Nation's Top Retail Trade Body CAIT Reports 10.8 Per Cent YOY Jump In Diwali Festive Sales

In positive news for the economy, nation's top retail trade body, Confederation of All India Traders (CAIT) yesterday (15 November) said that the nationwide sales during Diwali festive period surged by 10.8 per cent year-on-year, reports Economic Times.

CAIT has tens of millions of firms across the country as its member. These encompass all kinds of retailers who sell from electrical items to footwear and furniture. It shared that the one-month festive sales which ended on bygone Saturday (14 November) surged to more than Rs 720 billion ($9.7 billion).

This gains significance as the Reserve Bank of India (RBI) has forecasted a contraction of 8.6 per cent in the GDP in the July-September quarter, on the back of a massive 23.9 per cent contraction in April-June quarter. Thus, an uptick in economic activity in the October-December is likely to provide much-needed boost.