Vinayak Barot
Ahmedabad: Indian customers have started purchasing everything including cars, homes, gold, and other Diwali festival season began last month, according to industry estimates. The data also shows the low businesses and trade in other countries.
Economists said the sense in India was that inflation has peaked while economic activity was picking up. The bump in consumer demand is expected to support economic growth of around 6.5% in the fiscal year ending March 2023, the highest among the world’s major economies.
According to the media report, Online and offline sales during the Hindu festival period starting in the last week of September and lasting until early November are estimated to cross $27 billion, almost double the amount in the same pre-COVID period in 2019, and nearly 25 percent higher than last year.
According to the Confederation of All India Traders (CAIT), The sales would include nearly $15.2 billion in offline sales, compared to about $8.5 billion in 2019.
Redseer, a market consultancy says, This year there will also be $11.8 billion worth of sales on online platforms like Amazon, Walmart, and Flipkart.
Over the growth of businesses, the Industrial leaders said, “Retail sales always peak during October-November, when the nation of 1.4 billion celebrates the major festivals of Dussehra and Diwali. It’s also an auspicious time of year to get married, according to Hindu belief. The surge this year is much larger, mainly due to pent-up demand as COVID-19 recedes after two years of devastating the country, as well as a rise in wages and an increase in jobs as the economy recovers.”
Auto sales, including those of two wheelers, rose 57% during the nine most auspicious days in the Hindu calendar this month compared to last year, and were nearly one-fifth higher compared to the pre-pandemic period in 2019, according to the Federation of Automobile Dealers Associations.
The JLL consultancy said, In the country’s top seven cities, home sales in the September quarter rose nearly 70% from a year earlier as builders offered festival discounts.
The boom in India comes despite economic challenges elsewhere in the world, with broadening inflation in the aftermath of the Russia-Ukraine war and sharply higher interest rates.