Industry organization Bharatiya Udyog Vyapar Mandal (BUVM) has estimated that there will be a business of more than Rs 7 lakh crore across the country in the current festive and upcoming wedding season.
National President of the Board, Babulal Gupta said that with the beginning of the festive season, tremendous enthusiasm has returned to the markets of the country and a total business of Rs 7.58 lakh crore is expected in various sectors. This estimate is based on the market survey conducted by the board across the country, the report of which was released on Tuesday.
Boost to economy from festive season
Babulal Gupta said, “Increasing purchasing power of consumers, increasing interest towards local products and improvement in GST system have given new strength to retail and wholesale trade.” He said that there is a tremendous jump in sales in all sectors like vehicles, real estate, grocery, jewellery, electronics, traditional decorations, apparel and dry fruits. Especially in small and medium cities, the demand for products of domestic manufacturers has increased rapidly.
The demand for traditional handmade items like earthen lamps and idols has also increased due to festive traditions. At the same time, sales have been strong in rural markets also due to increase in income after harvest and marriage expenses. Gupta said that the sale of firecrackers is also making an important contribution to the overall business. Sales in this sector are estimated to be more than Rs 10,000 crore in Uttar Pradesh alone.
Boom from real estate to automobile
He further said that the automobile sector — which includes cars, two-wheelers and e-rickshaws — leads the way with estimated sales of about Rs 1.30 lakh crore. After this, real estate and construction materials sector is in second place with a turnover of Rs 1.20 lakh crore.
The turnover of essential commodities is estimated to be around Rs 1 lakh crore. Gupta said that from metros like Mumbai and Chennai to small towns in North India, shopkeepers are seeing a significant increase in demand for fireworks and festive goods. The festive season has started with Navratri and this momentum is expected to continue further due to the wedding season after Diwali.
The special committee of the board has prepared this estimate on the basis of data received from major business centers like Delhi, Mumbai, Chennai, Ahmedabad, Bengaluru, Hyderabad, Jaipur, Chandigarh, Kanpur, Patna, Indore, Raipur, Ranchi, Haridwar, Tripura and Cuttack. Traders in these cities helped create national estimates by sharing local sales trends.
