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1. Vivek Maheshwari, Equity Analyst, [phone], [email protected] 0
India Strategy : Ayodhya – Unlocking India’s
tourism potential
Mahesh Nandurkar
India Equity Strategist
[phone]
[email protected]
EQUITY RESEARCH
Jefferies Asia Equity Research
January 2024
Abhinav Sinha
India Equity Analyst
[phone]
[email protected]
Nishant Poddar
India Equity Strategist
[phone]
[email protected]
Kevin Verghese
India Equity Strategist
[phone]
[email protected]

2. Vivek Maheshwari, Equity Analyst, [phone], [email protected] 1
Ayodhya-Unlocking India’s tourism potential
1. Source: Tourism Ministry (Government of India)
2. Source: World Travel & Tourism Council (WTTC), Economic Impact Research (EIR) 2023
Conversion at 1USD = Rs83
Forbesin2022,rankedIndiaasthe
7thmostbeautifulcountryinits‘The
50MostBeautifulCountriesInThe
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thglobally
India is one of only three countries
in the world to have both hot and
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Indiaranks10thgloballyintotalarea
underforestcover
Indiaranked10thintheMedical
TourismIndex(MTI),12thintop20
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inAPAC(asof2021)
Did you know?
The grand opening of the Ram temple at Ayodhya by PM Modi on Jan 22nd, is a big religious event. It
also comes with a large economic impact as India gets a new tourist spot which could attract 50m+
tourists/year. A US$10bn makeover (new airport, revamped railway station, township, improved road
connectivity etc) will likely drive a multiplier effect with new hotels & other economic activities. It can
also set a template for infra driven growth for tourism.
Tourism has big potential in India: Tourism contributed $194bn to FY19 (pre-COVID) GDP and is
expected to grow at an 8% cagr to US$$443bn by FY33. Tourism to GDP ratio in India at 6.8% of GDP,
puts it below most of the large Emerging / Developed economies; which are higher by 3-5ppts.
Religious tourism is big in India: Religious tourism is still the biggest segment of tourism in India.
Several popular religious centres attract annual tourist traffic of 10-30m despite the existing
infrastructural bottlenecks. And hence, the creation of a new religious tourist centre (Ayodhya) with
improved connectivity and infrastructure can create a meaningfully large economic impact.
Ayodhya – A template for India’s tourism boost: Rs850bn ($10bn) makeover is now set to transform
the ancient city from a sleepy town to a global religious and spiritual tourist hotspot. The new Ram
temple comes up at the cost of US$225m (Rs18bn). Tourism is projected to surge and increased
economic and religious migration to Ayodhya, multiple sectors stand to benefit including hotels,
airlines, hospitality, FMCG, travel ancillaries, cement etc.
Significant infra upgrade to facilitate Ayodhya tourism: Phase 1 of a new airport at Ayodhya has
become operational at the cost of US$175m and can handle 1m passengers. Additional domestic
capacity and an international terminal is expected by 2025 with a capacity to handle 6m passengers.
Railway station has been upgraded to double the capacity to 60k passengers/day. A 1,200 acre
greenfield township is being planned and road connectivity being beefed up as well.
Ayodhya, a place that holds religious, historical, and cultural significance for India, is being transformed into a hub for spiritual tourism.
The focal point of this transformation is set to unfold on January 22
nd
this year, with the inauguration of the Ram Temple

3. Vivek Maheshwari, Equity Analyst, [phone], [email protected] 2
US$10bn+ infra upgrade to transform…
Source: Press Information Bureau (PIB), Government of India, Government of UP
Conversion at 1USD = Rs83
Ram Mandir -

