New Delhi: The entire economy is going to get a boost from the festivals in October and more than 48 lakh weddings across the country in November-December. On both the occasions of festivals and weddings, the demand for automobiles, consumer electronics, garments, jewellery, gifts and food items increases. Apart from all these, shopping of houses and shops also takes place during the festival.

Investment and credit rating agency ICRA believes that there is going to be tremendous demand from rural areas during government capital expenditure and festive season this year. Due to this, the GDP growth rate can be more than seven percent in the second half of the current financial year 2024-25. On the other hand, the appeal made by Prime Minister Narendra Modi in Mann Ki Baat last Sunday to buy Make in India goods during the festival will also increase the sale of indigenous goods.

'Buying earthen diyas is not vocal but local'

Modi once again said that buying earthen diyas is not the only way to be vocal about local, we should encourage all kinds of local products. Experts believe that this appeal of the Prime Minister will also reduce the import of gifts and other small items from China during the festival.

General Secretary of Confederation of All India Traders (CAIT) and BJP MP Praveen Khandelwal said that after the festivals in October, the wedding season is starting from November 12 and according to the survey conducted by CAIT in 75 cities of the country, more than 48 lakh wedding ceremonies are expected to take place in the country in November-December in which the business is estimated to be around six lakh crores.

Growth in business of many services like videography

Apart from the purchase of items for weddings, the business of many services like catering, transportation, lighting, decoration, videography also increases. According to CAT, for the past few years, people are giving priority to the purchase of goods made in India during festivals and this time the purchase of domestically manufactured goods may increase further. With the expectation of record production in Kharif season along with Rabi, tremendous shopping is expected from rural areas during the festival.

According to the India Bullion and Jewelers Association, this festive season there can be a 20 percent increase in jewelry purchases as compared to last year's festive season. Retail traders are estimating up to 40 percent more sales of TVs, refrigerators and other household electronics items during the festive season as compared to normal months. Even despite the rise in prices, real estate companies are seeing a 15 percent increase in sales during Navratri and Diwali.