According to a report by PL Capital Prabhudas Lilladhar, India will spend Rs 4.25 lakh crore on approximately 35 lakh weddings organized in the country from November to December. Around 35 lakh weddings will be organized in India between November and mid-December, which was 32 lakh during last year. According to the report 'Band Baja Barat and Market', people will spend more during festivals and wedding season due to the reduction in import duty on gold in July.
The reduction in import duty on gold from 15% to 6% will also boost the purchase of gold during festivals and weddings across the country. Given the cultural and religious importance of gold and its status as a valuable investment, the reduction in import duty will also boost demand. A CII survey was cited, which mentioned that between January 15 and July 15, around 42 lakh weddings were organized in the country, with an expenditure of around Rs 5.5 lakh crore. An additional 35 lakh weddings between November and December are likely to result in an additional expenditure of Rs 4.25 lakh crore.
The stock market is also likely to run bullish during the festive and wedding season. Rising spending by consumers is a boon in the stock market. Retail, hospitality, jewellery-automobile sectors will benefit the most from higher demand. Spending on premium goods and services will also increase during the festive and wedding season. Which mainly includes airlines and hotel bookings.
1 lakh crore is spent on foreign wedding ceremonies The initiative will be launched by highlighting around 25 key destinations across the country, which will demonstrate how the diverse choice and need for wedding ceremonies in India can be catered for. Building on the success of the Make in India campaign, the strategy aims to bring the Rs 1 lakh crore spent on wedding ceremonies abroad to India.
Image Credit: (Divya-Bhaskar): Images/graphics belong to (Divya-Bhaskar).
