On January 22, 2024, India is set to mark a significant occasion as the inauguration of the Ram Mandir takes place in Ayodhya. Thousands are expected to flock to the iconic temple daily, and this event is poised to impact various sectors and stocks, signalling the significant growth of religious tourism in the coming decade.
In this article, let’s explore how this auspicious occasion is anticipated to fuel religious tourism, bringing benefits to diverse sectors and companies!
Unveiling the Momentum of Religious Tourism
In a strategic move, the BJP-led government, under PM Modi’s leadership, is set to inaugurate the iconic Ram Mandir in Ayodhya. The event has garnered global attention, with the ceremony being live-cast at Times Square, New York. This ceremony is expected to give a substantial boost to religious tourism, contributing to the economic prosperity of the region.
Furthermore, other revered places like Kashi Vishvanath Dham and Prayagraj in Uttar Pradesh, along with the Mahakaleshwar Temple in Ujjain, Madhya Pradesh, are witnessing an influx of tourists. Notably, there’s a significant surge in visitors to hard-to-reach religious destinations such as the Mata Vaishno Devi Temple and Kedarnath Dham.
According to data released by the Ministry of Tourism, religious tourism destinations earned Rs 1,34,543 crore in 2022, up from Rs 65,070 crore in 2021. More than 60% of tourism in India is now associated with religious and spiritual destinations.
Insights from Visitor Data
With the opening of the Ram Mandir, it’s estimated that over 3 lakh visitors will seek blessings daily. On the inauguration day, over 7,000 invitations have been extended, including celebrities, politicians, and entrepreneurs.
For reference, in 2017, the Golden Temple in Amritsar, Punjab, was certified as the most visited religious place globally by the UK-based World Book of Records, second only to the Guinness World Records. Additionally, devotees visiting the Mata Vaishno Devi Temple have surged from 14 lakhs in 1986 to 91 lakhs in 2022.
Moreover, over 8.1 lakh devotees thronged the Mahakal Temple in Ujjain on January 01, 2024, a significantly higher figure compared to a typical day. The Mahakaleshwar Temple is one of the twelve ‘Jyotirlingas’ in the country.
Companies in the Spotlight
With the upcoming inauguration of the Ram Mandir, several companies have gained investor attention as they cater to the demand for increased tourist influx:
InterGlobe Aviation Limited: The market leader has announced direct flights from Mumbai to Ayodhya, starting January 15, to accommodate the surge of devotees.
Indian Hotels Company Limited: The Tata Group’s hospitality chain has established two branded hotels, Vivanta & Ginger, in Ayodhya, Uttar Pradesh.
Praveg Limited: The company has opened a tent city in Ayodhya, with 75% of the property already booked. Additionally, Praveg secured a contract to develop a tent city in Lakshadweep.
Allied Digital Services Limited: This small-cap stock gained attention as the Master System Integrator for the Ayodhya Smart City Project, involving the establishment of a multi-location CCTV surveillance system.
IRCTC Limited: Being a monopoly in online rail ticketing, the company is launching 1,000+ trains to Ayodhya starting January 18.
Apollo Sindoori Hotels Limited: The company is developing a multi-level parking facility in Ayodhya, complete with a rooftop restaurant for over 1,000 guests.
Genesys International Limited: Investors focused on this company as its mapping product became Ayodhya’s official guide.
It’s crucial for investors to note that these stocks shouldn’t be blindly bought, as many have already experienced significant price movements. In addition, online travel aggregators (OTAs) like MakeMyTrip and Easy Trip Planners are witnessing a surge in booking enquiries.
What’s in it for Investors?
By exploring this emerging theme, the aim is to monitor stocks in the hospitality and allied industries, identifying potential beneficiaries of the government’s push for tourism in specific states/regions. With the rise in disposable income, people are increasingly willing to spend on travel and recreational activities, presenting an opportunity for investors to benefit from this evolving trend!
That’s it for today. We hope you’ve found this article informative. Remember to spread the word among your friends. Until we meet again, stay curious!
*The companies mentioned in the article are for information purposes only. This is not an investment advice.
*Disclaimer: Teji Mandi Disclaimer
