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New Delhi. Finance Minister Nirmala Sitharaman said on Thursday that transactions worth Rs 1.02 lakh crore were made through the Unified Payment Interface (UPI) platform on October 18, i.e. Dhanteras, and the number of transactions during this period was 75.4 crore, which is the largest number of transactions in a day so far. The Finance Minister said the average number of transactions on UPI during the three days from Dhanteras to Diwali was 73.69 crore, compared to 64.74 crore in the same period last year.

He further said that this year Diwali has been a blast for retailers and the cut in GST rates has led to an increase in consumption, giving the middle class an opportunity to do more shopping within their budget this festive season.

The Finance Minister further said, this reform has provided tangible savings to households by rationalizing slabs and reducing rates on various consumer goods, thereby increasing disposable income and helping to stimulate demand.

The Finance Minister further said that from lab-grown diamonds to casual wear and home decor products, both the mass and premium segments of the market witnessed growth.

25 percent more sales than last year

According to the Confederation of All India Traders (CAIT), the sale of goods during the festivals running from Navratri to Diwali has reached a record Rs 5.40 lakh crore. During this period, services worth about Rs 65,000 crore have also been purchased by the customers.

This is 25 per cent higher than last year’s festive sales of Rs 4.25 lakh crore in the Navratri to Diwali period, according to CAT Research and Trade Development Society, the research wing of CAT. It was told in the survey that the share of retail sector in this was 85 percent.

Demand has been good in the offline market also. Reduction in GST rates in key consumer and retail categories such as confectionery, home décor, footwear, readymade garments, consumer durables and daily use items significantly improved price competitiveness, leading to increased offtake.