Diwali sales hit record Rs 6.05 lakh crore, Sitharaman says
Finance Minister Nirmala Sitharaman announced on Wednesday that Diwali sales reached 6.05 lakh crore rupees this year. The Confederation of All India Traders reported goods worth 5.4 lakh crore rupees and services totaling 65,000 crore rupees changed hands. Sales jumped 25 percent from last year, when the festival period generated 4.25 lakh crore rupees in transactions. Traditional stores captured 85 percent of business as physical retail rebounded strongly.
Lower goods and services tax rates on confectionery, home decor, footwear, garments and consumer durables boosted purchasing power across categories. About 72 percent of merchants surveyed attributed higher sales volumes to reduced taxation. Rural and smaller urban markets contributed 28 percent of total revenue and demonstrated economic expansion beyond major cities. The trading surge created temporary jobs for 50 lakh workers in logistics, transport, retail support, packaging and delivery sectors.
