For the first time in 10 years, Diwali sales crossed 1.25 Trillion Indian Rupees (16.85 Billion USD). Sales majorly consisted of earthen lamps, candles, paper lamps, sweets, toys, clothing, foods, and so on. This growth in sales in those areas helped craftsmen, potters, chefs and small businesses.
Surprisingly, on most Diwalis, fireworks take up the highest share of sales, but recently, due to rise in online shopping and climate change advocacy and education, people are reducing expenditure on fireworks. Online retailers, especially gigantic ones like Amazon, Flipkart and JioMart do not by default sell fireworks. Climate change advocacy and literacy has also slumped fireworks expenditure.
India's festivities do not seem to be hampered by its rising inflation and slowly recovering economy. With supposedly India's biggest wedding season coming up, jewelry and clothing sales are predicted to skyrocket. Such boosts in economic activity should help heal the economy faster.
Also, taking a small tangent, on October 31, Chinese Communist Party (CCP) owned Global Times released an article detailing how boycotting Chinese products would hurt Indian economy, but as evident, India beat previous 10 years' records and shattered this article. The article outlines how Chinese products are good quality, cheap, and have helped grow Indian economy over many years. It weirdly mentions "India's GDP contracted an unprecedented 7.3 percent in the last financial year that ended in March 2021" but fails to recognize that India overshot expectations on its economic growth and is headed towards the endemic stage of the virus in the nation.
1 comment:
It makes complete sense that after more than a year of people staying inside and not taking part in celebrating festivals that this year people want to make up for the ones that they missed. It is also nice to see that climate change advocacy has caused people to realize the pollution caused by fireworks and try to play their part in reducing it by not purchasing them.
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