{"id":1302293,"date":"2025-11-07T14:45:40","date_gmt":"2025-11-07T09:15:40","guid":{"rendered":"https:\/\/trak.in\/stories\/?p=1302293"},"modified":"2025-11-07T14:46:13","modified_gmt":"2025-11-07T09:16:13","slug":"indians-spent-record-rs-6-lakh-crore-in-30-days-fuelled-by-gst-cuts-festival","status":"publish","type":"post","link":"https:\/\/trak.in\/stories\/indians-spent-record-rs-6-lakh-crore-in-30-days-fuelled-by-gst-cuts-festival\/","title":{"rendered":"Indians Spent Record Rs 6 Lakh Crore In 30 Days, Fuelled by GST Cuts, Festival"},"content":{"rendered":"\n

India\u2019s broad consumption tax reduction led to a surge in consumer spending on products ranging from cars to kitchenware during the month-long festival season.<\/p>\n\n\n\n

\"Indians<\/figure>\n\n\n\n

The tax cut helped stimulate an economy that had been weakened by a 50% import levy imposed by the United States.<\/p>\n\n\n\n

India\u2019s Tax Cut Sparks Festival Spending Boom, Reviving Economy Hit by US Import Levy<\/h2>\n\n\n\n

Spending between September 22 and October 21 \u2014 the period covering Navratri to Diwali<\/a> \u2014 rose 8.5% compared to the same period last year, according to data from Bizom shared with Bloomberg News.<\/p>\n\n\n\n

Total sales across India surpassed 6 trillion rupees ($67.6 billion), with jewelry, electronics, apparel, furnishings, and sweets being the top-selling items, according to B. C. Bhartia of the Confederation of All India Traders.<\/p>\n\n\n\n

The rise in sales indicates a recovery in domestic consumption that had stalled earlier due to steep US tariffs.<\/p>\n\n\n\n

The Modi government reacted to the slowdown by cutting the Goods and Services Tax (GST) from September 22 for nearly 400 product categories.<\/p>\n\n\n\n

India\u2019s major automakers \u2014 Maruti Suzuki, Tata Motors, and Mahindra & Mahindra \u2014 reported sharp sales increases as cars became more affordable under the new tax regime.<\/p>\n\n\n\n

Hyundai and Tata Motors See Festive Sales Surge with Strong Dhanteras Demand<\/h2>\n\n\n\n

Hyundai Motor India recorded a 20% rise in sales during Dhanteras compared to the previous year.<\/p>\n\n\n\n

Tata Motors sold over 100,000 cars between Navratri and Dhanteras.<\/p>\n\n\n\n

Mahindra experienced a 27% growth in tractor sales, driven by strong rural income following a good monsoon season and the tax cut.<\/p>\n\n\n\n

To manage high demand, Maruti Suzuki\u2019s production teams have been working on Sundays, especially to meet bookings for smaller cars, said Partho Banerjee, senior executive officer for marketing and sales.<\/p>\n\n\n\n

Demand for Maruti\u2019s entry-level models such as the Alto, S-Presso, WagonR, and Celerio is so strong that dealers humorously note that \u201chelmets left behind in showrooms\u201d belong to customers upgrading from two-wheelers to cars.<\/p>\n\n\n\n

Financial services firms like Kotak Mahindra Bank and SBI Cards & Payments Services also saw strong growth in consumer spending across multiple categories.<\/p>\n\n\n\n

\u201cWe saw buoyancy in the kitchen category,\u201d said Kaleeswaran A., CFO at Crompton Greaves Consumer Electricals, noting that pressure cookers and similar products benefited from the tax reduction.<\/p>\n\n\n\n

However, the sudden tax cut caused temporary disruptions in supply chains as businesses and distributors rushed to sell goods at older prices.<\/p>\n\n\n\n

Some consumers delayed major purchases from mid-August to late September to take advantage of the reduced tax rates.<\/p>\n\n\n\n

Nomura economists Sonal Varma and Aurodeep Nandi cautioned that the sales surge could partly reflect \u201cpent-up demand,\u201d and that trends in December to January should be considered for a clearer picture.<\/p>\n\n\n\n

A report from BofA Securities noted that despite improving conditions, weak income growth, sluggish labor markets, and a fading wealth effect still constrain consumer sentiment.<\/p>\n\n\n\n

Companies remain optimistic despite these challenges.<\/p>\n\n\n\n

Crompton\u2019s Kaleeswaran expects the strong sales momentum to continue through January and possibly beyond.<\/p>\n\n\n\n

The company is also monitoring growth in real estate and the wire and cable sectors as indicators of rising household confidence.<\/p>\n\n\n\n

Image Source<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

India\u2019s broad consumption tax reduction led to a surge in consumer spending on products ranging from cars to kitchenware during the month-long festival season. The tax cut helped stimulate an economy that had been weakened by a 50% import levy imposed by the United States. 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