Ambani Wedding Boosts Indian Economy and Reliance Brand

The nearly half-year-long extravaganza leading up to the wedding of Anant Ambani, son of India's richest business tycoon Mukesh Ambani, has not only brought the who’s who of the entertainment and global business world to the dance floors but also captured the attention of global media. This Mumbai-based business family and its brand, Reliance, are now in the spotlight.

Unlike many Indian millionaires and billionaires who choose to host events abroad, the Ambani family's decision to hold the events in India has given a significant boost to the local economy. The star-studded ceremonies have also enhanced Reliance's global brand visibility. Experts suggest that the glitzy events and performances by top global celebrities like Justin Bieber and Rihanna have become social media sensations, providing great exposure for the Ambani family and their brand.

While the global business community is familiar with Reliance and the Ambanis, this time, it's the masses who are getting acquainted with the brand. The months-long rituals leading up to the wedding on July 12 have also positively impacted local artisans and businesses. According to Harish Bijoor, a business and brand strategy expert, the extended wedding celebrations have acted as a booster for the local economy.

"The wedding economy significantly contributes to the country’s GDP. Spending on weddings stimulates economic growth by creating jobs, increasing activities and income, and putting more money into people's hands," Bijoor told Business Today

Estimates by the Confederation of All India Traders (CAIT), the country's apex industry body of traders and retailers, reveal that nearly 5,000 affluent couples annually hold wedding ceremonies abroad. This practice deprives local businesses of Rs 75,000 crore to Rs 1 lakh crore in income per year and leads to a loss of tax revenue for the government.

In a typical wedding, nearly 80 percent of the expenditure is on goods and services, which benefits the local market by enhancing financial liquidity. In 2024, local businesses anticipate a boost of Rs 4.74 lakh crore from the 38 lakh marriage ceremonies expected to take place over the next few months. This figure is almost 26 percent higher than the previous season's total wedding business, which was pegged at Rs 3.75 lakh crore. Last year, around 3.2 million weddings took place during the same period.