Ram Temple Inauguration Spurs INR 55,000 Crore Business Boost For MSMEs
In a recent report by the Forum for Internet Retailers, Sellers, and Traders (First) India, it was revealed that the inauguration of the Ram temple has significantly boosted micro, small, and medium enterprises (MSMEs) across the country, leading to a reported business of INR 55,000 crore after the major event.
According to the report, Ayodhya has attracted investments totaling INR 4–5 lakh crore, benefiting various sectors such as manufacturing, services, and supply chains. The report highlights a USD 10 billion investment-based transformation plan for Ayodhya, expecting positive effects with strengthened MSMEs in manufacturing and services, potentially creating employment opportunities for over 10 lakh people annually.
The hospitality, consumer goods, and food service chains are strategically expanding their presence in the area, contributing to increased employment opportunities. The report anticipates high growth within a 100-kilometer radius of Ayodhya, benefiting businesses like small hotels, homestays, provision and confectionary stores, as well as small food vendors.
The surge in pilgrim visits has led to increased demand for various goods and services from local businesses. The report projects that the additional business generated has already surpassed INR 55,000 crore and could reach INR 90,000 crore by January.
MSMEs' Temple Boom
Vinod Kumar, President of the India SME Forum and Trustee of First India, said, "Over Rs 55,000 crore of trade has happened from 1January till 26 January—all in the micro and small business sector related directly to the Ram Mandir, which has presented a unique opportunity for MSMEs, not only in UP but across the country."
Kumar stressed the importance of government initiatives supporting MSMEs to scale their businesses online through collaborative efforts with the ONDC nationally and international marketplaces like Amazon and eBay, ensuring their continued contribution to the nation's economic prosperity.
Recognized as pivotal contributors to India's economic landscape, MSMEs are strategically using ecommerce platforms and cutting-edge technology. According to the Confederation of All India Traders (CAIT), the temple inauguration has unlocked unprecedented opportunities for the business community and small industries nationwide, claiming a business of INR 1.5 lakh crore due to the mega event.
Economic Boost in Ayodhya
BC Bhartia, President, and Praveen Khandelwal, Secretary-General of CAIT, in a joint statement, emphasized the multifaceted growth potential contributing to comprehensive development not only in Ayodhya and its surroundings but also in other areas of religious and cultural significance across the country. Ayodhya's newfound growth in trade and industry is expected to inspire innovative ideas, shaping the landscape of the near future.
In early 2023, a report by GAME with Dun & Bradstreet (D&B) and Omidyar Network India highlighted that an estimated 5.9 per cent of the gross value added (GVA) in the Indian economy, amounting to INR 10.7 lakh crore, is tied up in delayed payments from buyers to MSME suppliers.