Surge in Diwali Sales: A Record-Breaking Festive Boom

Diwali sales in India have reached an all-time high of Rs 6.05 lakh crore, driven by GST reforms and strong consumer sentiment. A survey by CAIT indicates major contributions from traditional markets and services, with rural areas participating substantially. The festive momentum is expected to continue.

India's Diwali sales have soared to a record Rs 6.05 lakh crore, boosted by favorable GST reforms and buoyant consumer sentiment, as reported by the Confederation of All India Traders (CAIT). This surge includes Rs 5.40 lakh crore in goods and an additional Rs 65,000 crore from services.

CAIT's extensive survey, conducted across 60 key distribution centers nationwide, revealed that mainline retail, particularly traditional markets, played a pivotal role, contributing 85% to the total trade. The strong performance marks a significant recovery for small traders and India's physical markets.

Driven by reduced GST rates, sectors like Grocery & FMCG, Gold & Jewellery, and Electronics experienced noteworthy growth. With a festive surge continuing into early next year, including the wedding season, the report highlights the creation of 50 lakh temporary jobs, underlining economic participation beyond urban centers.