GST Reform Surge Demand as Diwali Sales Reach Rs 5.4 Lakh Crore
Due to the recent GST changes and high consumer demand, Diwali sales across India hit a new record. According to data, consumers have spent around Rs 5.40 lakh crore on goods and about Rs 65,000 crore on services during the festive season. This marks the highest Diwali sales ever seen in the country’s retail and trade sectors.
Lower prices on popular consumer goods like sweets, home decor, shoes, ready-made clothes, everyday products, etc., made the purchase even more affordable, saving a significant amount of money in their pocket. The buyers were more satisfied this festive season, as the prices were steady, even with the high demand.
Stronger purchasing power in rural and semi-urban areas contributed nearly 28% of total sales, showing that economic growth is now reaching beyond the big cities.
As per the data, Diwali sales saw a strong 25% increase compared to last year’s Rs 4.25 lakh crore. Traditional retail markets, including small businesses and non-corporate traders, made up about 85% of the total sales. This shows that India is now strongly supported by the non-corporate and non-agricultural sector, which includes around 9 crore small businesses and many small manufacturing units, and the country’s big consumer base. The physical markets and small shopkeepers have made a strong comeback in India’s festive market.
The rise in Diwali sales is estimated to have created jobs for around 50 lakh people. These jobs were mainly in areas like transport, logistics, retail support, packaging, and delivery, according to the data.
