Insta
Nation's Top Retail Trade Body CAIT Reports 10.8 Per Cent YOY Jump In Diwali Festive Sales
Swarajya Staff
Nov 16, 2020, 10:26 AM | Updated 10:25 AM IST
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
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).
CAIT also added though that its figures were based on data collected from 20 States. Body's secretary-general Praveen Khandelwal also added, "People didn't purchase anything in the last eight months except essentials. Hence people had enough surplus money, and a portion was spent on Diwali festivities."
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.
Save & read from anywhere!
Bookmark stories for easy access on any device or the Swarajya app.
Introducing ElectionsHQ + 50 Ground Reports Project
The 2024 elections might seem easy to guess, but there are some important questions that shouldn't be missed.
Do freebies still sway voters? Do people prioritise infrastructure when voting? How will Punjab vote?
The answers to these questions provide great insights into where we, as a country, are headed in the years to come.
Swarajya is starting a project with an aim to do 50 solid ground stories and a smart commentary service on WhatsApp, a one-of-a-kind. We'd love your support during this election season.
Click below to contribute.