also prepare a new roadmap to increase tourism in the country. Ayodhya is a template for India’s tourism boost, with a $10 billion makeover now set to transform the ancient city into a global religious and spiritual tourism hotspot, the report said.

Will benefit from airport and railway station

The new Ram temple will be built at a cost of 225 million dollars. Tourism is expected to increase and economic and religious migration to Ayodhya is expected to increase, many sectors including hotels, airlines, hospitality, FMCG, cement etc. will get its benefits. A new airport is ready in Ayodhya. The first phase has been completed for $175 million and can handle 1 million passengers. Additional domestic capacity and an international terminal are also expected to be ready with the capacity to handle 60 lakh passengers by 2025. The railway station has been newly designed to handle 60,000 passengers every day. On the other hand, a 1,200-acre greenfield township is being planned and road connectivity is also being increased.

How much does tourism contribute to GDP?

Jefferies report says that there is huge potential for tourism in India. Tourism contributed $194 billion to FY2019 (pre-Covid) GDP and is expected to grow at 8 percent CAGR to $443 billion by FY2033. The ratio of tourism to GDP in India is 6.8 percent of GDP. Religious tourism is quite big in India. Religious tourism is still the largest sector of tourism in India. At present, despite many shortcomings, 1 to 3 crore tourists visit the popular religious centers of the country every year. In such a situation, construction of a new religious tourism center (Ayodhya) with better connectivity and infra can create a huge economic impact.

 

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