Recently a survey conducted by ASSOCHAM has revealed that owing to the sluggish economic activity, India Inc. spending on Diwali has witnessed a fall in 2012. More than 150 corporate entities were part of this survey that came from different sectors. These corporate belonged to 10 cities that included Mumbai also.
Survey findings pointed at the trend wherein one in every three corporate has decided to let go of Diwali gift exchanging ritual this year whereas the spending budget of the other two corporate has been halved.
In 2009, India Inc. spent 2000 crores on Diwali with the spending seeing an increase in 2010 to 3200 crores. However in 2011 this spending saw a downfall of 11 percent and this year it has been cut by almost 50 percent, coming out to be roughly at 1450 crores.
One dry fruits owner has told DNA, “The cost of dry fruits is up by 20% as compared to last year; company orders have reduced by 70%. It’s not going to be a bright Diwali for us.” A home chocolate maker has received orders to the tune of 30Kgs only this year.
Photos: Financial Express, Wall Street Journal, Glam India