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Wedding Economics: Weddings and festivals have a special contribution in the Indian economy. This thing is going to be proved true on the occasion of Akshaya Tritiya today. Where today there are more than 21 thousand marriages in Delhi …Read more
Thousands of marriages are taking place across the country on Akshaya Tritiya.
Highlights
- Today there will be more than 21 thousand marriages in Delhi.
- Estimates of a turnover of Rs 1000 crore from weddings.
- Hope to have a turnover of 200 crores in gold and silver.
New Delhi. On the auspicious occasion like Akshaya Tritiya, not only gold and silver are purchased, but people also like to start life. This is the reason that every year there are thousands of marriages on Akshaya Tritiya. The same is happening this year and today there will be more than 21 thousand marriages in only one city. This will also increase business and it is estimated to have more than 1,000 crore business in just one day.
The Industry Board Chamber of Trade and Industry (CTI) says that being a very busy day for Akshaya Tritiya weddings will benefit all the people including people associated with all the banquet halls, hotels, caterrs, salons, furnishings, event manager and orchestra. Akshaya Tritiya is celebrated on the Tritiya of Shukla Paksha of Vaishakh month, which is falling on Wednesday this year. CTI has speculated that the total business related to marriage in Delhi on Wednesday may be more than Rs 1,000 crore.
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Increased hotel fare
CTI chairman Brijesh Goyal said that due to high demand due to marriage, there has been a 10-15 percent increase in the fare of banquet hall and hotels on this day. CTI general secretary and gold trader Gurmeet Arora said that gold and silver alone are expected to have a turnover of about 200 crores. However, buyers are showing more interest in light weight jewelery due to gold prices being at record high.
People buying light jewelry
Arora said that the price of gold has increased significantly. Last year, Gold has reached a price of about Rs 97,000 per 10 grams this year on Akshaya Tritiya. Because of this, traders are focusing on small, light gold and diamond jewelery to meet the demand of customers. People are also making light jewelery only due to the compulsion to buy jewelry at weddings.
There will also be fierce expenses here
According to market assessment, a family usually spends about 10 per cent of the wedding budget on clothes and 15 per cent on jewelery and five per cent on electronics, sweets and dry fruits. Senior Vice President of CTI Deepak Garg says that about 4 percent is spent on the items given during weddings. Apart from this, about 15 percent is also spent on transportation, photography and music related services.