Hyderabad's wedding industry in the red amid cash crunch

India’s wedding industry is groaning under the after-effect of demonetisation. Those who depend upon this Rs 1 lakh crore worth business are now a worried lot, thanks to lack of big notes.
For representational purpose
For representational purpose

HYDERABAD: India’s wedding industry is groaning under the after-effect of demonetisation. Those who depend upon this Rs 1 lakh crore worth business are now a worried lot, thanks to lack of big notes. In Hyderabad too the outlook of those associated with the wedding industry is gloomy.

Nitesh G inherited Durga Sounds, a 30-year-old lighting and sound equipment rental shop from his father in 2015. “Last year we were able to make sales for Rs 70,000 to Rs 80,000. However, this year I have faced a loss of Rs 40,000,” says Nitesh. Three weddings that he was booked for has been postponed. “If this prevails, I will have to shut shop,” he adds.

Wedding season in India extends for a period of five months, starting from December. Booking of marriage halls and sales of bridal dresses begin mostly a month before the season starts.

“I don’t have small denomination notes to pay my employees,” says N Karan of KK events, a wedding planner in the city. “The effect on other sectors due to cash shortage has affected us as well. Parents who wish to hold a grand wedding for their children are backing off,” Karan adds.  “No one is ordering for tents. The sales are dull,” says PC Khatri. Khatri owns Sri Durga tent-house, a rental shop for wedding tents. “Every year people queued up for renting tents. However, this year there are less orders.”

The RBI’s Rs 2.5 lakh withdrawal limit has also effected the sales of bridal dresses for weddings. “People are paying in cheques. Mostly they paid by debit cards but there is no hard cash coming into our store,” says B Venkatesh of JS Babu Silks at Begumpet. There has been a drop in footfall since demonetisaton, he adds.
Small jewellery stores too have felt the pinch. “Sales have dropped by 70 pc,” said Amith G of Kanaka Lakshmi Jewellers.

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