Business Bureau :
The Confederation of All India Traders (CAIT) has lauded the stimulus announcement by Union Finance Minister Nirmala Sitharaman for boosting purchasing power of the Government employees. CAIT said that with such a stimulus package the forthcoming Diwali season is going to boost the domestic demands and will contribute significantly to the rotation of money in cash starved markets of the country.
The CAIT estimated that the stimulus announcements made recently will bring considerable business escalation in Indian markets. It also said that the stimulus package will enable the country celebrate this year’s Diwali. The package may likely increase the demand of home appliances, electrical and electronic gadgets, kitchen equipment, FMCG products, consumer durable, cloth and ready-made garments, mobiles, footwear and gift items. CAIT National President B C Bhartia and Secretary General Praveen Khandelwal said that conversion of LTC benefits to allow claims for expenses made by the Government employees coupled with festival advance scheme will empower the Government employees for making expenditures on forthcoming Diwali festival upto a period till March 31will benefit the traders across the country.
Bhartia and Khandelwal further added that if State Governments also join hands with Central Government stimulus the demand in the market will also escalate. Bhartia and Khandelwal said that post unlock down, the commercial markets are under great financial stress due to very low footfall in the markets resulting in sharp drop in sales. At such a time, the stimulus will certainly prompt the Government employees to spend more and ultimately the money will come in to the markets.