In the ongoing festive season, India is witnessing record-breaking sales — a buoyant market environment and the encouraging impact of GST 2.0 reforms.
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NEW DELHI/MUMBAI — In the ongoing festive season, India is witnessing record-breaking sales — be it automobiles, gold or electronics and home appliances — driven by robust consumer demand and GST 2.0 reforms.
While gold and silver sales on Dhanteras was more than 25 per cent higher in value, as consumers anticipate further rally, the auto industry saw surge in sale volumes.
According to analysts, the festive season shows renewed enthusiasm for gold purchases.
On Dhanteras, the All India Gem and Jewellery Domestic Council (GJC) reported a surge in gold and silver purchases following a sharp price correction. “We expect festive sales to cross INR 50,000 crore. Despite high gold and silver prices, consumer sentiment is strong, driven by strategic buying and early wedding purchases," according to Rajesh Rokde, Chairman, GJC.
Gold coins are leading demand, with hallmark-certified lightweight jewellery also performing well. Silver items, especially coins and puja articles, have surged nearly 40 per cent over last year.
“We’re also seeing a 15 per cent increase in self-purchase trends, with younger consumers choosing lightweight, responsibly sourced jewellery to mark personal milestones,” Rokde added.
Also read: GST benefits extended to people, INR 20 lakh crore consumption boost likely: Centre
According to Amit Kamat, Chief Commercial Officer, Tata Motors Passenger Vehicles Ltd, this year, Dhanteras and Diwali deliveries are spread over two-three days, in line with the auspicious muhurat.
“Overall demand has been robust, and the GST 2.0 reform has further provided positive momentum. We expect to deliver over 25,000 vehicles during this period,” he noted.
The positive momentum is driven by the festive spirit, a buoyant market environment and the encouraging impact of GST 2.0 reforms.
“We are witnessing strong customer demand, with deliveries expected to be around 14,000 units — approximately 20 per cent higher than last year,” said Tarun Garg, Whole-time Director and COO, Hyundai Motor India Limited (HMIL).
Huge shopping was witnessed across India on Dhanteras, with total trade estimated to have crossed INR 1 lakh crore, marking one of the strongest festive seasons in recent years. Gold and silver alone accounted for more than INR 60,000 crore in sales, while Delhi markets registered transactions exceeding INR 10,000 crore as demand for indigenous products surged, according to CAIT.