Will India's 45-day wedding season generate Rs 6.5 lakh crore and create 1 crore part-time jobs?
Synopsis
Key Takeaways
- India's wedding season begins on November 1.
- Projected revenue is Rs 6.5 lakh crore from 46 lakh weddings.
- Delhi to contribute Rs 1.8 lakh crore.
- 70% of purchases are now Indian-made.
- Over 1 crore part-time jobs expected to be created.
New Delhi, Oct 30 (NationPress) The upcoming 45-day wedding season in India, commencing on November 1, is anticipated to yield a staggering Rs 6.5 lakh crore from approximately 46 lakh weddings, according to a report released on Thursday.
Delhi is expected to contribute Rs 1.8 lakh crore from around 4.8 lakh weddings, based on findings by the CAIT Research and Trade Development Society (CRTDS).
The research division of the Confederation of All India Traders (CAIT) indicated that while the number of weddings remains stable compared to last year, the spending per wedding has seen an increase.
CAIT Secretary General and Chandni Chowk MP, Praveen Khandelwal, stated that this trend reflects higher disposable incomes, inflation in precious metals, and growing consumer confidence following an exceptional festive season.
In 2024, the weddings reached 48 lakh at a total cost of Rs 5.90 lakh crore, compared to 38 lakh weddings at Rs 4.74 lakh crore in 2023.
The study underscores a significant shift towards Swadeshi products, with over 70 percent of wedding-related purchases now consisting of Indian-made goods, including apparel, jewellery, decor, utensils, and catering items.
CAIT’s “Vocal for Local Weddings” initiative has effectively diminished the presence of imported items such as Chinese lighting, artificial decor, and gift accessories.
Traditional artisans, jewellers, and textile manufacturers are experiencing an influx of orders, reflecting the robustness of India’s local manufacturing and craftsmanship.
Khandelwal noted that this wedding season could lead to the creation of over 1 crore temporary and part-time jobs, directly benefiting decorators, caterers, florists, artists, transporters, and hospitality personnel.
MSMEs in textiles, jewellery, handicrafts, packaging, and logistics are poised to see significant seasonal growth.
The report predicts that the wedding season will contribute about Rs 75,000 crore to government tax revenues.
According to CAIT’s sectoral estimates, jewellery will be the largest contributor to economic activity during the wedding season, with a 15 percent contribution, while apparel and sarees will contribute 10 percent.