India's Festival and Wedding Season Sparks Economic Surge

India's festive and wedding seasons are poised to generate over Rs 7 lakh crore, according to the Bhartiya Udyog Vyapar Mandal. Driven by consumer sentiment and local product preference, this economic boom spans various sectors, particularly benefiting small and medium enterprises in tier-2 and tier-3 cities.

The festive and wedding seasons in India are set to push economic turnover beyond Rs 7 lakh crore, according to Bhartiya Udyog Vyapar Mandal (BUVM). This significant boost spans multiple sectors, invigorated by high consumer sentiment and a preference for local products, with effective improvements in the GST regime further energizing trade.

Babu Lal Gupta, BUVM's national president, highlighted the diverse economic activities expected, ranging from automobiles and real estate to jewellery and electronics. This momentum is particularly notable in tier-2 and tier-3 cities, where small and medium enterprises are experiencing heightened demand.

Rural markets are also thriving due to post-harvest and wedding expenditures. The demand for traditional goods and strong sales of firecrackers contribute significantly, with Uttar Pradesh alone projecting over Rs 10,000 crore in this category. As the winter wedding season approaches post-Diwali, consumption in sectors such as jewellery, catering, and home decor is expected to spike.

(With inputs from agencies.)