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This year, more than 35 lakh weddings are expected to take place in India between November and December. About one crore weddings take place every year. This wedding season is one of the biggest industries in India.
cost estimate
This time, about Rs 4.25 lakh crore is expected to be spent on weddings. About $130 billion will be spent in this wedding season. This will also employ millions of people.
Demand for gold will increase.
According to a report, the government has reduced the import duty on gold from 15 percent to 6 percent. This is expected to increase the demand for gold. Gold is very important in India religiously and socially. People also see it as an investment.
The retail market will strengthen.
The retail market also sees strength due to the increased demand for gold. When people spend on weddings and festivals, the retail, hospitality, jewelry, and automobile sectors benefit. All these sectors contribute to economic growth.
The profit of companies will increase.
With the increase in demand, the profit of companies will also increase. This will increase the share price of companies. This will have a positive impact on the economy of the entire country.
It is worth noting that this wedding season in India is not only a time of happiness, but it is also important for the economy. The expenditure and increasing demand during weddings are beneficial for all sectors. This also creates new employment opportunities.
