🛕 Spiritual tourism plays a vital role in India’s economic landscape, with the nation hosting 1.4 billion domestic and 6.40 million international visitors in 2022.
In this context, the dedication of the Ram Mandir in Ayodhya is hosting 8,000 attendees in today’s consecration ceremony. As indicated by the Confederation of All India Traders (CAIT), an estimated ₹1 lakh crore in business is projected nationwide during the consecration ceremony of the Ram temple in Ayodhya today.
⏩ Indian Brands Converge on Ayodhya
The unveiling of the Ram Mandir in Ayodhya has triggered an economic upswing in India. According to an article in the Economic Times, the city has attracted investments in infrastructure exceeding ₹85,000 crore and urban beautification projects valued at ₹30,570 crore.
Anticipation is mounting as more devotees journey to Ayodhya to visit the temple.
🤝 Brands Trail Wherever People Go
Official projections indicate that the Ram Mandir is poised to receive 3 lakh daily visitors, amounting to over 10 crore annually, triple the 3.5 crore visitors in Ayodhya in 2023. The expected influx in the city has drawn interest from companies spanning various sectors, including FMCG, banking and fintech, travel and tourism, hospitality, food services, real estate, and infrastructure.
✈️ Travel and Tourism
The buzz surrounding Ayodhya has provided a significant boost to the Indian tourism industry. Since the beginning of 2024, the travel and tourism sector has witnessed a substantial surge in travel searches and bookings for Ayodhya, propelling stocks of Thomas Cook (18.09%) and EaseMyTrip (14.13%) to new heights.
For valid reasons, businesses are capitalizing on this prospect.
In the aviation sector, SpiceJet has enhanced Ayodhya’s connectivity with nonstop flights to Chennai, Bengaluru, and Mumbai, commencing on February 1. IndiGo and Air India Express are also contributing to the increased daily flight connections between Ayodhya and Delhi. Airline stocks have also experienced an upswing, with Indigo rising by as much as 2.12%, and SpiceJet surging by 6.74% until January 21.
Railway companies have also joined the fray. RVNL and IRCTC shares have surged by over 75% and 14%, respectively, as over 1,000 trains bound for Ayodhya were arranged for today’s event.
As another instance, MakeMyTrip has launched an Ayodhya charter train package scheduled for February 15. The package includes live bhajan mandalis on the charter train and VIP darshan assistance at the Ram Mandir in Ayodhya and the Kashi Vishwanath temple in Varanasi.
🏨 Hospitality Industry
Where there is travel, there is also hospitality. Hotel room rates in the city have skyrocketed to as high as ₹73,000 per night for the inauguration day, with luxurious tents at Ayodhya Tent City booked for ₹30,000 per night.
Foreseeing an 8 to 10 times surge in tourists, many hoteliers such as Taj, Radisson, and ITC are erecting 73 new hotels in Ayodhya. Budget hotelier Oyo plans to introduce up to 400 hotels in religious destinations, including Ayodhya, Puri, Shirdi, Varanasi, Amritsar, Tirupati, Haridwar, Katra-Vaishno Devi, and the Char Dham route, by the end of 2024.
The economic transformation of Ayodhya is also attracting real estate developers, with land prices in and around Ayodhya soaring to 10 times their value from 5 years ago!
FYI: Amitabh Bachchan acquired land worth ₹15 crore in Ayodhya from the House of Abhinandan Lodha.
🛍 Consumer Goods Brands
Several FMCG brands, including ITC, Amul, Patanjali, HUL, Adani Wilmar, and Dabur, have devised special marketing strategies across various media for today’s event. Adani Wilmar is orchestrating a Jalebi sampling spree, a pakoda platter, and a mega-bhog event where food is prepared in Fortune oil.
The anticipated surge in tourists has garnered investments from packaged water, soft drinks, and fast-food services. McDonald’s and Burger Singh are inaugurating new outlets on the Ayodhya–Lucknow Highway. Parle Products and Bisleri are establishing new facilities in and around Ayodhya.
💸 Banking and Fintech
Lenders, including HDFC Bank, J&K Bank, and Karnataka Bank, are rushing to open bank accounts for the Ram Mandir Trust to collect donations and payments for various temple events. Bankers anticipate the Ram Mandir joining the ranks of Balaji Tirupati and Siddhivinayak in terms of donations.
Paytm also seized the opportunity and entered into a memorandum of understanding with Ayodhya Nagar Nigam to offer mobile payment services using the Paytm QR code, soundbox, and card machines.
💰 Ayodhya Merchandise
While the inauguration unfolds in Ayodhya, approximately 30,000 different programs such as processions, rallies, and pad-yatras are being organized nationwide, fueling demand for temple-themed merchandise including flags, banners, caps, and T-shirts.
The Bottom Line
While the inauguration event is poised to generate substantial turnover for numerous brands, the tourist attraction will unlock new business prospects in Ayodhya city. The ripple effect of this transformation will be strongly felt. In fact, according to Teamlease, an estimated 20,000 jobs are anticipated to be created in the coming months, not only in Ayodhya but also in neighboring cities such as Lucknow, Kanpur, and Gorakhpur!.
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