India's Economy Lights Up This Diwali After Covid Dampener. Here's Why
NDTV
Online marketplaces Amazon.com Inc., and Walmart Inc.-owned Flipkart saw sales jump 27 per cent from a year ago to $5.7 billion during the festival season's first sale between Sept. 22-30, consulting firm RedSeer estimated.
Indian shoppers are back in force online and in stores, splurging this festive season after the coronavirus pandemic damped celebrations and consumption in previous years.
Online marketplaces Amazon.com Inc., and Walmart Inc.-owned Flipkart saw sales jump 27 per cent from a year ago to $5.7 billion during the festival season's first sale between Sept. 22-30, consulting firm RedSeer estimated. Traders estimate spending of about 2.5 trillion rupees ($30.2 billion) at stores.
This year's Diwali, the festival of lights that falls on October 24 and the equivalent of Christmas in the West, will be India's first season of celebration since the pandemic began without virus-related restrictions. The return of shoppers will serve as a boost to consumption, the backbone of the economy.
Here are four charts that help explain the broader consumption trends:
