India set to spend Rs 4.25 lakh crore on weddings in two months

“Given gold’s cultural and religious importance, along with its status as a valuable investment, this reduction is expected to significantly boost demand,” the report added.

India’s wedding season also positively impacts the stock market, driven by heightened consumer spending. Sectors such as retail, hospitality, jewellery, and automobiles see substantial benefits from this increased demand.

India, the world’s most populous nation, hosts about 1 crore weddings each year, making its wedding industry the second largest globally. Reports suggest this sector is the fourth-largest industry in India, with annual spending reaching $130 billion and creating millions of jobs.

Moreover, the Government is planning to boost tourism by promoting India as a prime destination for international weddings.

“The initiative will begin by highlighting around 25 key destinations across the country, demonstrating how India can cater to various wedding preferences. Building on the success of the Make in India campaign, this strategy aims to capture approximately $12.1 billion (INR 1 lakh crore) that is currently spent on destination weddings overseas,” PL stated in its report.

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