Festive, wedding season in India to generate Rs 7 lakh cr turnover this year
Agencies
Synopsis
India's festive season and upcoming wedding period are projected to generate a substantial turnover exceeding Rs 7 lakh crore. This robust economic activity is driven by high consumer sentiment, a preference for local products, and improvements in the GST regime, boosting retail and wholesale trade across various sectors.
By PTI
India's festive season and upcoming wedding period are projected to generate a turnover exceeding Rs 7 lakh crore, according to trade body Bhartiya Udyog Vyapar Mandal (BUVM).
On Tuesday, the national trade body released a report based on a market survey conducted across the country.
"A combination of high consumer sentiment, growing preference for local products and improvements in the GST regime have significantly boosted retail and wholesale trade," he said.
Gupta said the positive sentiment is reflected across sectors, ranging from automobiles, real estate, and grocery essentials to jewellery, electronics, traditional decor, apparel and dry fruits.
He said domestic manufacturers, particularly small and medium enterprises, are witnessing rising demand, especially in tier-2 and tier-3 cities.
The demand for traditional and handmade goods, such as clay diyas, earthen idols and festive decorations, has also gone up, fuelled by seasonal customs.
"Rural markets are reporting strong sales as well, which is backed by post-harvest incomes and wedding-related spending," he said.
Firecracker sales are contributing significantly to overall trade.
He said that Uttar Pradesh alone is expected to register over Rs 10,000 crore in this segment.
The automobile sector, including cars, two-wheelers and e-rickshaws, has led the surge with estimated sales of Rs 1.30 lakh crore, followed closely by the real estate and construction materials sector at Rs 1.20 lakh crore.
"Essential commodities have accounted for around Rs 1 lakh crore in the projection. Electronics and appliances have seen robust demand, generating Rs 50,000 crore in sales, matching the jewellery segment, which includes gold, silver, and traditional ornaments," he said.
"From cities like Mumbai and Chennai to smaller towns across northern India, shopkeepers are witnessing increased demand for fireworks and festive items," he said.
The festive season began with Navratri, and the momentum is expected to continue as a large number of weddings are scheduled after Diwali.
"The beginning of the winter wedding season is also set to fuel consumption across multiple sectors, including jewellery, catering, home decor and garments," he said.
Gupta said the turnover estimates were compiled by a special committee of BUVM, which gathered data from major trade hubs, including Delhi, Mumbai, Chennai, Ahmedabad, Bengaluru, Hyderabad, Jaipur, Chandigarh, Kanpur, Patna, Indore, Raipur, Ranchi, Haridwar, Tripura, and Cuttack.
Traders from these cities contributed local inputs to arrive at the national projection.
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BUVM national president Babu Lal Gupta said that the festive season has brought robust momentum to markets across the country, and a turnover of Rs 7.58 lakh crore across various sectors is expected.On Tuesday, the national trade body released a report based on a market survey conducted across the country.
"A combination of high consumer sentiment, growing preference for local products and improvements in the GST regime have significantly boosted retail and wholesale trade," he said.
Gupta said the positive sentiment is reflected across sectors, ranging from automobiles, real estate, and grocery essentials to jewellery, electronics, traditional decor, apparel and dry fruits.
He said domestic manufacturers, particularly small and medium enterprises, are witnessing rising demand, especially in tier-2 and tier-3 cities.
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The demand for traditional and handmade goods, such as clay diyas, earthen idols and festive decorations, has also gone up, fuelled by seasonal customs.
"Rural markets are reporting strong sales as well, which is backed by post-harvest incomes and wedding-related spending," he said.
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Firecracker sales are contributing significantly to overall trade.
He said that Uttar Pradesh alone is expected to register over Rs 10,000 crore in this segment.
ADVERTISEMENT
The automobile sector, including cars, two-wheelers and e-rickshaws, has led the surge with estimated sales of Rs 1.30 lakh crore, followed closely by the real estate and construction materials sector at Rs 1.20 lakh crore.
"Essential commodities have accounted for around Rs 1 lakh crore in the projection. Electronics and appliances have seen robust demand, generating Rs 50,000 crore in sales, matching the jewellery segment, which includes gold, silver, and traditional ornaments," he said.
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Steel utensils and kitchenware, dry fruits, footwear and leather goods, decorative lights and lanterns, paints, home decor, aluminium and brassware, and furniture sectors were also included in the estimation."From cities like Mumbai and Chennai to smaller towns across northern India, shopkeepers are witnessing increased demand for fireworks and festive items," he said.
The festive season began with Navratri, and the momentum is expected to continue as a large number of weddings are scheduled after Diwali.
"The beginning of the winter wedding season is also set to fuel consumption across multiple sectors, including jewellery, catering, home decor and garments," he said.
Gupta said the turnover estimates were compiled by a special committee of BUVM, which gathered data from major trade hubs, including Delhi, Mumbai, Chennai, Ahmedabad, Bengaluru, Hyderabad, Jaipur, Chandigarh, Kanpur, Patna, Indore, Raipur, Ranchi, Haridwar, Tripura, and Cuttack.Traders from these cities contributed local inputs to arrive at the national projection.
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