The centerpiece
Source: Government of UP
Overview
Investment: built at an est. cost of Rs18bn
($225mn), with the cost being funded
through contributions and donations
Status: grand inauguration on January 22
nd
,
2024
Key highlights
•Main pilgrimage site, spread over nearly
70 acres and will be equipped to host
about a million devotees together
•Number of pilgrims is expected to jump
to 100-150k per day
Ayodhya gets its own airport leading to boost in tourism, business & employment
Source: PIB
Investment: Phase I built at a cost of Rs14.5bn ($175mn)
Status:Phase I, operational from January 6, 2024
Three additional terminals including an international
terminal, that would be operational from 2025
Annual handling capacity: 1m passengers currently and
6m post phase II
Mega infrastructure projects
Ayodhya’s railway station is revamped to cater to a high number of arrivals
Source: Ministry of Railways
Investment: Phase I built at a cost of Rs2.4bn ($30mn)
Status:Phase I operational
Capacity: increased from 30k to 60k passengers in phase I
Other infrastructure projects
Road connectivity: Three key roads: Ram Path (13km), Ram Janmabhoomi Path (2km),
and Bhakti Path (750m) –have been revamped, featuring grand gates at entry and exit
points
Township: launch of a 1,200-acre greenfield township, built at an estimated cost of
Rs22bn ($260mn), to cater to the potential interest of senior citizens and families
seeking a second home on account of sacred significance
Significant milestone of Ayodhya’s
transformation is set to unfold on January
22
nd
, 2024 with the inauguration of the
Ram Temple

4. Vivek Maheshwari, Equity Analyst, [phone], [email protected] 3
… a small ancient town to a religious and spiritual tourist hub
Source: Companies, Jefferies
Conversion at 1USD = Rs83
Hotels / Hospitality FMCG & QSR Aviation / Railways & ancillaries
Current
impact
•Demand outstripping supply:At
present Ayodhya has ~17 hotels with
~590 rooms
•73 new hotels in the pipeline, of which
40 are already under construction
•IHCL, Marriott International, Wyndham,
etc. have already signed deals for hotels
•IHCL has signed contracts for two new
properties in Ayodhya (operational in
2027)
•ITC Hotels exploring opportunities in
Ayodhya
•OYO to add 1000 hotel rooms in
Ayodhya
•Religious & pilgrimage sites like
Ayodhya, The Golden Temple, Vaishno
Devi, etc. present significant captive
markets offering strategic first-mover
advantage
•QSR chains such as Restaurant Brands
Asia (RBA), Devyani International,
Jubilant Foods are either in discussions
to set up outlets or have already begun
setting up outlets
•Burger King set up one store in the city
centrein 1H of 2023
•Indigo, announced Ayodhya as its 86th
domestic destination. Direct flights from
Delhi, Ahmedabad & Mumbai.
•Air India, announced direct flights from
Bengaluru, Kolkata & Delhi
•Spicejetand AkasaAir also announced
flights connecting Ayodhyawith
multiple cities
•IRCTC announced tour packages to
Ayodhya
Future
impact
•Surge in tourism -Ayodhya’s enhanced
status as a religious and cultural tourist
destination will lead to increased footfall
from pilgrims and tourists, both
domestic & international
•Surge in tourism & residentswill lead
to a substantial demand for FMCG,
consumer staples and quick service,
restaurants (QSR)
•Surge in tourism & residentswill lead
to increased demand for both domestic
& international connectivity and stands
to benefit aviation, railways & ancillary
service providers
Select
potential
beneficiaries
•Indian Hotels Company Limited (IHCL)
•ITC Hotels
•EIH Limited
•OYO Rooms
•Jubilant
Foodworks
•Britannia
Industries
•Godrej
Consumer
•ITC
•Westlife
Foodworld
•Hindustan
Unilever
•Devyani
International
•Sapphire Foods
•InterGlobeAviation (Indigo)
•SpiceJet
•AkasaAir
•IRCTC
•Make My Trip
•Ease My Trip

5. Vivek Maheshwari, Equity Analyst, [phone], [email protected] 4
Why Ayodhya? –Religious tourism still draws…
1. 2019 statistics to account for data excluding the impact of COVID19 disruption
Top 5 states / UT visited by domestic tourists in 2019
1
Top 5 states / UT visited by foreign tourists in 2019
1

State Tourist visits (mn) % share of total
Tamil Nadu 385.9 20.8%
Uttar Pradesh 285.1 15.4%
Karnataka 214.3 11.5%
Andhra Pradesh 194.7 10.5%
Maharashtra 119.2 6.4%
State Tourist visits (mn) % share of total
Tamil Nadu 6.0 21.0%
Maharashtra 5.1 17.6%
Uttar Pradesh 3.8 13.1%
Delhi 2.7 9.5%
Rajasthan 1.8 6.1%
Top 5 monuments having the
highest domestic footfall (2019)
1

