India's economic boost to come from tourism finds SBI Research, UP to take lead with Ram Temple
travel industry in India, as per an SBI Research report released on January 21. The impact on the Indian economy is expected to be significant. The report added that UP government initiatives along with the newly built Ram temple in Ayodhya could result in additional tax revenue of ₹25,000 per annum for the state in FY25 due to increased visitors.
Track | LIVE Updates on Ayodhya Ram Mandir Pran Prathistha here The surge in spiritual tourism has significantly transformed the tourism landscape in UP, the report added. It has resulted in an improved physical and digital infrastructure, facilitating accessible connectivity, and spurred a substantial increase in travel, encouraging people to engage more meaningfully with the historical sites. UP, with its numerous holiest places and shrines, such as the Ganga River, Varanasi, the Taj Mahal and now the new Ram Temple in Ayodhya, has experienced a remarkable upswing in domestic tourism.
Also Read | Ayodhya Ram Mandir Pran Prathistha: Images of newly built temple released ahead of consecration ceremony According to state government estimates, around 32 crore tourists visited the state in 2022, with an impressive footfall of 2.21 crore in Ayodhya alone. The total expenditure by these tourists exceeded ₹2 lakh crore. Foreign tourists, ranking UP as the fifth most visited state in India, contributed an additional ₹10,500 crore to the state's economy.
The tourism boom positions UP to reap substantial economic benefits. India's ambitious goal of reaching a $5 trillion economy by FY28 necessitates a Compound Annual Growth Rate (CAGR) of 8.4 percent until 2027 in dollar terms. This translates to an achievable 11.0-11.5 percent nominal GDP growth per annum in Indian Rupees.
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