India's economy has reached close to 4 trillion dollars, making it the fifth-largest economy in the world with a GDP of $3.94 trillion. According to Forbes India, India is projected to surpass Japan, which has a GDP of $4,112 billion, and become the fourth-largest economy. Germany, with a GDP of $4,590 billion, currently holds the third spot. India's GDP is expected to reach $4 trillion this year and $5 trillion within two years. The country has experienced rapid economic growth, with a growth rate of 8.2% last year and an estimated growth rate of over 7% this year. India achieved the milestone of becoming a $1 trillion economy 16-17 years after liberalization, reached $2 trillion in 7 years, and became a $3 trillion economy in 2021-22. Despite a delay of 2 years caused by the COVID-19 pandemic, India is now on track to reach $4 trillion in just 3 years and $5 trillion in 2 years. Sanjeev Sanyal, a member of Prime Minister Narendra Modi's Economic Advisory Council, shared these projections at the Cambridge India Conference. [25aba459] [3d5557f1].
Indian weddings have become a $130 billion industry in India, nearly twice the size of America's wedding industry. The Ambani family, known for their opulent weddings, has set a new benchmark for big Indian weddings. The Indian wedding industry has boomed since the country emerged from the pandemic. Weddings in India are seen as symbols of power and status, and parents typically spend a significant portion of their lifetime savings on their children's weddings. The average Indian wedding costs more than three times the average annual household income. With India set to become the world's third-largest economy, extravagant weddings are expected to become even more frequent. The rise in opulent celebrations held abroad has led to some consternation among local communities. The Indian government is launching a campaign to encourage affluent families to get married in India to boost the local economy. [6708e767]
In contrast, the average cost of a wedding in the US has significantly increased since 2020. In 2020, it was approximately $19,000, but now it has surged to around $35,000. This escalation can be attributed to factors such as inflation, higher vendor expenses, and a growing demand for unique experiences, including destination weddings. The key expenses that have seen significant changes include venue rental, catering costs, photography and videography, flowers and decorations, and wedding attire. Wedding trends in 2024 include eco-friendly and intimate ceremonies, the integration of technology for guest interaction, and the preference for unique locations and experiences. On the other hand, large, extravagant weddings and traditional wedding cakes are becoming less common. The COVID-19 pandemic has accelerated trends such as micro weddings and outdoor ceremonies, which continue to be popular. [393eb3f6]