Pilgrimage, religious & historic sites attract significant domestic & foreign footfall, and The Taj Mahal is the monument of
choice, across both domestic & foreign tourists
Tamil Nadu ranked among the top 5 Indian states on strength of tourism infrastructure is the destination of choice among
domestic & foreign tourists closely followed by Uttar Pradesh on account of its religious, cultural and historical significance
Source: Tourism Ministry (Government of India) Source: Tourism Ministry (Government of India)
Source: Tourism Ministry (Government of India),
Archaeological Survey of India (ASI)
Monument
Tourist visits
(mn)
Taj Mahal 5.65
Red Fort 3.43
Qutub Minar 2.64
Sun Temple 2.46
Agra Fort 1.97
Top 5 monuments having the
highest foreign footfall (2019)
1

Monument
Tourist visits
(mn)
Taj Mahal 0.87
Agra Fort 0.53
Qutub Minar 0.33
Red Fort 0.12
Mamallapuram 0.06
Source: Tourism Ministry (Government of India),
Archaeological Survey of India (ASI)
Estimated footfall at key Indian religious
places
Footfall
(est.)
Collections
(est.)
Golden Temple ~30-35m ~$10-15mn
Tirupati Temple ~25-30mn ~$140-150mn
Jagannath Puri ~15-20mn ~$20-25mn
VaishnoDevi ~7-8mn ~$50-60mn
Ajmer Sharif ~7-8mn Not disclosed
Source: News articles

6. Vivek Maheshwari, Equity Analyst, [phone], [email protected] 5
… the highest footfalls
Ram Mandir,
Uttar Pradesh
Tirupati Temple,
Andhra Pradesh
Vaishnodevi,
Jammu & Kashmir
The Taj Mahal,
Uttar Pradesh
Agra Fort,
Uttar Pradesh
Significance
Religious, cultural and
historical
Religious, cultural and
historical
Religious, cultural and
historical
Historical Historical
Tourism type Pilgrimage / spiritual Pilgrimage / spiritual Pilgrimage / spiritual Heritage Heritage
Annual est. footfall
1
50mn to 100mn (expected) 25mn 7mn-8mn 6.5mn 2.5mn
Annual est. income
1
NA ~Rs12bn / $140mn ~Rs5bn /$60mn ~Rs1bn / $12mn ~Rs275mn / $3mn
Access
Air
Good: new airport
constructed to serve
Ayodhya. International
flights to be operational in
the next phase (2025)
Poor:closest airport is
170 kms away (Chennai
Airport)
Poor:closest airport is
50 kms away and has
limited connectivity
(Jammu Airport)
Poor:on account of low number of domestic flights,
limited connectivity & no international terminal in
Agra Airport making New Delhi Airport situated 210
kms away the convenient option
Rail
Excellent:on account of
numerous route options
Excellent:on account of
numerous route options
Excellent:on account of
numerous route options
Excellent:on account of numerous route options
Accommodation
options
Currently ~17 hotels with
~590 rooms with IHCL,
Marriott, Wyndham, etc. all
in process of adding
capacity
Limited accommodation
number with a few Pan-
India hotel chains
Limited accommodation
number with practically
no Pan-India or Global
hotel chains
350 government recognized hotels in Agra
Source: Tourism Ministry (Government of India) & news articles
1.2019 statistics to account for data excluding the impact of COVID19 disruption
Conversion at 1USD = Rs83
GOI has assessed the challenges impeding current historical & pilgrimage destinations and innovatively curated a holistic spiritual
tourism experience in Ayodhya, a place that holds immense spiritual, historical, and cultural significance for India
Source: Ministry of Tourism Source: Ministry of Tourism Source: Ministry of Tourism Source: Ministry of Tourism
Source: Government of UP

