The Diwali festivity business is expected to register a whopping turnover of more than Rs. 1.5 lakh cr
Diwali is not merely a religious or cultural holiday; it also has a significant effect on our country’s economy. Each of us has a shopping list for the Diwali discounts. Holidays occur in the middle of the fiscal year (April to March). The season itself not only provides a clue about the state of the economy but also affects market sentiment for the remainder of the fiscal year. Let’s examine the industry’s perspective on holiday season sales now.
The traders celebrated Apni Diwali – Bhartiya Diwali this year at the CAIT’s request, putting a strong emphasis on selling only Indian goods. This resulted in strong sales for small-scale industries, local businesses, craftsmen, artists, artisans, etc., who did a roaring business for the goods they produced. According to CAIT National President Shri B C Bhartia and Secretary General Shri Praveen Khandelwal, 1.25 lakh crores worth of retail commerce was transacted nationwide from the first Navratri (on September 26) until Dhanteras. Just in Delhi, transactions of more than 25,000 crores have taken place due to consumer demand. The festival season still has 10 days left, thus the retail industry may surpass the 1.5 lakh crore threshold this year. As the sole source of 49% of the nation’s manufacturing GDP, the auto industry has been a bedrock of our economy. The record-breaking high cost of gasoline and diesel this year hasn’t had much of an impact on auto sales. Large auto manufacturers have introduced numerous new models this year as well. Navratri, Dhanteras, and Diwali have been among the best times for the industry, according to Manish Raj Singhania, President of the Federation of Automobile Dealers Associations of India (FADA). We are sure that this will be PV’s finest holiday season in a decade given the exceptional holiday season and a strong booking pipeline. While 2-Wheeler numbers are strong, the next two to three months will determine whether or not we are out of the woods. Traditionally, on Dhanteras, individuals purchase gold. Jewelry stores have noticed a rise in sales this year. Grand weddings are once again possible because of the removal of Covid limitations. General Secretary of the Diamond and Jewelry Industry Association Gurmeet Arora stated, “Our business is expanding from last year as I can observe a 15 to 20 percent increase in the business, and if we compare the gold rate from last year, we are up by 2500 per 10gm. The gold rate last year was roughly 49500, and this year it is approximately 52000. Although we had bumper business in 2018, we are still behind.” The consumer demand for gold in India has reached its highest level, according to Pankaj Arora, National President of the All India Jewelers and Goldsmith Federation, a partner organization of CAIT, and the Indian gold industry has fully recovered from the Covid issue. India’s domestic gold demand increased by up to 80% in the July–September quarter as a result of a significant uptick in economic activity and better consumer demand. In comparison to 2021, India’s import of gold dropped by roughly 11.72 percent in 2022. In contrast to last year, when India bought 346.38 tonnes of gold in the first half, the country today imports 308.78 tonnes, which is offset by the crisis reserve stock from the Corona time, according to Arora. Due to the rapid global change in business practices, traders in India are also updating their current business model and implementing digital technology. Computers, laptops, and mobile devices are now worshiped by merchants all throughout the nation during Diwali Puja, but so were biometric devices, electronic cash registers, POS terminals for taking payments online, etc. On the other side, the GST Portal is also revered because all business is now conducted through the GST Portal, which has taken the place of old ledger accounts and a variety of GST software.
Since most business is now conducted digitally, Diwali Puja is now celebrated by traders all across the country by worshiping a variety of digital tools as well. For decades, Indian businessmen have performed Diwali Puja at their commercial businesses on the festival of Diwali.