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Ayodhya pilgrimage expected to generate over Rs 4 trillion
The Business Guardian
|January 25, 2024
Uttar Pradesh (UP) is poised to witness a substantial surge in tourism-related expenditure, with the completion of the Ram Mandir in Ayodhya and several initiatives by the UP government to promote tourism.
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The State Bank of India's research wing estimates that the total expenditure by tourists, both domestic and foreign, in UP may surpass the Rs 4 lakh crore mark by the end of this year. The SBI Ecowrap suggests that the state government could earn an additional tax revenue of Rs 20,000-25,000 crore due to the influx of tourists during fiscal year 2025.
The success of the Centre's Pilgrimage Rejuvenation and Spiritual Heritage Augmentation Drive (PRASHAD) scheme, combined with other state government initiatives, is expected to play a pivotal role in developing the spiritual
travel industry in India, according to the SBI Research report. The surge in spiritual tourism has already transformed the tourism landscape in UP, leading to improved physical and digital infrastructure, enhanced connectivity, and a significant increase in travel to historical sites.
This story is from the January 25, 2024 edition of The Business Guardian.
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