7. Vivek Maheshwari, Equity Analyst, [phone], [email protected] 6
Why Ayodhya? -India’s response to the Vatican City & Mecca
Ayodhya, India Vatican City Mecca, Saudi Arabia
Significance Religious, cultural and historicalReligious, cultural and historicalReligious, cultural and historical
Tourism type Pilgrimage / spiritual Pilgrimage / spiritual Pilgrimage / spiritual
Annual est. footfall ~50mn to ~100mn ~9mn ~20mn
Annual est. revenue NA
~$315mn
1
(low on account of
proximity to Rome)
~$12bn
Infrastructure
Travel
Good: access by air, road & rail
International terminal to start by
2025
Excellent: access by air, road &
rail (on account of proximity with
Rome ~25 kms away in Rome)
Good: access by rail and road
Closest airport is 75 kms away in
Jeddah
Stay
Global and domestic hotel chains
in process of adding capacity
Limited accommodation options
with most visitors staying in Rome
on account of proximity
Numerous accommodation
options across budget ranges
Source: News articles
1.CIA, World Factbook (2022)
Source: PIB Source: UNESCO Source: Saudi Tourism Authority

8. Vivek Maheshwari, Equity Analyst, [phone], [email protected] 7
Indian tourism sector –a snapshot
$0.9
$2.0
$3.1
$6.1
$6.4
$7.2 $7.5
0 .0
1 .0
2 .0
3 .0
4 .0
5 .0
6 .0
7 .0
8 .0
FY17 FY18 FY19 FY20 FY21 FY22 FY23
Cumulative FDI inflows in the tourism sector ($bn) GOI capital allocation to tourism ($mn)
$18
$22
$31
$7
$17
0
5
10
15
20
25
30
35
2012 2016 2019 2020 2022
How India fares globally in international tourist arrivals? Foreign Exchange Earnings from Tourism ($bn)
$192
$222
$259$264
$301
$244
$289$289
0
50
1 00
1 50
2 00
2 50
3 00
3 50
FY17FY18FY19FY20FY21FY22FY23FY24
COVID19
pandemic
0.6%
1.2% 1.2%
1.6%
1.2%
1.5%
0 .0 0%
0 .2 0%
0 .4 0%
0 .6 0%
0 .8 0%
1 .0 0%
1 .2 0%
1 .4 0%
1 .6 0%
1 .8 0%
2012 2014 2016 2019 2020 2021
COVID19
pandemic
India’s
rank
globally
41 24 26 24 19 17
India’s %
share
India market share rose by 1% in the last decade and this
trajectory is expected to accelerate in the next decade
Tourism is a large foreign exchange earner for the
country
Government’s progressive stance of 100% FDI allowance
makes tourism an attractive sector
Tourism was a focus sector in the FY24 Union Budget
Source: Tourism Ministry (Government of India) Source: Tourism Ministry (Government of India)
Source: Tourism Ministry (Government of India)Source: Tourism Ministry (Government of India)
Conversion at 1USD = Rs83
COVID19
pandemic
COVID19
pandemic

9. Vivek Maheshwari, Equity Analyst, [phone], [email protected] 8
Tourism in India has a lot to catch-up…
1. 2019 statistics to account for data excluding the impact of COVID19 disruption
Tourism as a % of GDP for select countries in 2019
1

India has significant headway to improve tourism with country ranking below average among the large economies
Source: World Travel & Tourism Council (WTTC)
15.5%
14.3%
13.0%
11.3% 11.3%
9.5%
8.6% 8.5%
7.7%
6.8%
5.7%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
18.0%
Mexico Spain Italy Turkey China Saudi Arabia U.S. France Brazil India Indonesia
Contribution to GDP by Tourism Sector
% GDP

