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, 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.
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