Ayodhya: With infra worth $ 1 bn developed, 50 mn tourists/ year expected
New Delhi: With an estimated USD 1 billion (Rs. 83,000 crores) invested in enhancing infrastructure in Ayodhya, the holy town is likely to attract 50 million pilgrims per annum, making it among the topmost pilgrim-cum-tourist places in the world.
According to a report by Jefferies, a global brokerage firm, the January 22 inauguration of the grand Shri Ram Lalla Temple in Ayodhya, by Prime Minister Narendra Modi, would catapult the region into a premier tourist destination.
It anticipated an economic upswing with the event with the influx of pilgrims.
The inauguration of the temple in Ayodhya would give a significant boost to the Indian economy, transforming the region into a prominent tourist destination.
The allocation of $10 billion (Rs. 83,000 crores) towards the enhancement of infrastructure, including the construction of a new airport, renovation of a railway station, development of a township, improvement of road connectivity, and other related projects, is poised to yield a multiplier effect.
According to Jefferies’ report, these developments are expected to catalyze supplementary economic activities, particularly establishing new hotels, and fueling growth in the tourism sector through infrastructure development.
At present, India’s tourism-to-GDP ratio stands at 6.8 percent, positioning the country below many of the major emerging and developed economies.
Before the pandemic in FY19, the tourism sector made a contribution of USD 194 billion to the GDP. Projections now indicate an anticipated CAGR of 8 percent, leading to a surge in the sector’s GDP contribution to USD 443 billion by FY33.
Annually, India generates a substantial income from religious tourism, with earnings surpassing Rs 1.34 lakh crore in 2022, reflecting a remarkable 106 percent increase compared to the figures recorded in 2021. According to tourism data from the Uttar Pradesh government, Ayodhya welcomed more than 23 million tourists in 2022, and this number is expected to reach new heights following the construction of the Ram Mandir.