10. Vivek Maheshwari, Equity Analyst, [phone], [email protected] 9
…several initiatives in place to realisethe potential
Conversion at 1USD = Rs83
1. 2019 statistics to account for data excluding the impact of COVID19 disruption
$194 $188
$443
0
50
1 00
1 50
2 00
2 50
3 00
3 50
4 00
4 50
5 00
2019 2022 2033E
India tourism contribution to GDP ($bn)
WhatIndiaoffersgeographicalvariety,diversity,culture,heritagesitesanda
treasuretroveofart,music&cuisinesmakesIndiaapopularglobaltourist
destination.
HowbigistourisminIndiaTourismisanimportantcontributortoIndia’sGDP,
contributing$194bnin2019(pre-COVID)whichisexpectedtoincreaseto$443bn
by2033.Tourismisamongthelargestforeignexchangeearnersforthecountry.
InfrastructuresupportGovernmentofIndia(GOI)hasbeenactivelyinvestingin
expandingandmodernizingairports,railways&roadnetworkstoenhanceendto
endconnectivitynotonlytopopulartouristdestinationsbutalsoremoteoffbeat
locations.
PolicysupportGOIhasbeenconsistentlypromotingtourismwithfriendly
policies&initiatives:SwadeshDarshanSchemetopromotedevelopmentof
thematictouristcircuits,PRASHADSchemetodevelopidentifiedpilgrimageand
heritagedestinations,etc.
LeveragingFDIIndiawelcomes100%ForeignDirectInvestment(FDI)inthe
tourismindustryundertheautomaticroute.FromFY16toFY22Indiaattracted
over$7bn+FDIinthehotel&tourismsector.
VisaprocessforforeignersToeasethetravelforforeigners,GOIissuednewvisa
reforms:offeringE-touristVisas,andaschemewhichoffers500kfreetouristvisas.
In2019(pre-COVID),Indiarecorded~11mForeignTouristArrival(FTAs)andthis
numberisexpectedtoincreaseto31mby2028.
G20asacatalyst:India'sG20presidencyprovidedanunparalleledplatformto
promotetourismIndiawiththousandsofdelegatesvisitingIndiatravellingacross
thelengthandbreadthofthecountry.
India as a tourist hub
$194bn
Total contribution
to GDP
$30bn
Foreign exchange earnings
from tourists
11mn
Foreign Tourist
Arrivals
2.3bn
Domestic Tourist Visits
to all States
6.7%
Total share of
direct employment
42
World Heritage Sites
recognized by UNESCO
India tourism sector highlights (pre-COVID, 2019)
1
Source: Tourism Ministry (Government of India) & WTTC
Source: Tourism Ministry (Government of India)
Lower on account
of COVID19
pandemic
Source: Tourism Ministry (Government of India) & WTTC, Jefferies

11. Vivek Maheshwari, Equity Analyst, [phone], [email protected] 10
Govt policy support to tourism
Swadesh Darshan Scheme
Focus: Integrated development of theme-based tourist
circuits in the country
GOI Sanctioned 76 projects under the scheme since its
inception under 13 themes for a total sanctioned cost of
$670mn and has released ~$535mn (as of Dec 31, 2022)
PRASHAD Scheme
Focus: Pilgrimage Rejuvenation and Spiritual Heritage
Augmentation Drive (PRASHAD) seeks to enhance religious /
pilgrimage tourism in India by developing and identifying
pilgrimage sites across the nation
GOI sanctioned a total of 46 projects at a cost of Rs16bn
($200m) as of Dec 2023. Additionally, a total of 26 new sites
have also been identified for development
Adarsh Smarak Scheme
Focus: List of 100 identified monuments that will be
redeveloped and upgraded to Model Monuments.
Monuments will be upgraded to include Wi-Fi, security,
signage, encroachment-free area and interpretation centers,
etc.
Key Government schemes Tourism sector highlights in the Union Budget 2023-24
•Allocation: Rs24bn (~$300mn) allocated to Ministry of
Tourism
•50 tourist destinations to be developed under the ‘Swadesh
Darshan Scheme’ with enhanced connectivity and safety
initiatives
•‘Vibrant Village Program’ to develop tourism infrastructure and
facilities in border villages
•Official application to be developed covering all relevant
aspects of tourism to
•States to set up malls in the state capital as prominent tourist
centers to promote state specific products
“Tourism sector holds huge opportunities for jobs and
entrepreneurship for youth in particular…. promotion of
tourism will be taken up on mission mode, with active
participation of states, convergence of government programmes
and public-private partnerships” -Finance Minister, Smt.
Nirmala Seetharaman
Source: Press Information Bureau (PIB), Invest India, Jefferies Source: Tourism Ministry (Government of India), Press Information Bureau (PIB)
Conversion at 1USD = Rs83

