Nagpur: While analysing the impact of Diwali on sales this year, the Confederation of All India Traders (CAIT), apex body of trading community of the Country said that both business and sales during Diwali festival this year was quite low in comparison to last few years. As per market observers, It appears that in last ten years this was the most low Diwali for the traders which saw a slowdown of about 40% in Diwali sales in comparison to last year.
Indian retail trade accounts for an yearly turnover of about 40 lakh crore ( about 3.5 lakh crore per month) out of which only about 5% sale is of organised sector and rest of the 95% sales belongs to self organised sector which is often wrongly described as unorganised sector. During 10 days prior to Diwali festival, the sale of items pertaining to Diwali festival is generally estimated at about 50 thousand crore in previous years and out of this about 40% sale was down this Diwali.
Items like Readymade garments, Gift Items, Kitchen Appliances & Accessories, Electronics, Consumer Durables, FMCG Goods, Watches, Luggage Kits, Home Decor, Furnishing Fabrics, Electrical items, Builders Hardware, Paints, Utensils, Light Fittings, Dry Fruits, Sweets, Namkeen, Furniture, Decoration items are primarily considered as items related to Diwali festivals.
CAIT National President B.C.Bhartia & Secretary General Praveen Khandelwal said that low turnout of consumers in commercial markets with limited spending capacity stated to be the main reason which further led to very low festivity spirit among traders. Unstablised market after demonetisation supported by glitches and hardships in GST system and its procedure brought much uncertainty in the market which badly affected sentiments of both traders and consumers.
Diwali is over and now traders hopes are much belied on forthcoming Wedding season which will began from 31st October,2017, the day of Dev Uthni Ekadashi which will go till 14th December, 2017 and will again resume on 14th January,2018. While reviewing the current market situation having low sentiments, it is necessary to boost the retail trade which is also providing highest employment in the Country after Agriculture. Unfortunately, no government has ever taken Retail Trade on its priority. Out of all sectors of economy, retail Trade is the only sector which does not have either a Ministry or a policy. In order to boost economy it is necessary for the Govt to formulate a National Trade Policy for Retail Trade & to Form a separate Ministry of Internal Trade. It will also be appropriate if a Retail Regulatory Authority is formed to monitor & regulate the retail trade.