Nagpur, Oct 12
Confederation of All India Traders (CAIT) has lauded the stimulus announcement by union Finance Minister Nirmala Sitharaman for boosting purchasing power of 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 on Monday will bring considerable business escalation in Indian market.
It also said that the stimulus package will enable the country to celebrate Diwali this year as Hindustani Diwali. The package may increase the demand of home appliances, electrical and electronic gadgets, kitchen equipment, FMCG products, consumer durables, cloth and readymade garments, mobiles, footwear and gift items. CAIT national president B CBhartia and general secretary 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 March 31. This will benefit the traders across country. Bhartia and Mr. Khandelwal further said 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 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 Government employees to spend more and ultimately the money will come in to the markets. Bhartia and Khandelwal opined that post unlock 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 government employees to spend more and ultimately the money will come in to the markets.