Brief by Shorts91 Newsdesk / 07:40am on 01 Nov 2023,Wednesday Business
India's festive season spending is booming as consumers splurge on cars, phones, and TVs, boosting one of the world's fastest-growing economies. Online sales at platforms like Amazon and Flipkart rose nearly 20% in the first week of the festive sales compared to last year. Digital UPI transactions surged about 40% in October compared to last year. The festive period, running until Diwali on November 12, is a key indicator of consumption which makes up 60% of India's GDP. Economists point to easing inflation and rising rural wages. Consumer confidence hit a 4-year high in September per central bank data, while loan demand nears a 12-year peak despite rate hikes. PM Modi is also targeting farmers ahead of elections, hiking crop prices and curbing fertilizer costs to spur demand further.
