look news india
Wedding Industry Boosts Economy: In India, marriage is the biggest event of life, so every family spends a lot of money on marriage. Which boosts the country's economy. According to a report, the wedding industry in India has reached about $ 130 billion (10 lakh crore rupees). The wedding industry has become the second largest market after the food and grocery market. Since weddings have now become a luxury, people from many industries are getting employment.
The Indian wedding industry is twice the size of the US market
According to a capital market firm that released a report on the Indian wedding industry, the Indian wedding industry is twice the size of the US market but smaller than the Chinese market. Let's find out how millions of weddings generate business worth crores and billions and which industries benefit from them.
12.5 lakh rupees are spent on a wedding
A capital market firm has released a report on various expenditures made on loans. Which includes everything from jewelry to the catering industry. According to an estimate, every wedding in India costs around Rs 20 lakh. Rs 12.5 lakh, which is almost five times India's GDP i.e. Rs. 2.4 lakh. Also, this cost is three times the annual household income. Apart from this, Indians spend the most on weddings compared to other countries.
A luxury wedding costs Rs. Estimated cost 20-30 lakhs
A luxury wedding in the country costs around Rs. 20-30 lakhs. Most of the money is spent on hotels, catering, decorations and entertainment. Except for jewellery, clothes and travel expenses. Also, if the family is rich, they spend more on destination weddings.
The industry benefits so much from a wedding
The biggest expense in every wedding is on jewellery. Due to this, this industry earns 35-40 percent of its income during the wedding season. After that, the catering industry earns 24-26 percent, the event planning industry earns 18-20 percent, photography earns 10-12 percent, the textile industry earns 9-10 percent, and the decoration industry also earns 9-10 percent.
PM appeals to get married in the country
According to the data provided by the Confederation of All India Traders (CAIT), in the last wedding season, about 50 thousand weddings took place, in which more than one crore rupees were spent. Therefore, if people go to other countries for destination weddings, then the country's economy also weakens. Therefore, PM Modi appealed to get married in the country itself.
