Indian Government Predicts Mahakumbh To Inject $23Bn In India's Economy

The Mahakumbh Mela in the city of Prayagraj in Uttar Pradesh is attracting an enormous number of visitors. 

The six-week pilgrimage is being touted as the greatest gathering in the world. 

According to Wion, 450 million people are attending the Mahakumbh that takes place once every twelve years. This includes farmers, saints, mystics, entrepreneurs, millionaires, and office workers. 

It is believed that a celestial alignment occurring every 144 years is the reason why this Mahakumbh has become even more auspicious.

To prepare for the event, the Uttar Pradesh government has constructed hospitals, bridges, and marketplaces to accommodate the predicted visitors. 

The event is also being considered one of the biggest marketing opportunities for brands.

Also Read: Fired Infosys Trainees Allege “Cruel” Treatment From IT Giant

BRANDS, BILLBOARDS, AND MARKETING

Consumer firms and brands are investing significant amounts of money to promote and market their products to the religious gathering.

Multiple billboards, vendors, and branded resting spots can be seen along the streets that lead to the holy river of Ganga. 

Global conglomerates like Nestle, Pepsi, Coca-Cola, Reliance Industries, Dettol, and Hindustan Unilever Limited are some of the brands and firms that are capitalizing on this opportunity. 

Companies are selling branded blankets, putting up their advertisements in temporary tents and restrooms, and even releasing Kumb-labelled debit cards. 

Quick delivery e-commerce platforms have also set up their mini stores at the mela.

Also Read: Elon Musk Offers To Buy OpenAI For $97.4Bn; Sam Altman Denies And Offers To Buy Twitter Instead

INDIAN GOVERNMENT’S PROJECTION

According to Wion, the Indian government has predicted that the Mahakumbh mela will inject a whopping $23 billion into the country's economy. 

It is hoped that the country's biggest pilgrimage will help alleviate the current slowdown that the Indian economy is witnessing.

Also Read: ‘If I Ask A Chennai Guy To Go To Delhi And Work, He Says Bye’: L&T Boss Says Indians Are Unwilling To Move For Work

WHAT DO INDUSTRY EXPERTS SAY

Harish Bijoor, an independent brand consultant, predicts that brands and companies will spend $310 million dollars on marketing and advertising efforts. 

However, industry experts do not think this spending will translate into major sales. 

Sachin Bobade, a Dolat Capital market analyst, stated that companies and brands go to Mahakumbh to reach a large audience.

In his words, “There's a fear of missing out on Kumbh. Overall market conditions aren't great. There will be some demand uplift, but it will not be major. The slowdown is a bit dramatic. We will need six maha Kumbhs to...lift demand.”

Also Read: Quick Commerce Employee Earnings Come Close To IT Freshers, Salary Gap Narrows Down To Rs. 8,500