The much awaited ‘Pran Pratishtha’ ceremony for Shri Ram Lalla is all set to take place between 12:05 Pm and 1:00 Pm on 22 January, 2024 in presence of Prime Minister Narendra Modi and several notable dignitaries.
The invite to the event has been sent to several big industrialists such as Gautam Adani, Ratan Tata, Mukesh Ambani, and Kumar Mangalam Birla, among others. Several companies have contributed to the construction of Ram Mandir and the surrounding complex, which includes Larsen and Toubro.
Post the Supreme Court’s landmark judgment in 2019 which allowed the construction of Ram Mandir, Ayodhya has seen inflows of investment from both central and state governments and thousands of donors across the country.
Ram Mandir ranks second in the list of most-expensive public monuments constructed in recent years, after the Statue of Unity, which was built at an estimated cost of ₹2,989 crore. The New Parliament Building is in third place, with an estimated cost of ₹836 crore.
Covering an expansive complex spanning across 70 acres, featuring the main temple on 2.7 acres, measuring 161 ft in height, the Ram Temple is among the most expensive religious projects in India in recent years, with an estimated cost of ‘₹1,800 crore’ (close to $217 million).
According to the Economic Times, Shri Ram Janmabhoomi Teerth Kshetra Trust which was formed by the center in February 2020 to handle the construction and maintenance of the Ram Mandir has received ₹3,500 crore in donations.
While the total construction was done utilizing 51.4% of the donations received, the trust will use the remaining amount for maintenance and other activities. For instance, ₹100 crore was allocated towards the 70-day ‘Ramotsav’ which commenced on 14 January and will go on till 24 March.
A significant portion of funds was also spent on building a ‘Time Capsule’ which will have a detailed history of the Ram Janmabhoomi and will be buried 2,000 feet under the Ram Mandir. The exercise is seen as an effort to avoid future controversies on various facets of the ‘Ram Temple’ history and serve an educational purpose.
What does Ayodhya set to gain from the Ram Mandir?
The Ram Mandir inauguration is set to provide a big boost to the temple town as the government plans to ramp up infrastructure including hotels, roads and railways, and promote holistic and sustainable growth. The government has prepared a report to develop the temple economy.
The Uttar Pradesh government has envisioned an investment of Rs 85,000 crore for the redevelopment of Ayodhya. The redevelopment would be done as per the Master Plan 2031 and will be completed over 10 years, according to the report prepared by the government. ETBFSI has reviewed the copy of the report.
Also Read: UP govt lines up Rs 85,000 crore investment for redevelopment of Ayodhya
The tourist footfall in the district has already increased from 0.6 crore in 2021-22 to 2.3 crore in 2022-23, it said, adding, “This surge in visitors will not only generate revenue for local businesses but also create employment opportunities, thereby stimulating the overall economy.”
Several banking and financial services institutions are expanding in Ayodhya to cater to the booming business the pilgrimage center is set to offer.
Data from the Ayodhya Development Authority (ADA) also reveals that the UP government is undertaking 187 projects in the beautification drive of Ayodhya, with a budget amounting to ₹30,570 crore.
“Since there is a large floating population in Ayodhya, we are also seeing whether the current banks can serve the population efficiently. We believe Ayodhya is going to be a tourist favourite destination in the country. Last year 32 crore people visited Uttar Pradesh, UP, the majority of them visited Ayodhya and then Varanasi, Mathura and Agra,” Sameer Varma, Special Secretary, Finance Department, Uttar Pradesh government, had told ETBFSI earlier this month.
In January alone, the city is expected to generate Rs 50,000 crore revenue.
A $500 Billion Economy- Uttar Pradesh
The state of Uttar Pradesh (UP) is expected to generate Rs 4 lakh crore in revenue this year, thanks to the tourism boost expected from Ram Mandir’s inauguration in Ayodhya, said a recent report by SBI.
The report observed that the rise in spiritual tourism has changed the face of tourism in Uttar Pradesh (UP), leading to better physical and digital infrastructure, easier access to connectivity, and a significant rise in travel.
The report, which praised the state for its efforts on economic and socioeconomic fronts, predicted that Uttar Pradesh’s economy will surpass $500 billion as India’s economy grows to $5 trillion by FY28. It stated that by FY28, UP’s GDP is expected to account for the second-highest percentage of India’s GDP and could surpass that of Norway.
