Tourists + Revenue Data
let us see In the official press of the Statue of Unity released on 11th November, there is a data that reads that from 31st October 2018 up till 1st November 2019 that is, exactly in between the period of one year, 27 lakh tourists came to visit it 2.7 million tourists came to see it in the first year. The revenue generation because of these tourists in one year was 80.66 crore rupees Approximately, I’d say this statue earned 80 crore rupees in its first year This number is far higher than my estimations in my video of last year I’d estimated that on average, around 1 million people would come to see it per year And there’d be a revenue generation of 35 crores per year from it Keeping in mind these numbers, can we conclude that the Statue of Unity has been a profitable and successful project? To see the success and profitability of any investment,
you need to see its return on investment Return on investment is how much money you’ve invested and how much money you’re getting back So 3000 crore Rupees were invested in the Statue of Unity and per year, 80 crore rupees are coming back Calculating in percentage, 2.7% is the return on investment of the Statue of Unity What does this 2.7% mean? If you’d deposited Rs 3000 crore in a bank, then you’d get 6%return on investment in a savings bank account Do you understand? Even if you had merely let such a huge amount of money lie dormant in a bank, then too, it would generate more profit than the statue of unity merely by lying dormant in a bank And you see an even more critical fact in the inflation rate You must already know how the value of money decreases with time due to inflation Foe example, as a fact I’d like to tell you that if you earned 1 lakh rupees in 1984, and you kept that 1 lakh rupees as cash in your house If you do not use that cash in 2016, the value of that 1 lakh would be merely 7,600 rupees due to inflation If you look at India’s average inflation rate in the last 10 years, then it would be around 5% And do understand that if the return on investment on anything is lesser than the inflation rate, then you’re bearing a loss there. Your money is getting wasted if this is happening And the same thing prevails with the statue of the unity Inflation rate is 5%. Return on investment of statue of liberty is 2.7% And it would be very difficult to maintain this rate of the return on investment I believe this would fall further in the future And do you know what this means?
This means that the 3,000 crore rupees that have been squandered will never be recovered It will never be able to recover its cost due to inflation It was able to manage a return of 2.7% its first year but in the coming years, In my opinion, it is going to decrease steadily because this was the first year and hence was hyped more that there’s a statue of unity which is a new monument. The ones interested might have already visited it this year And the number of tourists in the coming years will drop And you must have seen that this was advertised about a lot Its advertisement could be seen from Delhi metro until Chennai There isn’t an official figure on it, as of November 2019, but there is an official figure of January 2019 which stated that in the first two months, 2 crores were spent to run ads for the statue of unity to publicize it in front of people.
Over this, add on the employee paying cost, repairing cost and maintenance cost Talking about maintenance, last year there was flooding in the statue of unity when it was raining nearby When it rained nearby, the area in the statue- the viewing area got flooded When they were asked why this was happening, they said that this wasn’t a defect We have designed it in such a way that this will happen.
Hear on, they spent another 2 crores to make another statue near the statue of unity, in the vicinity Do you know (a statue) of what? A statue of a dinosaur They invested a further of 2 crore rupees to construct the statue of a 30 feet high dinosaur And within a week, that statue collapsed I mean… First of all, why are they constructing this dinosaur statue? Are people not coming to see the statue of unity that you’re constructing another one and investing money in it? And then too, the quality of the statue was so that even after spending 2 crore rupees, it collapsed This kind of quality means that there would be huge costs of maintenance and repair in the coming years Summing up, upon seeing the data of one year, it is clear how big of a waste of money this statue of unity is But the government will never admit this fact The ministers sitting in the government…
What do I tell you? They talk such pretentious talks You’d be surprised to hear Piyush Goyal Ji says that in the next 4-5 years, The Statue of Unity would generate a revenue of 1 lakh crores every year… 1 lakh crores! Let us look at some Maths regarding this I know that Piyush Goyal Ji does not like a lot of Maths because according to him, while discovering gravity, Einstein never used Maths …”Don’t get into those Maths…” “those Maths have never helped Einstein discover gravity” Piyush Ji, look… Maths does come in handy The big brags that you claim are exposed with the help of Maths If we assume that 27 lakh visitors come every year to the statue of Unity, To generate 1 lakh crore rupees… 1 lakh crore divides by 27 lakh is 3.7 lakh rupees That is, every visitor will have to buy a ticket of 3.7 lakh rupees if this amount of revenue has to be generated.
Viral Fake News on Statue
Another thing which they do is spread fake news to conceal their mistakes they circulate false whats app forwards A similar fake Whatsapp forward poster went viral which claims that the Statue of unity attracts more visitors than the Taj Mahal This poster reads that the merely 7 lakh 50 thousand people came to see the Taj Mahal per year whereas 26 lakh people came to see the Statue of Unity This is a lie According to the Lok Sabha data, in the one year between 2016-17, Taj Mahal had 60 lakh visitors This number is a lot more than the number on the Statue of Unity.. it is almost double And you can guess who spreads fake news like this… It is written on the poster itself Nation with Namo You might remember that Nation with Namo is a very popular page on Facebook that eulogizes Modi This page spent more than 1 crore rupees during the time of elections over Facebook ads Ads that spread fake propaganda and brainwash people And you can confirm this figure of 1crore rupees How much is spent by Facebook pages on ads is a piece of publicly available information Go to the Facebook page, click on the “i” button you will get to see how much money the Facebook page has invested in ads And this page, which spreads fake news like this, has invested 1 crore rupees.
Finance Tip for you
But coming back to the topic, I had said that there is a financial tip for you in this video It might be that you have already understood what that is The tip is that if you invest money somewhere and the return of investment is lesser than the inflation rate, then you need to understand that this means a loss of money for you For example if a friend tells you to invest in his business and promises to pay you a certain sum back every year He promises a certain amount of profit every year Then you have yo see how much money you have invested, and what percentage of it you are getting back each year So this is a very small but basic personal finance tip that is valid everywhere regardless of whether you invest it in gold, property, FD or mutual funds.
Return of Investment in other ways
But do keep in mind that there are some investments in which you do not have to view the return of investment in terms of money There are some investments that can give you returns in other ways, For example, buying property Property is also giving you a house to live in so in that sense it will be a better return of investment if not viewed only in terms of money Similarly, if our government uses our tax money to build hospitals and schools the return of investment there isn’t huge in the terms of money But we get better facilities and we can send our kids to study in school who can then better utilize these better facilities to imbibe a better education So in that sense, it is a better return of investment in other aspects.
Now I know what some people will comment here They might say that the Statue of Unity may not be a good return of investment in terms of money But it is a very good tourist site, it is giving jobs to people So many people are getting employment because of it But this logic does not fit well Because had that been the main purpose, if giving jobs and employment to the people was the main purpose, then it could’ve been done in a better way The government could have opened a skill development center instead of constructing a statue, which would enable more people to get jobs Then some people would say but it is at least a tourist attraction which is providing people with a return of investment in the sense of enjoyment In the sense of enjoying a tourist But this does not fit well either because if they had to invest money from the point of a tourist attraction, then this could have been done in a much better way A very good example of this is Jatayu statue. They have made a much better tourist attraction only in 100 crores.