India’s Economy Is Reviving Due To The Festive Season- Sales Are Showing The results!
Festive season sales has definitely changed the recent economic condition of India. Economy is reviving again!
This festive season sale has definitely changed the recent economic situation of India. There has been a rise observed because of the festive sale. Retailers like Amazon, Walmart, Flipkart saw almost double the sales!
November being the holiday season and culminating Saturday with Diwali seems to give a much-needed boost to demand, with online retail sales to business activity indicators signaling Asia’s third-largest economy is recovering.
In this festive season, retailers including Amazon.com Inc. and Walmart Inc.’s Flipkart are getting a 55% jump in online sales from a year ago to $4.1 billion. This is really surprising.
This year the festive season is one biggest reason for stabilizing India’s economy and employment.
However, the sale is not just limited to the retail sector as when data was compiled it showed an increase in new vehicle registrations during October. Yes, you read it right! One big reason for this is the preference for self-transport is increasing. Thus, people are investing more in vehicles.
“The economy is showing clear signs of improving,” says Pranjul Bhandari, chief India economist at HSBC Holdings Plc on Thursday.
Further, he even mentioned that –“Monthly sales tax revenues have crossed the 1 trillion rupee mark, manufacturing indicators have rebounded, and even sluggish capital-intensive industries have seen something of an uptick.”
All the sectors are trying to revive their business after the unlock. The manufacturing sector is taking all the attention with a “Z-score” analysis showing India’s purchasing managers’ index expanding at a brisk pace relative to its average.
Finance Minister Nirmala Sitharaman on Thursday, boosted the sentiment by expanding total stimulus to 15% of GDP, including measures aimed at luring new investments.
All these figures together have helped the nation’s economy to regain its losses. However, there is a lot more to go.
“A larger section of Indian households face stretched balance sheets; and the government’s fiscal response remains modest,” said Tanvee Gupta Jain, an economist with UBS Securities India Pvt. in Mumbai.
I hope this rise increases more as the festive season has just started and there’s a lot more to go, Christmas is also coming. Hence, keeping all positive hopes in mind let’s wait to see more sales. Till then stay tuned for further upcoming updates.