Diwali Retail Sales Up 40 Percent
Oct. 22 – Like China’s government instituted “Golden Weeks” during national holidays, India is beginning to push domestic spending during holidays as a way of bolstering the economy.
Last week’s Diwali Festival spurred an increase in retail of some 40 percent over the corresponding time last year, in another signal that the “feel good” factor is coming back amidst previous concerns about the economy. Consumer electronic companies such as Samsung and LG both recorded far better than expected results, with color TV’s, refrigerators and touch screen mobile phones all doing brisk business.
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