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Modi's nudge: What a 'Vocal for Local' call for weddings of the rich means for economy.


Date: 28-11-2023
Subject: Modi's nudge: What a 'Vocal for Local' call for weddings of the rich means for economy
By now, Prime Minister Narendra Modi's 'nudge' strategy has become quite well-known. The Economic Survey 2018 19 had highlighted how Modi had used "behavioural economics of nudge" for desired social and economic impacts. The “nudge” policies, which are used to change people’s mindset, gently steer them towards desirable behaviour even while preserving their liberty to choose. The Survey had mentioned how the Swachh Bharat Mission and the Beti Bachao Beti Padhao schemes had successfully employed  ..

Modi gave another nudge in his Mann Ki Baat radio broadcast on Sunday. He said he was troubled by the trend of some "big families" conducting weddings abroad, and urged people to hold such celebrations on Indian soil so that the country's money does not leave its shores. “We have seen a direct example of this during this festive season. Last month in 'Mann Ki Baat' I had laid emphasis on 'Vocal for Local' i.e. buying local products. Within the last few days, business worth more than Rs 4 lakh cr ..

Modi's nudge to the rich and famous to prefer local destinations to foreign ones for weddings is a significant ploy to boost India's economy because weddings mean mega business in India. Indians, of all classes, are known to splurge on weddings. Modi said some estimates suggest that there could be a business of around Rs 5 lakh crore during this wedding season.


No doubt, given India's huge wedding economy, a preference for local destinations will prove to be a huge boost.
 ..

Traditionally a big economic event, the Indian wedding season is getting hotter now. A colossal surge in demand is seen with the commencement of the wedding season on November 23.


After consultations with trade bodies and stakeholders across 30 cities, the Confederation of All India Traders (CAIT) has predicted a substantial economic surge. With an estimated 38 lakh weddings expected to take place across the country, the mainline retail sector, encompassing goods and services, anticipates a staggering business worth Rs 4.74 lakh crore ($51 billion), as per CAIT. This marks a significant increase from last year's trade, which amounted to Rs 3.75 lakh crore for approximatel ..

In the realm of goods, the estimated trade distribution includes 10 per cent in textiles, sarees, lehnga, and garments, 15 per cent in jewellery articles, 5 per cent in electronics, electricals, and consumer durables, 5 per cent in dry fruits, fruits, sweets, and nankeen, 5 per cent in food grain, grocery, and vegetables, 4 per cent in gift items, and the remaining 6 per cent in miscellaneous items.


The services sector is also expected to flourish, with allocations of 5 per cent for banquet halls, hotels, and other marriage venues, 5 per cent for event management, 12 per cent for tent decoration, 10 per cent for catering services, 4 per cent for flower decoration, 3 per cent for travel and cab services, 2 per cent for photo and video shoots, 3 per cent for orchestra and band services, 3 per cent for lights and sound, and the remaining 3 per cent for miscellaneous services.


India has one of the fastest growing numbers of individuals with a net worth of $100 million or more. India's billionaire population rose to 161 in 2022 from 145 in the previous year and is estimated to rise to 195 individuals by 2027, according to a Knight Frank study. The number of ultra-high-net-worth individuals in India, having net worth of over $30 million, fell 7.5 per cent last year to 12,069 but will rise to 19,119 in the next five years, growing by more than 58 per cent


Traditionally a big economic event, the Indian wedding season is getting hotter now. A colossal surge in demand is seen with the commencement of the wedding season on November 23.


After consultations with trade bodies and stakeholders across 30 cities, the Confederation of All India Traders (CAIT) has predicted a substantial economic surge. With an estimated 38 lakh weddings expected to take place across the country, the mainline retail sector, encompassing goods and services, anticipates a staggering business worth Rs 4.74 lakh crore ($51 billion), as per CAIT. This marks a significant increase from last year's trade, which amounted to Rs 3.75 lakh crore for approximatel ..

In the realm of goods, the estimated trade distribution includes 10 per cent in textiles, sarees, lehnga, and garments, 15 per cent in jewellery articles, 5 per cent in electronics, electricals, and consumer durables, 5 per cent in dry fruits, fruits, sweets, and nankeen, 5 per cent in food grain, grocery, and vegetables, 4 per cent in gift items, and the remaining 6 per cent in miscellaneous items.


The services sector is also expected to flourish, with allocations of 5 per cent for banquet halls, hotels, and other marriage venues, 5 per cent for event management, 12 per cent for tent decoration, 10 per cent for catering services, 4 per cent for flower decoration, 3 per cent for travel and cab services, 2 per cent for photo and video shoots, 3 per cent for orchestra and band services, 3 per cent for lights and sound, and the remaining 3 per cent for miscellaneous services.


India has one of the fastest growing numbers of individuals with a net worth of $100 million or more. India's billionaire population rose to 161 in 2022 from 145 in the previous year and is estimated to rise to 195 individuals by 2027, according to a Knight Frank study. The number of ultra-high-net-worth individuals in India, having net worth of over $30 million, fell 7.5 per cent last year to 12,069 but will rise to 19,119 in the next five years, growing by more than 58 per cent


The Indian high-net-worth individual (HNI) population, with asset value of $1 million and more, increased to 7,97,714 last year from 7,63,674 in 2021. The number of HNIs will rise to 16,57,272 by 2027.


These rich and famous of India are being lured by foreign countries for exotic destination weddings, For example, Turkiye said in a press release last month that the destination had emerged as one of the most popular countries for destination weddings of Indian couples. Thailand and Bali are already popular foreign destinations for Indian weddings. Recently, Thailand announced a visa-free entry for Indians, and so did Sri Lanka and Malaysia. A visa-free entry is a big incentive for Indians holdi ..

Thailand hopes to tap into "pent-up demand" from the multi-billion dollar Indian wedding industry, Tourism Authority of Thailand deputy governor Siripakorn Cheawsamoot told Reuters in an interview in August. "Data from the last two years showed that many Indian couples got married, but couldn't find honeymoon locations ... or held back on getting married because they wanted to have their reception overseas including in Thailand," he said. About 60% of Indian destination weddings in Thailand were ..

A two-day destination wedding in a five-star hotel at a top-tier Indian location for 200 guests can cost $365,706 to $609,510, ET has reported. For a wedding held at a foreign destination the amount would easily more than double.


Besides Bali, Thailand and Sri Lanka, other popular countries for Indian destination weddings are Dubai, Portugal, Italy and Oman. Paris, Budapest, and Rome, Lake Como, Tuscany and the Amalfi Coast, all in Italy, are some of the popular locales in Europe for Indian destination weddings.


The cost explodes when Indian couples seek landmark hotels and unique venues beyond banquet halls and luxury hotels in foreign countries. "For a destination wedding in Doha, one of the events was at the National Museum of Qatar, which is not an easy feat," Ketan Sawant, a founder of A New Knot, a luxury wedding and event planning company based in Mumbai, had told NYT recently.


The rise of an aspirational middle class in India means a huge number of Indians who are not rich but won't flinch from aping the rich to splurge on weddings. This class is willing to invest in SIPs or even take a loan for organising destination weddings. Add to them the newly risen rich class in small-town India. That makes a huge number of Indians who would like to hold weddings at foreign destinations. This means PM Modi's appeal to the rich and famous to hold destination weddings within Indi ..

If the rich and famous start holding their weddings at Indian destinations, this will also boost the local tourism infrastructure in a big way with a number of new venues coming up at popular destinations.

Source Name : Economic Times
 

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