The sale during Diwali witnessed a steep fall of 40 per cent due to shortage of cash in reservoirs forcing a low count of footfall in markets!
CAIT has bad news for economy this Diwali!
Diwali is a great time of festivity and the best time for traders and businesses. With the festival kicking in, people indulge in buying many goods which include household products to jewelries. With a ban on fire crackers and several other restrictions, this year’s Diwali seems a lot colorless. The reports from CAIT also adds to the misery.
The gross sale in markets across the country is witnessing a 40% drop due to low footfall of consumers. Meanwhile this record is said to be the highest drop in the economy during a time of major festival. The shortage of cash in the market is responsible for such a state says the traders body, CAIT.
With just 3 days for Diwali, “markets across the country are gloomy, resembling a desert with very less festivity and less foot fall of the consumers”. This is resulting in 40 per cent drop in sales in comparison to last year. Confederation of All India Traders (CAIT) confirms in a statement.
It said less footfall is there in markets because of cash shortage.
It also said that the slowdown is further multiplied by glitches in the Goods and Services Tax (GST), which kicked in from July 1.