- India’s festive season spending is surging, with consumers splurging on cars, smartphones, and TVs, boosting the country’s economic growth.
- Online platforms like Amazon and Flipkart have reported nearly a 20% increase in sales during the first week of the festive season compared to the previous year.
- Digital transactions through the Unified Payments Interface (UPI) have seen a 40% surge in October compared to the previous year.
- Factors contributing to the spending boom include lower inflation, rising wages, increased consumer confidence, and strong demand for bank loans despite interest rate hikes.
- The government’s support for farmers and reduced cooking gas costs, along with robust consumer spending, are driving manufacturing activity and underpinning India’s economic growth of over 6% in the current fiscal year.