Foreign brokerage Jefferies has said that the grand opening of the Ram Temple at Ayodhya will have a huge multiplier effect on the economy and could turn the temple city into a new global spiritual tourist spot that could attract over 50 million tourists per year.
“A $10-billion makeover (new airport, revamped railway station, township, improved road connectivity etc) will likely drive a multiplier effect with new hotels and other economic activities. It can also set a template for infra-driven growth for tourism,” it said in a note on January 21.
The Research Note highlighted that multiple sectors including hotels, airlines, hospitality, FMCG, travel ancillaries, cement etc will benefit from the expected increase in economic and religious migration in the town, leading to surge in tourism.
“Tourism contributed $194 billion to FY19 (pre-COVID) GDP and is expected to grow at an 8 per cent CAGR to US $443 billion by FY33. Tourism to GDP ratio in India at 6.8 per cent of GDP,…