/indianstartupnews/media/agency_attachments/s1FnhAYONODoxNkoC8xA.png)
Follow Us/indianstartupnews/media/media_files/v40spIWF7KB4sjV0ji00.jpg)
As India celebrates the grand Pran Prathishta ceremony, led by Prime Minister Narendra Modi, of the Ram Mandir in Ayodhya, the US-based investment banking firm predicts that the temple could attract over 5 crore tourists annually, surpassing the footfalls of Mecca and Vatican City combined.
The influx is expected to have a substantial economic impact, contributing significantly to India's tourism sector, which previously contributed $194 billion to the GDP in FY19.
Infrastructure overhaul in Ayodhya
A massive $10 billion or Rs 85,000 crore investment has been made to transform Ayodhya into a global religious and spiritual tourist hotspot. This includes the construction of a new airport, a revamped railway station, a 1,200-acre greenfield township, and enhanced road connectivity.
The first phase of Ayodhya Airport, costing $175 million, is already operational, with plans to expand its capacity to 6 million passengers by 2025. The railway station's capacity has also been doubled to accommodate 60,000 passengers daily.
Boost to local economy and employment
The development in Ayodhya is set to benefit multiple sectors, including hotels, airlines, hospitality, FMCG, and travel ancillaries.
Currently, Ayodhya has 17 hotels with 590 rooms, and 73 new hotels are in the pipeline, with 40 already under construction. Major hotel chains and airlines are expanding their presence in the city, anticipating the surge in tourism.
As per the reports, The growth is expected to generate significant tax revenue for the Uttar Pradesh government, potentially surpassing Rs 4 lakh crore.
A comparison with global religious sites
Ayodhya's Ram Mandir is projected to attract more visitors than global religious sites like Mecca, which sees 20 million tourists, and Vatican City, with 9 million tourists annually.
The temple's opening is expected to double the visitor count of Tirupati Temple in Andhra Pradesh, which currently sees 25 million visitors.
With 42 UNESCO World Heritage sites, India's tourism sector is expected to grow at an 8% CAGR to $443 billion by FY 2033. The Ram Mandir, with its significant economic and religious importance, will play a pivotal role in India's growth trajectory.
Join our new WhatsApp Channel for the latest startup news updates