Barring a few trades that were doing business in cash, other sectors remained largely unaffected, including the jewellery market and automobile sector
The slump in the market affected the Diwali shopping in Uttar Pradesh, but only marginally, as people could be seen flocking to the markets in large numbers.
Barring a few trades that were doing business in cash, other sectors remained largely unaffected, including the jewellery market and automobile sector. Sources said showrooms were flooded with pre-Diwali bookings for new cars and two-wheelers.
A visit to prominent markets in Lucknow, including Chowk, Aminabad, Hazratganj, Mahanagar, Gomtinagar, and Alambagh, proved that people did not hold themselves back from shopping due to price rise or GST.
"After the reforms, things are finally coming back to the track. GST had initially hit small traders but the government took immediate steps to ease out the situation," said Executive Director, Indian Industries Association (IIA), UP Chapter.
Echoing the sentiment, Devendra Kumar, sales manager at a prominent automobile showroom, said: "Our sales have almost reached our targets and will surpass the last year's mark in a day or two as we are flooded with inquiries. Most people are either buying their second vehicle or switching over to SUVs."
But old car bazaar, which mainly runs on the cash flow, suffered 30-40 per cent drop in sales. "Things are improving but it will take some time to stabilise the trade in post-GST regime," admitted Sanjeev Sahni, owner of Rama Auto Sales, the biggest dealer of old vehicles in Lucknow. The jewellery market got a major reprieve following the Centre's decision to withdraw the necessity of PAN card on purchases worth Rs 50,000. Sales in the jewellery market had come down from Rs 26 crore to Rs 13 crore during Navratris due to this provision.
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