Updated February 27th, 2024 at 15:57 IST

PM Modi's call for 'Wed in India' resonates, to boost India’s retail: Goyal

The Commerce Minister, while addressing a gathering at FICCI’s forum, invoked PM Modi’s call for ‘Wed in India’.

Reported by: Saqib Malik
Representational Photo | Image:instagram
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Government’s SOPs for retail: Amid a growing trend of Indian couples entering wedlock in foreign locales marked by extravaganza, Prime Minister Narendra Modi’s call for ‘Wed in India’ is now resonating, as  the Industries and Commerce Minister Piyush Goyal, on Tuesday reaffirmed that weddings ceremonies performed domestically, can boost India’s retail sector, especially the service providers.  Addressing the “Viksit Bharat” seminar, organised by FICCI in New Delhi, Goyal said the wedding season offers huge potential for employment generation. 

“I urge each one of you to be a Viksit Bharat ambassador, be vocal for local, support each other and be willing to engage with domestic industry as a part of your entire value chain,” said Goyal. 

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“The PM has given a call for Wed in India, which will also give a lot of jobs and impetus to the service sector and tourism in the country,” Goyal added.  

Wedding boosts MICE 

As per the Confederation of All India Traders (CAIT) report, retail trade is expected to witness a notable surge, with an estimated trade worth Rs 5.5 lakh crore projected during the ongoing wedding season till July. As many as 42 lakh weddings are slated to take place between January and July this year, said CAIT report. CAIT has attributed this surge to the government's encouragement of hosting destination weddings within India. 

 

In an interaction with Republic Business, President, Travel Agents Association of India (TAAI), Jyotyi Mayal said, during the marriage season last year, India witnessed around 38 lakh weddings, involving a business worth approximately Rs 4.74 lakh crore. This amount spent on weddings surpasses the overall economy (GDP) of many countries, Mayal quipped. 

“Destination weddings have gained popularity among affluent Indians. These weddings often take place in exotic locations abroad, involving significant expenses. The trend of organising weddings outside India has led to substantial outflows of foreign exchange,” said Mayal. Invoking Prime Minister Narendra Modi’s call for “Wed in India”, Mayal said wedding ceremonies performed in India will have a huge economic impact as Indian weddings constitute a massive industry.

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The Ministry of Tourism has also launched a campaign to showcase India as a premier wedding destination globally and aims to bolster the domestic wedding industry, retain economic resources, and promote India as an attractive wedding destination. 

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Mayal said there is a need to hold corporate events and weddings in India to showcase its rich culture and cuisine.  “ The gala wedding sector motivates people from across the globe to visit India to celebrate and also learn more about our culture, heritage, cuisine, and crafts. We need to balance and strategise effectively,” said Mayal. 

Around five lakh weddings are estimated to have expenses averaging Rs 3 lakhs each, while others range from Rs 6 lakhs to over Rs 1 crore per wedding, informed Mayal. “This diverse spending pattern underscores the broad economic impact of the wedding season on various sectors,” the TAAI President added.  

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Segments to benefit 

Numerous industries stand to benefit from this surge in trade, including home repairs, jewellery, traditional attire, furniture, garments, footwear, and electronics, among others, said the veteran travel and trade expert.  The industry has underlined the robust demand for wedding venues, with banquet halls, hotels, and farmhouses fully booked nationwide. 

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Read more: Retail sector flourishes amid wedding season boom: CAIT

Beyond venue bookings, services such as decoration, catering, transportation, and entertainment are in high demand, offering lucrative business opportunities. "Additionally, event management and packaging of wedding goods have emerged as promising sectors, creating employment opportunities in the service industry," said Mayal.

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Overall, the thriving wedding season reflects positively on India's retail sector, showcasing resilience and adaptability amidst evolving consumer trends, said the TAAI President.

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Published February 27th, 2024 at 15:15 IST