Ram Mandir To Bring In 50 Million Tourists, Transforming Ayodhya into a Tourist Hotspot
The grand opening of the Ram Mandir in Ayodhya today by India’s PM Narendra Modi is poised to make the city a new tourist hotspot, projecting an influx of up to 50 million tourists per year, as estimated by American investment bank Jefferies.
What The Temple’s Inauguration Means For The State?
Ram Mandir’s inauguration in Ayodhya is not merely a one-day event but marks the beginning of an economic boom for Ayodhya and the state of Uttar Pradesh. Beyond the expected attendance of lakhs of devotees and 7,000 guests at the inauguration, the city and state anticipate sustained growth in footfall throughout the year. The surge in property prices, flight costs, and hotel booking rates in the state and city is further augmented by the addition of the Ayodhya airport and the revamping of Ayodhya railway station, enhancing tourism and connectivity for devotees from across the country and the world. Investments over the next decade are expected to give Ayodhya an Rs 85,000 crore makeover, with January alone projected to generate Rs 50,000 crore in revenue.
Tourists’ Spending Expected To Double In 2024
According to an SBI report, tourist spending in the state is expected to double in 2024 compared to 2022. In the previous year, foreign tourists contributed an additional Rs 10,000 crore, while domestic tourists spent close to Rs 2.2 lakh crore. Ayodhya, which welcomed 2.21 crore tourists in 2022, is poised to bolster Uttar Pradesh’s finances by an estimated Rs 20,000-25,000 crore in tax revenue, partly due to the Center’s Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASHAD) program. Uttar Pradesh’s budget anticipates its tax revenue to reach Rs 2.5 lakh crore in FY24.
Charting the Path to a $500 Billion Economy
The SBI report recommends collaboration with other nations to create a comprehensive tourism map, suggesting that the state government should design an encompassing travel itinerary showcasing the enchanting history across multiple places of importance in the state and surrounding regions. The rise in spiritual tourism has transformed Uttar Pradesh’s tourism landscape, leading to improved physical and digital infrastructure, enhanced connectivity, and a significant uptick in travel. The report, acknowledging the state’s efforts on economic and socioeconomic fronts, predicts that Uttar Pradesh’s economy will surpass $500 billion as India’s overall economy grows to $5 trillion by FY28. It foresees Uttar Pradesh’s GDP accounting for the second-highest percentage of India’s GDP, potentially surpassing that of Norway, the Scandinavian nation ranked second in the Human Development Index (HDI).