This year, from November to mid-December, 35 lakh weddings will take place in the country in one and a half months, on which Rs 4.25 lakh crore is estimated to be spent. 32 lakh weddings took place in the same period a year ago.
According to the report of PL Capital-Prabhudas Lilladher, reducing the import duty on gold from 15 per cent to 6 per cent in the 2024-25 budget will promote big spending in weddings. Especially a big boom can be seen in the purchase of gold. Between January 15 and July 15, 5.5 lakh crores were spent on more than 42 lakh weddings in the country.
130 billion dollars are spent on marriage every year
According to the report, India is the second largest market in the world in terms of weddings. About one crore weddings take place in the country every year.
The sector is India’s fourth-largest industry, generating millions of jobs, the report said, citing The Economist.
