Market experts and analysts feel that the Supreme Court verdict on the nearly three-decade-old land dispute announced on Saturday morning would be good for the Indian markets and the economy. Some believe that it will remove uncertainty over the country's political situation and policy stance, improving the confidence of global investors on the Indian economy.
On Friday, after Moody's Investor Services downgraded its credit rating on India, domestic stock exchange indices Sensex and Nifty 50 opened lower, a day after the former had closed at record level while the latter was above the 12,000-mark.
The rating agency downgraded India's outlook from 'stable' to 'negative' on mounting concerns over an economic slowdown in the country. It said that India's ongoing economic slowdown may become "entrenched" and "long-lasting," despite government measures.
On Saturday, the Supreme Court ruled that Hindus would be entitled to the entire disputed land of 2.77 acres in Ayodhya where a 16th century Babri Masjid was razed by a Hindu mob on 6 December 1992. The five-judge bench headed by Chief Justice Ranjan Gogoi, also ordered the allotment of an alternative land of 5 acres to Muslims either in an around the disputed land or another prominent location by the Central Government.
Some market experts, as quoted by Economic Times, feel that while the end of the long-dispute would instil confidence among global investors over the country's smooth functioning, construction of the temple and mosque in the area would boost tourism in the state of Uttar Pradesh.
It is believed that once peace is restored in Ayodhya, which is believed to be the birthplace of Lord Ram, it would attract thousands of pilgrims on a daily basis to the yet-to-be constructed temple, changing the economy of the region and surrounding areas, just like other prominent religious sites of Vaishno Devi or the Tirupati Temple.