New Delhi: Finance Minister Nirmala Sitharaman highlighted the surge in Diwali sales this year which touched a record Rs 6.05 lakh crore, driven by GST rate cuts and strong demand for ‘swadeshi’ products.
The Finance Minister cited the statement of the Confederation of All India Traders (CAIT) which estimated this year’s Diwali sales comprising Rs 5.4 lakh crore in goods and Rs 65,000 crore in services.
This marks a 25 per cent jump over the 2024 festive sales of Rs 4.25 lakh crore from the Navratri to Diwali period and is the highest-ever sales in India’s trading history, according to Research and Trade Development Society, the research wing of CAIT.
Mainline retail accounted for nearly 85 per cent of total sales, indicating a strong revival of the brick-and-mortar market, the survey showed.
The reduction in GST rates across key consumer and retail categories such as confectionery, home decor, footwear, and ready-made garments, consumer durables and daily use items significantly improved price competitiveness and increased purchase momentum.
About 72 per cent of surveyed traders reported higher sales volumes directly attributable to reduced GST, according to the survey.
"The Diwali trade surge is estimated to have generated temporary employment for nearly 50 lakh people across logistics, transport, retail assistance, packaging, and delivery," the data showed.
