The Ram Mandir in Ayodhya, Uttar Pradesh, is not only a symbol of faith and devotion for millions of Hindus, but also a potential driver of economic growth and development in India. The temple, which was inaugurated by Prime Minister Narendra Modi on January 22, 2024, is expected to attract millions of pilgrims and tourists every year, generating revenue and employment opportunities for the local population and businesses. Moreover, the temple construction and its associated projects have stimulated the demand for various sectors such as cement, steel, real estate, hospitality, transportation and logistics, creating a multiplier effect on the economy.
Infrastructure Development
The Ram Mandir project has been one of the largest and most ambitious infrastructure projects in India, involving an estimated cost of Rs 1,100 crore and covering an area of 2.7 acres. The temple complex consists of a central temple with six more joined around it as one temple complex. The temple is 49 metres high and has five domes. The temple is built in the Nagara style of architecture by the Sompura family of Gujarat, who are renowned for their expertise in temple construction. The temple also features a museum, a library, a research centre, a food court and a parking facility.
The temple construction has been funded by donations from various individuals, organisations and trusts across India and abroad. The Shri Ram Janmabhoomi Teerth Kshetra Trust, which is overseeing the temple project, has received over Rs 2,500 crore in donations so far. The trust has also launched a nationwide campaign to collect soil and water from various holy places to be used in the temple construction.
Apart from the temple itself, the government has also undertaken several infrastructure projects to improve the connectivity and accessibility of Ayodhya. These include:
- The expansion and renovation of the Ayodhya railway station at a cost of Rs 104 crore. The station will have a new facade inspired by the temple design and will have modern amenities such as escalators, lifts, CCTV cameras and waiting rooms.
- The development of the Ayodhya airport at a cost of Rs 525 crore. The airport will have a terminal building with a capacity of 300 passengers per hour and a runway of 2.5 km. The airport will be able to handle flights from Delhi, Mumbai, Kolkata and other major cities.
- The construction of a four-lane highway connecting Ayodhya to Lucknow at a cost of Rs 1,200 crore. The highway will reduce the travel time between the two cities from four hours to two hours.
- The beautification and landscaping of the Ram ki Paidi ghat along the Saryu river at a cost of Rs 133 crore. The ghat will have fountains, lights, benches and pathways to enhance the aesthetic appeal of the riverfront.
- The development of a heritage corridor connecting various historical and religious sites in Ayodhya at a cost of Rs 300 crore. The corridor will have walkways, cycle tracks, signages and information boards to guide the visitors.
Stock Market Impact
The inauguration of the Ram Mandir in Ayodhya has also had a positive impact on the stock market, as several sectors related to the temple project have witnessed an increase in their share prices and market capitalisation. Some of the sectors that have benefited from the temple project are:
- Cement: The cement sector has seen a surge in demand due to the temple construction and its associated projects. According to industry estimates, the temple project alone has consumed about 1 lakh tonnes of cement so far. Some of the leading cement companies that have gained from the temple project are UltraTech Cement (up by 12%), Shree Cement (up by 10%), Ambuja Cement (up by 8%) and ACC (up by 7%).
- Steel: The steel sector has also witnessed an increase in demand due to the temple project and its associated projects. According to industry estimates, the temple project alone has used about 10,000 tonnes of steel so far. Some of the leading steel companies that have gained from the temple project are Tata Steel (up by 15%), JSW Steel (up by 13%), SAIL (up by 11%) and Jindal Steel (up by 9%).
- Real Estate: The real estate sector has also seen a rise in demand due to the temple project and its associated projects. According to industry estimates, the temple project alone has generated about 10 lakh square feet of commercial space so far. Some of the leading real estate companies that have gained from the temple project are DLF (up by 14%), Godrej Properties (up by 12%), Omaxe (up by 10%) and Ansal Properties (up by 8%).
- Hospitality: The hospitality sector has also seen a boost in demand due to the temple project and its associated projects. According to industry estimates, the temple project alone has created about 5,000 hotel rooms so far. Some of the leading hospitality companies that have gained from the temple project are Indian Hotels (up by 16%), Lemon Tree (up by 14%), OYO (up by 12%) and FabHotels (up by 10%).
- Transportation and Logistics: The transportation and logistics sector has also seen an increase in demand due to the temple project and its associated projects. According to industry estimates, the temple project alone has generated about 1 crore passenger trips and 50 lakh tonne-km of freight movement so far. Some of the leading transportation and logistics companies that have gained from the temple project are IRCTC (up by 18%), SpiceJet (up by 15%), IndiGo (up by 13%) and Gati (up by 11%).
The Ram Mandir in Ayodhya is not only a matter of faith and devotion for millions of Hindus, but also a catalyst for economic growth and development in India. The temple project and its associated projects have created employment opportunities, revenue generation, infrastructure development and stock market growth for various sectors and industries. The temple project is also expected to boost the tourism potential of Ayodhya, which is already a part of the Ramayana Circuit under the Swadesh Darshan scheme of the Ministry of Tourism. The Ram Mandir in Ayodhya is thus a symbol of both cultural and economic pride for India.