28 October 2022, Mumbai:
Deepawali or more fondly called Diwali a festival that symbolizes the 'victory of light over darkness, 'knowledge over ignorance, and 'good over evil' (ॐ असतो मा सद्गमय । तमसो मा ज्योतिर्गमय ।) assumes the brightest spot and is the mother festival in Indian society & something which is deeply rooted in our profound culture.
Significance and Secrets of Diwali
India will have a trade agreement with the UK, one of the leading markets for Indian garment exporters, following successful trade agreements with Australia and the United Arab Emirates was widely expected to be closed by the Diwali period to come in as a Diwali gift to the nation.
On the next touring day to India, UK Prime Minister Boris Johnson met with Indian Prime Minister Narendra Modi. By the end of the year, they both committed to revealing their strategies for concluding a free trade agreement (FTA). According to the UK PM, both presidents instructed their negotiators to complete the Free Trade Agreement by Diwali 2022.
As luck would have it the negotiations for an FTA really did not really make considerable progress as the UK plunged into economic and political crisis in the interim period, but now that nation has got a new PM, Rishi Sunak, UK's first Indian-origin reviving the hopes for a pragmatic trade pact with a lasting value to both nations.
Teams from both nations are working on the FTA, say diplomatic channels on both sides of it. The negotiation process is going well. And we've decided to try our hardest to finish the FTA before the year ends. Indian garment exporters face a duty disadvantage in the UK of 9.6% when compared to their rival nations. Before Covid in 2019, the UK imported 24.9 billion dollars of clothing. Bangladesh imported US $ 3.6 billion, while India received US $ 1.4 billion.
Industry leaders have often stated that if India and the UK sign a free trade agreement, India's apparel/garments exports to the UK may quadruple in only two years. There will be a significant increase in employment in the garment sector.
Diwali marketing, a firecracker of an opportunity?
Diwali is not merely a religious or cultural holiday; it also significantly affects our country's economy. Each of us has a shopping list for the Diwali discounts. Holidays occur in the middle of the fiscal year (April to March). The season provides a clue about the state of the economy but also affects market sentiment for the remainder of the fiscal year. Let's examine the industry's perspective on holiday season sales now.
According to CAIT National President Shri B C Bhartia and Secretary General Shri Praveen Khandelwal, 1.25 lakh crores of retail commerce was transacted nationwide from the first Navratri (on September 26) until Dhanteras. Just in Delhi, transactions of more than 25,000 crores have taken place. Thus the retail industry may surpass the 1.5 lakh crore threshold this year.
Diwali bonus practice; Every year almost all Government employees annually and including a large chunk of the private sector in India are getting bonuses as a common practice on Diwali for a long spurring a virtual cycle of spending/triggering personal consumption.
Look back @ Diwali 2022
Diwali always presents an immensely larger-than-life 'Opportunity to engage/Connect with consumers to make the best out of it. Trade reports reflect that during Diwali 2022 fashion industry demand remained resilient on the back of consumer exuberance mood despite the inflation-biting an ordinary man and a secular surge in product prices.
According to Redseer Strategy Consultants, the 2022 festive season will grow by 28% year-on-year and touch around USD 11.8 billion as the period around Diwali 2022 has been through and through eventful. Sanjay Kothari, associate partner, Redseer Strategy Consultants said, “We are forecasting 4x growth in the number of online shoppers from 2018.
