The construction of the Ram Mandir in Ayodhya is poised to become a catalyst for economic growth, elevating the city to an emerging tourist destination. According to brokerage firm Jefferies, the temple has the potential to attract over 50 million tourists annually, significantly contributing to India’s thriving tourism sector.
Jefferies’ Estimate:
Jefferies predicts that the Ram Mandir’s influence will extend beyond religious significance, triggering a substantial economic impact. The firm anticipates a $10 billion makeover encompassing a new airport, revamped railway station, township development, improved road connectivity, and more. This investment is expected to create a multiplier effect, fostering the growth of new hotels and other economic activities in the region.
Untapped Tourism Potential in India:
Despite its rich cultural heritage, India’s tourism-to-GDP ratio currently stands at 6.8%, lower than that of many large emerging and developed economies. Prior to the pandemic, tourism contributed $194 billion to India’s FY19 GDP, with projections indicating growth at an 8% Compound Annual Growth Rate (CAGR) to reach $443 billion by FY 2033.
Global Religious and Spiritual Tourism Hub:
The Ram temple, with an estimated cost of $225 million, is poised to transform Ayodhya into a global religious and spiritual tourism hub. This transformation is expected to have a positive ripple effect on various sectors, including hotels, airlines, hospitality, Fast-Moving Consumer Goods (FMCG), travel ancillaries, and cement.
Infrastructure Upgrades in Ayodhya:
Ayodhya has undergone significant infrastructure upgrades to accommodate the anticipated surge in tourism.
Ayodhya Airport:
The domestic terminal of Ayodhya Airport is now operational after an investment of $175 million. This terminal can accommodate one million passengers. Additionally, plans are in place for an international terminal with a capacity for six million passengers by 2025.
Upgraded Railway Station:
The railway station in Ayodhya has been upgraded to handle 60,000 passengers daily, effectively doubling its previous capacity.
Greenfield Township and Road Connectivity:
A 1,200-acre greenfield township is in progress, enhancing the city’s overall infrastructure. Moreover, road connectivity has been improved to facilitate seamless travel.
In conclusion, the Ram Mandir’s construction is not only a significant religious development but also a transformative force propelling Ayodhya into a prominent economic and tourist destination. The envisioned infrastructure upgrades are expected to unlock the city’s full potential, benefiting various sectors and contributing to India’s overall tourism growth.
