Weddings now $130 bn industry in India, a family spending over Rs 12 lakh on average

Home

Business

Weddings now $130 bn industry in India, a family spending over Rs 12 lakh on ...

by Utkalika Mohanty

NEWS HIGHLIGHTS

Indian weddings have always been a grand affair and now, an Indian family is spending, on average, more than Rs 12 lakh (nearly $14,500) on ceremonies which is five times the GDP per capita ($2,900) and more than three times the average annual household income of Rs 4 lakh, a new report has revealed.

New Delhi, June 25: Indian weddings have always been a grand affair and now, an Indian family is spending, on average, more than Rs 12 lakh (nearly $14,500) on ceremonies which is five times the GDP per capita ($2,900) and more than three times the average annual household income of Rs 4 lakh, a new report has revealed.

Touted as the largest wedding destination worldwide, at least 80 lakh to 1 crore weddings are happening in the country every year, according to global brokerage Jefferies.

In fiscal 2023-2024, the Indian wedding market reached a whopping $130 billion (around Rs 10 lakh crore), second only to the food and grocery sector in the overall $681 billion retail market.

The report said India's wedding spending-to-GDP ratio is significantly higher than that of other countries.

"Weddings have a deep cultural significance in India and drive large consumption spending, often disproportionate to income levels," according to the report.

Wedding-related spending, in fact, is sized at $130 billion, spread across a wide range of products and services including jewellery, apparel, event management, catering, entertainment, etc, the report mentioned.

According to Jefferies, India's wedding market is nearly double the size of the market in the US ($70 billion), but still smaller than that of China ($170 billion). The spending contrast underscores the deep cultural significance placed on weddings, where lavish celebrations are often seen as a cultural and societal expectation, it noted.

--IANS

Read Business News

Odisha CM Mohan Majhi Asks Police To Ensure Safety Of Women

by Hemanta Pande

Bhubaneswar, Sep 28: Odisha Chief Minister Mohan Charan Majhi on Saturday asked the police to ensure the safety of women in the State.

Speaking at the second day of the joint conference of the District Collectors and SPs here, the Chief Minister said that the rate of conviction in crimes against women remained low over the last 22 years, and said his government would not tolerate this.

“In the previous government, the conviction rate for violence against women was only 9.73%. Our government is determined to take immediate action and provide full justice to such criminal acts,” he said.

“I urge the DGP to provide district-wise data of cases against women, conviction pending status and other data within one week. After legal consultations, a future roadmap will be prepared,” he added.

Asserting that the State government has zero tolerance towards crimes against women and children, CM Majhi said stern action would be taken even if influential people are found involved.

The Chief Minister also asked the police to respect women at police stations, listen to their complaints patiently, and take immediate action.

Read More Odisha News

Bhadrak Tension: Miscreants Will Be Dealt With Iron Hand, Says Odisha Law Minister

by Hemanta Pande

Bhubaneswar, Sep 28: Odisha Law Minister, Prithiviraj Harichandan on Saturday said those violating law and order in the State will be dealt with an iron hand.

Minister Harichandan’s statement came a day after communal violence erupted in Bhadrak district reportedly triggered by a social media post.

Speaking about the violent incidents in Bhadrak, the Minister said, “The process to restore normalcy has already started. Some miscreants are trying to spread slander through social media and some political powers are also interfering in it with an intention to create disturbance. But they cannot do that. Those violating law and order will be dealt with strongly.”

Meanwhile, the State government has imposed a 48-hour Internet shutdown in the Bhadrak district following violent communal clashes over social media posts.

A notification from the Home Department of the Odisha government issued on this morning said, “In order to prevent the spread of inflammatory and motivated messages in the media to disturb the public order in Bhadrak district and restore peace and amity, the Home Department hereby extends the prohibition of the use and access of Social Media platforms like WhatsApp, Facebook, X and any other through the Internet and other media of data services for 48 (forty eight) hours up to 0200 September 30, 2024 in Bhadrak district.”

Earlier on Friday, tension flared up as the members of a particular community resorted to violent protests at Santhia in the Puruna Bazar police station area of the district over a controversial social media post.

As many as three police officials, including the Bhadrak city DSP, sustained serious injuries in stone pelting by the enraged members of the protesting community.

Sources said that the members of a particular community got enraged after coming across a controversial post on the popular social media platform, Facebook.

The members of the group took out a rally and staged a road blockade by burning tyres at Santhia on Friday afternoon. The protesters were demanding immediate arrest of the persons behind the post.

Upon being informed, the local police officers and officials of the district administration rushed to the spot and tried to pacify the protesters. But the agitators suddenly started pelting stones at the police and other officials.

The agitators even ransacked the vehicle of the Bhadrak Tahsildar. The police officials later resorted to mild baton charges to disperse the violent mob.

To prevent further violence, authorities deployed 10 platoons of police force and three officers in charge in the area. Police also conducted a flag march to control the law-and-order situation.

Read More Odisha News

PM Modi To Inaugurate Pune Metro, Solapur Airport; Lay Foundation For Other Maha Projects On Sunday

by Pabitra Mohan Senapaty

Mumbai, Sep 28: Days after heavy rains caused him to call off his Maharashtra visit, Prime Minister Narendra Modi will, through video conferencing, lay the foundation stone, inaugurate, and dedicate to the nation various projects in Maharashtra worth over Rs 11,200 crore on Sunday.

The Prime Minister was to unveil and launch these projects on September 26 but due to heavy rains in Pune and around, he had cancelled his visit to the state.

Prime Minister Modi will inaugurate the Pune Metro section of District Court to Swargate which will also mark the completion of Pune Metro Rail Project (Phase-1). The cost of the underground section between the District Court to Swargate is around Rs 1,810 crore. Further, he will lay the foundation stone for Swargate-Katraj Extension of Pune Metro Phase-1 to be developed at the cost of around Rs 2,955 crore. This southern extension of around 5.46 km is completely underground with three stations - Market Yard, Padmavati, and Katraj.

The Prime Minister will dedicate to the nation Bidkin Industrial Area, a transformative project covering an expansive 7,855 acres under the National Industrial Corridor Development Programme of the Centre, situated 20 km south of Chhatrapati Sambhajinagar. The project developed under Delhi Mumbai Industrial Corridor holds immense potential as a vibrant economic hub in the Marathwada region. The Central government has approved this project with an overall project cost of over Rs 6,400 crore for development in 3 phases.

He will inaugurate the Solapur Airport which would significantly improve connectivity, making Solapur more accessible to tourists, business travellers and investors. The existing terminal building has been revamped to serve around 4.1 lakh passengers annually.