Investigating the economic impacts of enhanced religious tourism arising from the 'Pran Pratishtha' event at the Ram Temple: an event study

Religious tourism is currently gaining prominence and has become a subject of study in tourism management. Research indicates that religious tourism profoundly influences the social, cultural, economic, employment, and infrastructure aspects of a country. The significance of holy events further amplifies the impact of religious tourism, correlating with an increase in pilgrimage numbers. This study delves into the repercussions of the inauguration of Ayodhya Ram Temple (Pran Pratishtha) on both micro and large capital companies. To achieve this, an event study was conducted, focusing on the stock prices of companies directly associated with the event of Pran Pratishtha of Ram Temple. Specifically, companies directly linked to the Ram Temple were selected for analysis. The findings reveal a noteworthy surge in the shares of micro capital companies, signifying a substantial positive effect attributable to the event. In contrast, large capital companies did not experience a significant impact on their share prices. From this, it can be inferred that religious tourism directly contributes to the growth of micro companies.