Winning Bizness Desk
Mumbai. Rounds of discussion on possible recession in the world amidst rising inflation and sluggish growth rate going on with experts casting aspersions about a slowdown in the US and European markets. However, when it comes to the Indian market, the risk of recession is not even in the picture. If we see the sales of the festive season, we find that India has no sign of recession as the countimen spent lavishly during the festive season in the month of October shedding lakhs of crores of rupees.
US can push the world towards recession
Notably, all rating agencies and experts believe that America can once again push the world towards recession. If institutions like the World Bank and IMF are to be believed, this time the biggest impact on recession will be in America and Europe, while its impact on India will be very less. If we look at the sales figures of the festive season, then this estimate looks quite accurate. About one and a half month long festival season which started from the end of September broke all the previous records and there has been tremendous sales in almost all sectors including gold, houses, vehicles.
Since the beginning of Navratri, there is a constant demand with the vehicle companies and the purchase of gold and silver was also much better this time. An expert said that looking at the sales of the festive season, it seems that India will think twice before coming to a recession. This time in the festive season, whether it is about gold, silver or house and vehicle, selling has gained momentum in every sector. Bullion and business associations have claimed around 30 per cent more sales this year.
39 tonnes of gold sold on Dhanteras
According to the Indian Bullion Jewelers Association, around 39 tonnes of gold jewelry has been sold on the day of Dhanteras this year. Its market value is around Rs 19,500 crore. The great thing is that the largest share in this purchase belongs to the middle class of the country. Compared to last year, there has been a 30 per cent jump in sales, that too when the prices were 5.2 per cent higher this year. So far, on an average, only 20 to 30 tonnes of gold and its ornaments have been sold on Dhanteras.
Sale of vehicles was on peak
Not only gold and silver ornaments, but vehicles have also been sold in a big way. The country's largest carmaker Maruti Suzuki India said that in the September quarter this year, more than 5 lakh vehicles have been sold. On the day of Dhanteras alone, the company has given delivery of more than 21 thousand vehicles. According to the automobile industry, after the start of Navratri on 26 September, there has been a 45 percent jump in the sales of passenger vehicles till 24 October. During this, companies sold more than 4 lakh passenger vehicles, which were just 2.75 lakh last year. Showrooms are empty and companies like Maruti have 1.5 lakh pending orders.
