Bhopal: It was a glittering Dhanteras in the state capital as business crossed Rs 200 crore on the first day of the five-day Diwali festival that began on Tuesday. Vehicle showrooms, jewellery and electronic stores recorded brisk business on the day.
At a time when the goods and services tax (GST) and demonetisation are being blamed for a slowdown in business activities, the overall market on Dhanteras has reached a new high. Even as the prices of the goods went up under the new tax regime, the business trend during the past few days has displayed that markets have managed to absorb the shock of demonetisation and GST and are emerging stronger this festive season.
Jewellery market recorded Rs 50 crore business, automobile sector (car segment and bike) also witnessed brisk business of Rs 50 crore. Electronic segment did the business of around Rs 25 crore, while furniture market recorded Rs 20 crore business on the day. Miscellaneous including decorative, accessory items witnessed Rs 50 crore.
Around 30 per cent growth is expected in middle and small car segments. Not only this, an increase is expected in the sale of gold, silver. The real estate which is already facing slowdown, is still to come out from hibernation.
One reason for market predicting good sales is the increase in the sale limit to Rs 2 lakh without PAN card. Previously, for any sale of over Rs 50,000 the buyers had to share their PAN card number. The sale of automobile, home appliances, electronics and mobiles is expected to see around 20 per cent growth this year.
Institute for Excellence in Higher Education (IEHE), economics professor, Dr Harihar Basant Gupta said, “ Market trend shows that GST impact has been absorbed as there are many finance schemes enabling people to make purchases. So this time, data will be in plus in comparison to previous years. When finance companies are providing loan at competitive rates of interest, people are ready to re-pay it and are going for it. However, it will take some time to reshape Indian economy as per the new format of GST.”