Industry loses 4 lakh crore due to Omicron in the wedding season: Traders’ body

The traders’ body Confederation of All India Traders (CAIT) has assessed that due to current restriction and lockdown measures, the sector is going to lose huge money which is approximate to the tune of 4 lakh crore. Its office bearers say that this year, it is expected that about 30 lakh marriages will take place from January 15 to March 31.

"The ensuing wedding season beginning from 14th January was scheduled to generate an impressive business turnover of over Rs. 4 lakh crores with solemnisation of approximately 30 lakh weddings across the country during the period from 14th January to 31st March. It will be greatly disturbed with rising covid cases in the country and impositions of various restrictions by state governments on wedding and other related functions and happenings, “Praveen Khandelwal, Secretary-General, CAIT, said.

He added, “The wedding trade is now likely to be reduced with a meagre turnover of Rs.1.5 lakh crore devastating the hopes and aspirations of the traders for doing good business during this second spell of the wedding season. In the earlier first spell from 14th November 2020 to 14th December 2020, the traders across the country registered an impressive seasonal turnover of about Rs. 3 lakh crore with solemnization of around 25 lakh weddings."

According to the office-bearers of the CAIT rising Covid cases have ruined the excitement and expectations of the traders to a greater extent who have already made elaborate arrangements and sufficient stocks of the goods generally purchased for weddings.

“Beside Delhi, several other states have also imposed restrictions of 50 or 100 person participation in weddings which will greatly reduce the wedding business,” BC Bhartia, National President, CAIT, said.