Cities All Decked Up, Massive Festive Sales On Cards In A Boost For Economy

Diwali is here and so the festive cheers for the people and the economy. With Dhanteras witnessing massive sales, the traders are expecting sales of over Rs 50,000 crore in the run-up to Diwali. The trends of Dhanteras indicated that people defied inflation concerns and went on a shopping spree and the same is likely to continue even today. The festive business is all set to give a boost to the economy. With World Cup matches already playing as a catalyst, the Indian economy is likely to perform better this quarter, feel experts. According to estimates, the Cricket ODI World CUp is likely to add $2.6 billion to the Indian economy. On the other hand, on the occasion of Dhanteras 2023, a business of Rs 17,000 crore was recorded in Uttar Pradesh only. The final figures, once released, is likely to surpass last year's sales numbers.

The festive period saw a boost in the demand for gold, silver, cars, SUVs, bikes, electronics, durables and iPhones among other items with consumer sentiments at a high. The sales of gold and silver are likely to be around Rs 30,000 crores across India.

Diwali preparations are underway in various states, with cities adorned in festive decor as the celebration draws near. Throughout the country, people have embellished their homes with vibrant lights, rangolis, and flowers to partake in the joyous festival. Diwali is observed on Amavasya (or the new moon), the 15th day of the month of Kartik, every year. This year, Diwali will be celebrated on November 12.

Meanwhile, Ayodhya set a new Guinness world record by lighting over 22.23 lakh 'Diyas' (earthen lamps) during 'Deepotsav 2023'. The temple town broke its own world record of 15.76 lakh Diyas lit last year on the Diwali eve. The Uttar Pradesh Government's 'Grand Deepotsav' was recognized by the Guinness Book of World Records after representatives from the organisation witnessed and acknowledged the achievement of lighting an unprecedented number of lamps simultaneously at a single location.

Prime Minister Narendra Modi, President Droupadi Murmu and other political leaders have extended their greetings to the citizens on the occasion.