30% SLOWDOWN IN MARKETS COMPARING LAST YEAR
AMN / NEW DELHI
It is just seven days away from Diwali, one of the most prominent and celebrated festival of India but markets across the Country wore a deserted look and festivity spirit is yet to be kicked off. Having very Less foot fall of the Consumers, the trading community feared a downward trend of about 30 % in sales in comparison to last year. Traders are worried for the stocks which they have already procured in anticipation of good business this festival.
Items like Consumer durables, FMCG products, Electronics, Kitchen Appliances & Accessiries, Luggage, Watches, Gift Items, Sweets, Dry Fruits, Home Decor, Light Fittings , Watches, Readymade Garments, Decoration Items , furnishing fabrics are some of the business verticals which are worst affected though there is general slowdown in the markets across Country. Real Estate, Jewellery and Bullion are also not doing fair business.
In India the festival season starts with first Navratri and goes upto 14th December and further resume on 14th January and goes upto April. In between Christmas and New Year also included in festive season in month of December.
CAIT National President Mr B C Bhartia & Secretary General Mr Praveen Khandelwal said that Less footfall of the consumers in the markets because acute cash liquidity is the main reason for slow down . Consumers are more inclined to buy only essential commodities and not having any flair to buy other goods because of cash shortage in their pockets. Large investments by general people have been done in real estate and gold which is not doing fair business resulting into blockage of their moveable money. On the other hand merchants have invested in procuring stocks for Diwali festivals also blocking money circulation in the market. The slowdown is further multiplied by glitches in GST turning to be a situation of chaos in the markets all over the Country. Confusion still prevails to a great extent which is more bothering traders. Tax compliance of almost all taxes falls in this month only. Over and above most of the items related to festival are under bracket of 28% GST tax rate which Consumer is hesitating to pay terming it as one third cost of the product. E commerce portals indulging into unfair business practices offering unrealistic discounts also contribute much in restraining consumers to go to markets.The situation is gloomy for the traders and its hoped that this Diwali is not going to be a good festival occasion for them to celebrate with much fan fare due to major slow down in sales.
