Prime Minister Narendra Modi has urged the people of India to reconsider foreign destination weddings and instead opt for options available within the country. He stated that celebrating weddings within the country would keep the money within the nation, aligning with the government’s ‘Vocal for Local’ mission. This sheds light on the crucial role of India’s wedding industry in the economy.
What’s Happening?
According to a survey conducted by the Confederation of All India Traders (CAIT), approximately 35 lakh weddings are expected to take place across the country between November 23 and December 15 this year. This surge in wedding ceremonies is anticipated to provide a significant economic boost to the wedding industry.
Indian Wedding Industry and Economy
The Indian wedding industry has evolved into a robust sector, experiencing rapid growth in recent years. It encompasses a wide range of services, including hospitality, clothing, jewellery, and event planning. The demand for elaborate and personalised weddings has opened new opportunities for vendors and professionals.
CAIT estimates around 38 lakh weddings in the country this year, with an estimated business of Rs 4.74 lakh crore ($51 billion) in the main retail sector. This marks a substantial growth from the previous year, where approximately Rs 3.75 lakh crore was generated from 32 lakh weddings during the same period.
Various businesses, including painting, jewellery, sarees, wedding attire, furniture, readymade garments, shoes, wedding and greeting cards, dry fruits, sweets, fruits, puja items, food, electronics, and gift items, are expected to experience a surge in business.
Trend of Destination Weddings
As reported by Financial Express, like previous seasons, many Indian families are opting for international wedding destinations this season. This trend is attributed to the rapid increase in the number of individuals with a net worth of $100 million or more in India. The study indicates a significant growth, with an estimated 19,119 individuals in the next five years, showing a growth of over 58% from the previous year’s 12,069 individuals.
Popular destinations for Indian weddings include Thailand, Bali, Sri Lanka, Turkey, the Middle East, Portugal, Budapest, and Italy in Europe.
What’s Next?
According to the Economic Times, hosting a destination wedding for 200 guests in a five-star hotel on a top-tier Indian destination can cost between $365,706 and $609,510 for two days. The cost is likely to be more than double if the wedding is hosted at a foreign location. This aligns with Prime Minister Modi’s question, “Is a foreign wedding necessary?”
If Prime Minister Modi’s appeal to organise destination weddings within India resonates, it could translate into significant economic dividends.
That’s it for today. We hope you’ve found this article informative. Remember to spread the word among your friends. Until we meet again, stay curious!
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