The Confederation of All india Traders estimates that the events surrounding january 22nd alone are expected to generate business worth Rs 1 lakh crore in the country, primarily in the offline market. However, the online market, backed by major players, is also experiencing significant growth. Notable businesses have entered the religious market, acknowledging the economic potential of religious activities.
Tata Capital, through the spiritual app 'Devdham,' has witnessed rapid growth, with a 35 percent increase in daily users in the last month. The app has established partnerships with 500 temples across the country. Another player in the online worship sector is the app 'Vama,' where the number of people conducting online pujas has increased substantially, with a 35 percent surge in organic searches in the past month.
Beyond online worship, platforms like BigBasket, Zepto, Blinkit, and swiggy have created dedicated categories for selling puja items. This includes flowers, incense sticks, coconuts, sweets, and other essential items for rituals, allowing users to place orders conveniently.
The business of religion is not new in india, and according to a study by Cambridge University, religious organizations in india operate like business entities, employing diverse activities to maintain the loyalty of their followers and attract new devotees. The economic impact of religious activities is substantial, and the ram temple event is expected to further boost this sector.
Ayodhya, in particular, is poised to become a significant investment hub, attracting proposals worth approximately Rs 1.54 lakh crore across various sectors such as fisheries, urban development, tourism, housing, energy, medical education, agriculture, and more. The indian Faith Market is estimated to be worth about Rs 5 lakh crore and is growing rapidly.
Startups in this sector, often targeting the youth demographic aged 25 to 35, are capitalizing on the increasing interest in spiritual tech, especially among NRIs who want to stay connected with India's faith market through these apps. The convergence of religion and wallet PLATFORM' target='_blank' title='digital-Latest Updates, Photos, Videos are a click away, CLICK NOW'>digital platforms has created a thriving economic ecosystem, demonstrating the enduring economic power of religious activities in India.
