Diwali sales skyrocket to record ₹5.4 trillion

GST 2.0, local goods drove demand, says trade body

- SHARLEEN D'SOUZA

Diwali sales this year reached a record %5.4 trillion in goods, up 25 per cent from last year, excluding an additional %65,000 crore from services, according to the trade body Confederation of All India Traders (CAIT), which attributed the rise to the Prime Minister’s call for a “Swadeshi Diwali”.

Last year, the Diwali trade figure had stood at%4.25 trillion.

A survey by CAIT’s research arm, the CAIT Research & Trade Development Society, found that goods and services tax (GST) rate rationalisation helped boost consumer demand this festival season. The survey, conducted across 60 major distribution hubs (including state capitals and Tier-II and -III cities) found 72 per cent of traders directly linked higher sales volumes to reduced GST rates on daily-use products like footwear, garments, home décor items, and consumer durables.