Diwali sparkles again in India, lifting economy

New Delhi: The Indian consumer and the country’s economy have found their mojo back this Diwali.

As Covid appears to be on its last leg, consumer sentiment has improved tremendously and according to surveys. Online sales alone in India are expected to jump by 42 percent to $9.2 billion this Diwali.

Studies in consumer sentiments in jewelry, automobile, apparel, and consumer electronics across age group, gender, location, language, income bracket, and region confirm the boom Indian market is seeing this Diwali.

In the rural belt, 43 percent responded positively to buy a two-wheeler this Diwali and 68 percent intend to buy consumer electronic items.

To increase the spending power of people, the Modi government has announced a 3% hike in dearness allowance for its employees. Several state governments are following suit.

Meanwhile, export orders for food, handicraft, and readymade garments have shown an increase of 15 percent on a year-on-year basis owing to the festive season and higher demand for Indian sweets and snacks during Diwali.

India’s merchandise export had amounted to $198 billion in April-September 2021. It is being estimated that the increase in this quarter could be around 40 percent more in the current quarter due to the festive season. “The US is doing better than the UK and EU,” A Sakthivel, Chairman of Apparel Export Promotion Council said.

The effervescent economy of resurgent India is an auspicious omen on Diwali.

Green crackers are the most sought-after item this Diwali as various state governments in India have issued directions regarding cracker bursting. Green crackers are less polluting as they do not contain chemicals like arsenic, barium, and lithium.

Another Diwali essential India is focusing on this festive season is the earthen Diya made by local potters. After the call by PM Modi to buy locally made products, there has been a renewed interest in the young generation to use earthen diyas this Diwali.

Image courtesy of (Photo courtesy ToI)

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