Impact of GST
The effect of giving relief in tax to people was seen on Navratri by changing the GST slab towards the central government. According to government sources, India’s consumer economy has seen the highest sales in Navratri this time in the last 10 years. Rashing the GST slab reduced the tax burden on the necessary and luxury goods, due to which people are shopping with confidence. People upgraded home appliances and lifestyle products, which led to a tremendous bounce in demand.
Automobile companies benefited the most in this Navratri. After a cut in GST, Maruti Suzuki recorded its best Navratri sales in the last decade. Their sales doubled compared to last year. The company achieved 1,50,000 bookings and is expected to reach 2,00,000. Last year, 85,000 vehicles were sold in Navratri. This time, 1.65 lakh vehicles were delivered in the first 8 days of the festival, with 30,000 cars sold on the first day, which is Maruti’s best single-day performance in 35 years. Mahindra & Mahindra saw 60% retail sales growth. The SUV cells were more than 72% of their total cells due to the strong demand of Creta and Venue in Hyundai. The number of customers in the showroom of Hero MotoCorp doubled, especially in commutor two-wheelers, good growth was seen. Tata Motors sold more than 50,000 vehicles, with Ultrose, Panch, Nexon and Tiago models at the top. Bajaj Auto also recorded good sales in the festive season.
Boom in electronics too
The electronics sector also saw a boom in demand. Brands recorded double-design growth. Higher sales increased by 85%, causing an 85-inch and 100-inch TV Diwali stock of more than Rs 2.5 lakh. The company sold 300-350 units of 65-inch TV daily in Navratri. LG Electronics India saw “Experial Growth” in its product range. Reliance Retail saw a growth of 20-25%, with the highest sales in big-screen TVs, smartphones and fashion categories.
Festive Economy Outlook
According to government sources, brands and retailers saw sales growth ranging from 25% to 100%. The festive season of India, including Onam, Durga Puja and Dussehra. The largest consumption period of the year has become a period, which is 40-45% of the total festive sales. Navratri’s record-breaking demand shows that GST Cuts made the goods more affordable and boosted the consumer sentiments, making India’s consumption-driven economy a tremendous push in the festive season.