How brand Reliance is getting global boost from the lavish Anant Ambani-Radhika Merchant wedding

The almost half-a-year-long extravaganza -- leading up to the most lavish wedding ceremony of the country’s richest business tycoon Mukesh Ambani scion Anant Ambani -- has not only brought the who’s who of the celluloid world and the global business community to the dance floors, but it has also turned the eyeballs of the global media towards the Mumbai-based business family and its brand Reliance.

Unlike many Indian millionaires (and billionaires), Ambani’s choice of holding the events in India has given the local economy a boost. At the same time, the star-studded ceremonies have also given the family’s corporate brand -- Reliance -- a leg up on the global stage, say experts.

“The glitzy events, attendance and performance by top global celebrities like Justine Bieber or Rihanna and encounters at the events have turned into social media stories that are being watched by millions. This, itself, is a great exposure for the brand and the family,” says a Delhi-based business leader.

While the global business community is no stranger to the brand Reliance or the Ambanis - the richest family from India for decades - this time, it's for the masses to get acquainted with the brand, he said. 
Moreover, the months-long rituals leading up to the wedding held on 12 July, have also been a positive for the local artisans and businesses.

According to Harish Bijoor, business and brand strategy expert, the Ambani wedding with rituals spread over months has surely acted as a booster for the local economy.

“It is suffice to say that the wedding economy contributes substantially to the country’s GDP. As money is being spent on weddings, the economy gets fuelled up and aids its growth. Such spending initiates a virtuous cycle creating more jobs, activities, income and, consequently, more money into the hands of people,” Bijoor told Business Today.

According to estimates by the Confederation of All India Traders (CAIT), the country’s apex industry body of traders and retailers, every year nearly 5,000 affluent couples hold wedding ceremonies in foreign locations. Together, they deprive the local businesses of Rs 75,000 crore to Rs 1 lakh crore in income per year. Additionally, since the money is spent in other countries the exchequer also loses out on income from taxes and cess.

Typically, in a wedding nearly 80 percent of the expenditure is incurred on goods and services, the money flows into the local market enabling financial liquidity at the hands of the people as the cash gets rotated several times changing hands. Therefore, it helps the economy.

In 2024, local businesses are expecting a boost of Rs 4.74 lakh crore from the 38 lakh marriage ceremonies that are going to take place over the next few months. The number is almost 26 percent higher than the total wedding season business in the previous season - pegged at Rs 3.75 lakh crore. Last year, around 3.2 million weddings took place during the same period.