Sales and production of vehicles, jewellery, clothing and electronics increased, with personal consumption up 26% ahead of the festive season. Sales and production of vehicles, jewellery, clothing and electronics up, personal consumption up 26% ahead of festive season | NewsBust Sales and production of vehicles, jewellery, clothing and electronics increased, with personal consumption up 26% ahead of the festive season. Sales and production of vehicles, jewellery, clothing and electronics up, personal consumption up 26% ahead of festive season | NewsBust

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Sales and production of vehicles, jewellery, clothing and electronics increased, with personal consumption up 26% ahead of the festive season. Sales and production of vehicles, jewellery, clothing and electronics up, personal consumption up 26% ahead of festive season

By Amit - September 30, 2022

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  • Sales And Production Of Vehicles, Jewellery, Clothing And Electronics Up, Personal Consumption Up 26% Ahead Of Festive Season

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Consumption-based demand has increased in the country due to the return of the economy on track after Kovid. Due to this, production has increased rapidly in the first quarter (April-June) of the current financial year. This includes everything from vehicles, jewelry and clothing to electronics.

Private consumption up 25.9% in June quarter
According to a report by Bank of Baroda, the share of expenditure on private consumption in the country’s Gross Domestic Product (GDP) was 59.6% till the financial year 2021-22. It is increasing in the current financial year. Private consumption grew by 25.9% in the June quarter, compared to just 1.8% in the January-March quarter. This growth was only 14.4% a year ago i.e. in April-June 2021. Private consumption is expected to increase further in the September quarter as the festive season kicks in.

economy getting stronger
Madan Sabnavis, Chief Economist, BoB, says that the production, consumption, sales figures indicate that the economy is fundamentally strengthening. GST collections and consumption figures may be affected by inflation, but production is a solid sign of a strengthening economy.

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Amit

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