12. Vivek Maheshwari, Equity Analyst, [phone], [email protected] 11
Statue of Unity –a recent example of a greenfield tourist spot
Source: Government of Gujarat
Key highlights
•Project was announced in 2010 and construction began in
2013. The statue was inaugurated by Prime Minister Narendra
Modi on 31
stOctober 2018.
•Investment:Constructed by Larsen & Toubro (L&T) at a cost of
Rs30bn (~$360mn)
•A tribute to the Iron Man of India -celebrating Vallabhbhai
Patel, India’s first Home Minister who was pivotal in uniting the
nation post-independence
•The Statue of Unity is the tallest statue in the world at 182
metres. Part of the Shanghai Cooperation Organization's '8
Wonders of SCO' list.
•Multiple attractions developed alongside has made the
location a family destination with overnight stays in hotels etc.
driving a transformation of the local economy
2.7
1.3
3.4
4.4
0
0 .5
1
1 .5
2
2 .5
3
3 .5
4
4 .5
5
2019 2020 2021 2022
Annual tourist footfall (mn)
COVID19 pandemic
Source: Statue of Unity, Government of India

13. Vivek Maheshwari, Equity Analyst, [phone], [email protected] 12
Infrastructure upgrades add credibility to India’s tourism ambitions
Source: Press Information Bureau (PIB), Ministry of Railways, Ministry of Road Transport & Highways, Ministry of Civil Aviation
Airports
•Robust growth over the last decade attributed to government initiatives such as,
Regional Connectivity Scheme UDAN (launched in 2016), under which 469 routes
connecting 74 airports have been made operational
•Union Budget 2023-24, announced an additional 50 airports, heliports, water
aerodromes, and advanced landing grounds that would be revived for improving
regional air connectivity in the country
Railways
•Indian railways has the fourth largest system in the world operating 13,523
passenger trains and 9,146 freight trains daily
•In the Union Budget of 2023-24, capital outlay of Rs2,400bn ($29b) had been
allocated to the Railways, ~9x the outlay in 2013-14
Roads
•202 national highways are at the implementation stage (6,270 km in length)
•In the Union Budget of 2023-24, GOI allocated Rs2,700bn ($33b) to the Ministry of
Road Transport and Highways
15
26
-
5
1 0
1 5
2 0
2 5
3 0
2004-14 2014-23
Route kilometre (RKM)
addition
74
148
0
20
40
60
80
1 00
1 20
1 40
1 60
2014 2023
No. of airports (#)
91
146
0
20
40
60
80
1 00
1 20
1 40
1 60
FY14 FY23
National highway length
(000' kms)
GOI actively investing infrastructure to enhance connectivity to popular tourist destinations & remote offbeat locations
Conversion at 1USD = Rs83

14. Vivek Maheshwari, Equity Analyst, [phone], [email protected] 13
India offers a wide array of experiences
VaishnodeviTemple, Golden Temple
Dal Lake, Gulmarg Ski Resort, Jallianwala Bagh
Amar Mahal Palace, Mughal Gardens
Himalayas, Ladakh (Cold Desert), Monasteries
Jim Corbett, Rajaji, Valley of Flowers
Dharamshala, Haridwar, Kedarnath, etc.
Shimla, Kalka-Shimla Railway, Dalhousie, Spiti
Palaces & Forts
Swaminarayan Akshardham, Ajmer Sharif
Tiger reserves & Bird sanctuaries
Thar Desert, Sam & KhuriSand Dunes
Gandhi Ashram, Statue of Unity
Gir, Gulf of Kutch, Vansdaetc.
Sabarmati Riverfront, Royal Orient
Hill stations, waterfalls, Museums
UNESCO Heritage –Ellora, Ajanta, CSMT
Goa beaches
IskconTemple, Murudeshwar
Bandipur, Nagarhole, Madumalai, etc.
UNESCO Heritage –Hampi, Pattadaka
Lakshwadeep–Minicoy, Kavaratti,
Agatti, Bangaram
Backwaters & hill stations
Periyar, Silent Valley, Aanamalai
Kerala Beaches
Tirupati, Ramappa, Madurai Temple, Rameswaram Temple, Kanchipuram
UNESCO Heritage –Mahabalipuram, Nilgiris, Amaravati, UndavalliCaves
Hill Stations, Vivekananda Rock Memorial, Charminar, Golconda, etc.
Havelock Island, Elephant Beach, KalapatharBeach
Port Blair, Cellular Jail, Viper Island, Limestone caves
Konark Sun Temple, Jagannath Puri Temple, Brahmeswara, etc.
UNESCO Heritage –Khajuraho, Sanchi Stupa
Sundarbans, Kanha, Pench, Bandavgarhetc.
Darjeeling, Victoria Memorial, Cooch Behar Palace
KazirangaNational Park, Namdapha, etc.
Monasteries –Pemayangtse, Tawang, etc.
World War memorial sites
Monuments -Taj Mahal, Fatehpur Sikri, Darbhanga Fort
Ram Temple, Bodh Gaya, Varanasi, Vrindavan, etc.
UNESCO Heritage –Nalanda, Bodh Gaya, etc.
DudhwaNational Park, PalamuTiger Reserve
Religious / Spiritual
Heritage
National Parks
Beaches
Other

