Ram Temple: By the end of 2025, visitors to Uttar Pradesh might spend Rs 4 lakh crore!

Ram Temple: By the end of 2025, visitors to Uttar Pradesh might spend Rs 4 lakh crore!

Ram Temple: By the end of 2025, visitors to Uttar Pradesh might spend Rs 4 lakh crore!

According to SBI Research, in FY 2025, tourism promotion might bring in an extra Rs 25,000 crore in tax income for the state.

During the 'Pran Pratishtha' rite at the Ram temple in Ayodhya, Prime Minister Narendra Modi and Mohan Bhagwat, the president of the Rashtriya Swayamsevak Sangh (RSS), worshipped in front of the idol of Ram Lalla.

Given the growth of Ayodhya, the total yearly expenditure by visitors (both domestic and international) in Uttar Pradesh may surpass Rs 4 lakh crore by the end of 2025, resulting in increased tax income of Rs 20,000-25,000 crore in FY 2025. Ram temple and several steps made by the state government to encourage travel, according a January 21 study published by SBI Research.Uttar Pradesh has seen a sharp increase in domestic tourism due to the abundance of holy sites and places of worship scattered across the wide countryside. According to the article, the state administration has estimated that 32 crore tourists would visit the state in 2022 (with 2.21 crore of those visitors coming to Ayodhya alone), and that these tourists will spend over Rs 2 lakh crore.

While India's proportion of foreign tourist revenues was just 2.06 in the pre-pandemic period, the PRASAD (Pilgrimage Rejuvenation and Spiritual Heritage Promotion Drive) plan of the central government, in partnership with partner states, has contributed significantly to the development in recent years. journey of the spirit.

The travel and hotel industry is interconnected and undergoing a massive makeover to serve the formerly disadvantaged, and this has produced an enabling environment by improving infrastructure while distributing knowledge in tier III and IV cities, according to the research. is prepared."

optimistic about Uttar Pradesh

By the fiscal year 2028, it is anticipated that India's GDP would reach $5 trillion. India has to expand its nominal GDP by 11.0–11.5% every year (in rupee terms) till 2027. This is doable, and Uttar Pradesh is one of the two states that will do it in 2027 (or FY28). will surpass the $500 billion threshold. When will India's economy grow to become the third biggest in the world, according to the report?

By FY2028, Uttar Pradesh's GDP is expected to be the second-highest in India and might surpass Norway, a nation in Scandinavia, to claim the second position in the Human Development Index (HDI), according to the research. According to the SBI Research research, the state has also made remarkable strides in the area of exports, with a compound annual growth rate (CAGR) of 7.1% between FY 2013 and FY 23 as opposed to the national average of 4.1%.

By 2027, India's economy is predicted to surpass Germany's and Japan's to become the third biggest in the world, according to Finance Minister Nirmala Sitharaman's November 2023 statement. According to the Ministry of Statistics and Program Implementation, the country's gross domestic product (GDP) is expected to increase by 7.3% in 2023–2024, as opposed to 7.2% in 2022–2023, as announced on January 5.

However, the first advance estimate from the Statistics Ministry suggests that this year's nominal GDP growth in India would only be 8.9 percent. The Finance Ministry predicted nominal GDP growth of 10.5% for 2023–2024.