Table of Contents
Introduction
The Ram Mandir, dedicated to Lord Ram, is a symbol of cultural and religious significance for millions of Indians. After years of legal battles, the construction of the temple has commenced, setting the stage for a transformative impact on various aspects of the economy.
The construction of the Ram Mandir in Ayodhya has not only paved the way for the socio-economic transformation of the city but has also ushered in a civilizational resurgence. The Ram Mandir is expected to attract millions of devotees from across the country and the world, which will lead to an increase in tourism and provide a boost to the local economy.
Ram Mandir Trust (Shri Ram Janmabhoomi Teerth Kshetra)
Link for: Ram Mandir Trust Donation
The Ram Mandir Trust, officially known as Shri Ram Janmabhoomi Teerth Kshetra, came into action following the Supreme Court’s verdict on Ayodhya in February 2020. It is also registered under the Foreign Contribution Regulation Act (FCRA), allowing temples to accept donations from outside India. Ayodhya is situated in the Indian state of Uttar Pradesh, approximately 135 km from Lucknow, 200 km from Varanasi, 170 km from Prayagraj, 134 km from Gorakhpur, and about 636 km from Delhi.
The state government has formulated a vision document for Ayodhya, aiming to generate four lakh direct jobs and eight lakh indirect jobs in the city. This comprehensive plan includes the development of the Ramayana Spiritual Theme Park, spread across 2,300 acres, along with a tourism facility center and an international museum.
Furthermore, the Sri Ram Janmabhoomi Tirth Kshetra Trust, overseeing the construction of the Sri Ram Mandir, envisions world-class pilgrimage projects like the ‘Ramayan campus’ spanning 500 to 1,000 acres. This campus will feature miniature representations of Ayodhya, Janakpur, the Dandakaranya forest, Lanka, the river Ganga, and even the sea. The trust assures that visiting devotees will experience the ambiance of the Ramayana era during their time at the campus.
Through the construction of the Ram Mandir, the Uttar Pradesh government can aspire to realize its dream of a 1 Trillion economy in the coming years. The positive impact will extend beyond Ayodhya, benefiting not only the city but also neighboring areas like Lucknow, Kanpur, and Gorakhpur, which are expected to experience a surge in local business activities. Places to see in Ayodhya
Every pilgrim becomes the epicenter for business and job creation, as seen in revered temples such as the Tirupati Temple, Vaishno Mata Temple, Khatu Shyam Ji Temple, and Salasar Balaji Temple.
This article aims to explore how the construction and existence of the Ram Mandir contribute to economic development, creating ripples that extend beyond religious boundaries
Infrastructure Development
The substantial construction underway is poised to enhance Ayodhya’s economy by generating local employment opportunities and increasing overall consumption. In addition to the beautification of roads and the construction of public infrastructure, numerous mutts, ashrams, dharmashalas, and commercial hotels are being erected throughout Ayodhya. The Uttar Pradesh government is currently overseeing more than 200 projects across its 37 departments, with a cumulative value of 40,000 crores. Each department is actively involved in running one or more projects in Ayodhya, contributing to the city’s comprehensive development.
Real Estate Sector Development in Ayodhya
The real estate sector in Ayodhya is witnessing a substantial increase in development. Since the court verdict, property rates have surged by 10-15 times. The Uttar Pradesh Housing and Development Board is currently overseeing a 1200-acre project, aiming to create a new township. According to data from Ayodhya’s Stamp and Registration Department, property transactions have experienced a significant boost.
In the fiscal year 2018-19, approximately 9,000 properties were sold until November. In the current fiscal year, this number has more than doubled, with 20,067 properties sold until November. Local sources estimate that the price of commercial properties in Ayodhya ranges from 6000 to 7000 per square foot. This growth indicates a thriving real estate market with increasing demand and investment in the region.
