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The Silicon Review Asia

Retailers in India witnessed massive sales during the Diwali festive period

Retailers in India witnessed massive sales during the Diwali festive period

Prominent retail bodies in India recently reported that the sales during the country’s Diwali (festival of lights) festive period witnessed a significant spike in sales. Small businesses were significantly affected by the new spike, and they are continuing to witness a steady 10 percent growth year-after-year. Recent claims from the Confederation of All India Traders (CAIT) suggested that the sale which happened during the Diwali period accounted for almost ₹ 72,000 crores ($9.7 billion). The trade body consists of more than tens of millions of firms under it, and it was mentioned that people never bought anything extra for the past eight months except essentials. Therefore, people had with them enough surplus money out of which a portion was spent on Diwali related products.

 The CAIT members consist of retailers who sell almost everything from furniture to electrical items and footwear. The data for the reported sales were collected from 20 cities. The upbeat report might seem like a relief for the Indian economy, but it is highly likely to witness a technical recession for the first time post-independence. The Reserve Bank of India has made a forecast that the growth can be maintained if the retailers continue to keep up the momentum going till the end of Q4 of 20202.

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