The Confederation of All India Traders (CAIT) has lauded the stimulus announcement by Union Finance Minister Mrs. Nirmala Sitharaman today for boosting purchasing power of Government employees. The 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 today will bring considerable business escalation in Indian market. It also said that the stimulus package will enable the Country to celebrate this year’s Diwali and as Hindustan. The package may likely increase the demand of home appliances, electrical and electronic gadgets, kitchen equipments, FMCG products, Consumer durables, Cloth & readymade garments, mobiles, footwear and gift items.
CAIT National President Mr. B.C.Bhartia & Secretary General Mr. 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 31st March will benefit the traders across Country. Mr. Bhartia & Mr. Khandelwal further said that if State Governments also join hands with Central Government stimulus the demand in the market will also escalate.
Mr. Bhartia & Mr. 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 Government employees to spend more and ultimately the money will come in to the markets.