15. Vivek Maheshwari, Equity Analyst, [phone], [email protected] 14
Glimpse of sustainable tourism in India
Source: Ministry of Tourism, Government of India, Jefferies
What does India have to offer in sustainable / green
tourism?
•Government of India has been bullish on
sustainable / eco-tourism on account of India’s rich
natural & eco-tourism resources
•Initiative is underscored by India’s unique natural
attractions including hot and cold deserts, rivers,
lakes, wetlands, mangroves, beaches, volcanoes and
corals
•India’s megafauna consists of tigers, lions,
elephants, rhinos, leopards, wild buffaloes, Indian
bison (gaur), etc. alongside 1,200 species of birds
Himalayas
•70 percent of the Himalayas
Coastline of India
•7,000 km of coastline
Cold Desert, Ladakh
•India is only one of the three countries in the
world to have both hot and cold deserts
Ranthambore National Park
•Ranks 10th in total area under forest cover
•100+ national parks throughout the country
Kaziranga National Park
•Ranks 6th in terms of the number of
recognized UNESCO Natural Heritage sites
India’s top eco-tourism destinations
•Jammu & Kashmir, Sikkim, Himachal Pradesh,
Uttaranchal, Coorg, Himalayas, Garhwal, Goa, Kerala,
Kodaikanal, Bandhavgarh National Park, Kanha
National Park, Corbett National Park, Ranthambore
Wildlife Sanctuary, Periyar National Park, Kaziranga
National Park
Source: Himachal Government
Source: Ministry of Tourism
Source: Ministry of Tourism
Source: Rajasthan Tourism
Source: Ministry of Tourism

16. Vivek Maheshwari, Equity Analyst, [phone], [email protected] 15
Medical tourism –an emerging driver
Source: Jefferies, PIB
Where India stands in the medical & wellness tourism sector today?
•India ranked 10th in the Medical Tourism Index (MTI) (as of 2021) and
ranks 12th in top 20 wellness tourism markets globally, and 5th in
wellness tourism markets in APAC
•52 Joint Commission International (JCI) and 1,600+ National
Accreditation Board for Hospitals & Healthcare Providers (NABH)
accredited hospitals
•Foreign Tourists Arrival on medical purpose increased from 183k in
2020 to 304k in 2021 on path to recovering back to pre-covid levels of
697k in 2019
Where India wins!
•High quality care along with cost advantage makes India an attractive
destination
•Growing list of accredited hospitals, currently 52 JCI accredited and
1,600+ NABH accredited hospitals
•Medicines / drugs are available at a fraction of the cost
•Largest pool of healthcare professionals along with additional
advantage of English fluency
•Low to zero waiting times compared to other nations such as USA:
~20 days (primary physician appointment) / ~28 days (elective
surgery), UK: ~10 days (primary physician appointment) / ~62 days
(elective surgery)
Key policies & initiative support
•E-Medical Visa: introduced for 166 countries
•Heal in India: initiative to provide a boost to medical
tourism in the country
•‘One Step” portal: integrated portal under
development to provide credible information for medical
tourism
•FDI: 100% FDI is permitted for the wellness and medical
tourism segment
Key beneficiaries of the growth of medical tourism
10%-12%
15%
0%
2%
4%
6%
8%
1 0%
1 2%
1 4%
1 6%
Current Next 3- 5 yrs
Medical tourism as a % of total revenue in Jeff hospital coverage
With ~80% of medical tourism in India centered in New Delhi &
Chennai, Max Healthcare and Apollo Hospitals are strategically
positioned to be key beneficiaries
Jeff coverage
•Apollo Hospitals
•Max Healthcare
•Fortis Healthcare
•Medanta