New Delhi / Mumbai, October 19 (IANS). India is witnessing good economic activity during the festive season this year and sales of automobiles, gold and electronics have reached record highs since the implementation of GST reforms in the country.
The sale value of gold and silver has increased by about 25 percent on Dhanteras and the auto industry has also seen an increase in sales volume.
According to analysts, there is new enthusiasm for purchasing gold in the festive season.
On Dhanteras, All India Gems and Jewelery Domestic Council (GJC) reported a surge in buying of gold and silver following the recent fall in prices.
According to GJC Chairman Rajesh Rokade, “We expect festive sales to cross Rs 50,000 crore. Despite high gold and silver prices, people for wedding and strategic purposes are buying.”
Demand for gold coins and hallmarked light jewelery has increased and silver coins and puja related products are performing well and have seen a growth of 40 per cent in demand.
According to Amit Kamat, Chief Commercial Officer, Tata Motors Passenger Vehicles Limited, this year Dhanteras and Diwali deliveries will be made in two-three days as per the auspicious time.
“Overall demand has been strong and the GST 2.0 reforms have given it even more positive momentum. We expect deliveries of over 25,000 vehicles during this period,” he said.
This positive momentum is driven by festive fervor, upbeat market environment and the encouraging impact of GST 2.0 reforms.
“We are seeing good demand from customers and deliveries are expected to be around 14,000 units, which is around 20 per cent more than last year,” said Tarun Garg, whole-time director and COO, Hyundai Motor India Limited (HMIL).
According to CAIT, Dhanteras witnessed huge shopping across India, with total business estimated to cross Rs 1 lakh crore, marking one of the strongest festival seasons in recent years. Gold and silver sales alone contributed more than Rs 60,000 crore, while Delhi markets recorded transactions worth more than Rs 10,000 crore due to increased demand for indigenous products.
–IANS
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