Tourism Sector Development in Ayodhya
The expected development in the tourism sector of Ayodhya is significant, driven by the city’s population of 3.5 million and an anticipated influx of 5 million tourists per year, especially during the peak season when daily visits could reach 2-3 lakhs. With approximately 30,000 jobs created in the last six months and expectations of up to 50,000 positions, various roles in hospitality, travel, and tourism have seen employment growth.
Additionally, businesses such as merchandise shops offering Prasad, flowers, religious items, toys, Ram Mandir-related t-shirts, Ram flags, and Ram Ji gifts are expected to create more jobs. This positive impact extends to a 100-kilometer radius around Ayodhya, benefiting a diverse array of businesses, including small hotels, provision and confectionary stores, as well as small food vendors.
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Boom in the Travel Sector
In the travel sector, significant benefits are expected with the introduction of four flights from Mumbai to Ayodhya and additional flights and trains connecting from other major cities. Indian Railways has initiated 200 “Aastha Special Trains” to Ayodhya after January 22nd. The redevelopment of the Gorakhpur highway and the existence of well-maintained roads in nearby districts of Ayodhya further contribute to the positive outlook. How to reach Ayodhya
Jewelry business boom near Ram Mandir
The surge in religious travel facilitated by companies like Easymytrip and other small enterprises is expected to experience a significant boost, especially with the introduction of special packages. The jewellery business is witnessing a notable increase in daily sales, particularly in gold coins featuring the image of the Ram Mandir embossed on them. Gold and silver coins portraying the Ram Mandir temple and Ram Darbar status have gained popularity. Additionally, there is a significant rise in the sales of silver Charan Paduka, turtle figurines, and baby Kada, items traditionally offered to Ram Lalla. This surge in demand reflects the heightened enthusiasm and devotion associated with the construction of the Ram Mandir.
Employment Opportunities
According to Pravin Agarwala, the co-founder and group chief executive of Betterplace, the inauguration of the Ram Mandir in Ayodhya is expected to generate significant employment opportunities. It is estimated that 150,000-200,000 direct and indirect jobs will be created in the temple town and surrounding areas in the next 4-5 years. These opportunities will span various sectors including hotel chains, apartment units, healthcare facilities, and other infrastructure developments.
According to the Confederation of All India Traders (CAIT), it is projected that by January 2024, there will be a business turnover ranging from 50,000 to 100,000 crores. This economic surge is anticipated to benefit multiple professions, including labor for construction, electricians, small rickshaw drivers, chefs, architects, businesses dealing with construction materials, hotel and shop staff. This aligns with the belief that the victory of faith will not only be a spiritual triumph but also a win for the economy, bringing prosperity to diverse sectors.
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Hotel Industry: Employment Opportunities
In the hotel and restaurant sector, the prospects for employment are flourishing, with approvals granted to over 70 hotels, including renowned names such as the Radisson Group and the Taj Group (featuring two hotels). Additionally, 500 home stays have also received approval. Presently, Ayodhya boasts more than 50 ongoing major hotel projects, with industry giants like Taj, Oberoi, Trident, Marriott, Radisson, Hotel Leela Palace, and Ginger contributing to the city’s hospitality landscape.
An exciting development on the horizon is the establishment of the world’s first seven-star vegetarian-only hotel in Ayodhya. This groundbreaking project is led by Mumbai-based real estate firm The House Of Abhinandan Lodha (HoABL). This initiative not only adds a unique dimension to Ayodhya’s hospitality offerings but also contributes significantly to the diversity and innovation in the city’s growing hotel industry.
Impact of Ram Mandir on the Stock Market
The construction and inauguration of the Ram Mandir in Ayodhya are expected to have a multifaceted impact on the stock market. With the establishment of new hotels, home stays, and other accommodation facilities, companies in the hospitality sector may experience increased investor interest. This includes entities like Praveg Home Stay Company, the Indian Hotel Company Ltd (IHCL), and ITC Ltd. Companies engaged in construction materials, real estate, and infrastructure development may witness changes in stock values. The demand for religious merchandise, gold coins, and other related items could influence the stock market, particularly for businesses operating in the jewelry and merchandise sectors.
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