Dubbed as "Investing in the Buddhist Circuit", the Rs 450 lakh initiative would be carried out for development of Buddhist heritage sites in Uttar Pradesh and Bihar in the first stage.
While International Finance Corporation, a wing of World Bank, will provide Rs 180 lakh, Tourism Ministry would contribute Rs 225 lakh and the contribution of Bihar and UP is Rs 22.50 lakh each for the project.
The strategy aims at infrastructure development, skill development, increased market access, involvement of communities and enhancing the visitors experience in the Buddhist circuit.
He said India is blessed to be the land where many religions including Buddhism originated.
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"Buddhism is one of the strongest bonding factors in Asia and the world with nearly 500 million followers all over the world. Today Buddhist heritage is India's USP in tourism," eh said.
In order to increase the footfall, ministry is working for extending the visitors' season at Buddhist sites by organising special religious during the non peak periods.
The minister also announced to hold an international Buddhist conclave in Bodhgaya and Saranath from September 26 to 28 this year to encourage tourist inflows to Buddhist sites.
Tourism Secretary Parvez Dewan said in the first phase Bihar and UP have been taken and later on 17 more states including Odisha, Maharashtra, Chhattisgarh would be taken up for development of Buddhist-related circuits in the country.