Ayodhya hotspot: The opening of the Ram Mandir is a significant event in Indian cultural history and presents numerous chances for the travel industry to grow, according to a Jefferies analysis.
According to the brokerage firm, more than 50 million tourists are anticipated to visit India each year to this newest religious tourism destination. The analysis estimates that a $10 billion (almost Rs 85,000 crore) makeover, including a new airport and redesigned railway station, will probably have a multiplier effect and result in the construction of additional hotels and other economic activity.
Ayodhya hotspot, The temple town is also viewed in the report as India’s equivalent of Mecca and the Vatican, all three having great religious, cultural, and historical significance. Given that Mecca has 20 million more visitors annually than Vatican City (9 million), Ayodhya is expected to overtake both of these popular tourist spots worldwide in terms of visitors. An estimated $12 billion is made in revenue annually in Mecca, compared to $315 million for the Vatican.
According to the analysis
According to the analysis, tourism in India could contribute $194 billion (about Rs 16 trillion) to GDP in FY19 and expand at a compound annual growth rate (CAGR) of $443 billion (roughly Rs 37 trillion) by FY33. India’s current tourism-to-GDP ratio is 6.8%, which is lower than that of the majority of major emerging and industrialized nations by three to five percentage points.
According to the brokerage, Ayodhya’s transformation is a model for India’s tourism industry boom. It claims that the over Rs. 85,000-crore renovation will turn the sleepy hamlet into a popular tourism destination for religious and spiritual travelers from throughout the world. Ayodhya is predicted to see a rise in both religious and economic migration, which will be beneficial to a number of industries, including cement, hotels, airlines, hospitality, FMCG, and travel-related services.
Significant infrastructural improvements have also been made in Ayodhya to promote tourism. At a cost of $175 million (about Rs 1,455 crore), phase 1 of the new airport is fully operating and can accommodate one million passengers. By 2025, an expanded capacity to handle 6 million people is anticipated, along with additional domestic capacity and an international terminal. The train station has also been rebuilt, doubling its daily capacity to 60,000 passengers. The report also states that a 1,200-acre greenfield community is being planned.
