Ranchi

Markets in Jharkhand are poised for brisk sales on the occasion of the Dhanteras festival on Saturday, amid the recent cuts in GST rates, traders said.

Sellers of automobiles, electronics and home appliances are betting big on the positive sentiment of consumers during the festival season, while jewellers are sceptical about sales due to skyrocketing gold prices, they said.

Federation of Jharkhand Chamber of Commerce and Industries (FJCCI) president Aditya Malhotra told PTI, "The recent cuts in Goods and Services Tax (GST) have given a boost to the market on Dhanteras this year, particularly in sectors of automobile and home appliances. Overall, we can say a positive sentiment prevails in the markets."

He said people seemed to be in a buying spree in the run-up to the Dhanteras and Diwali festivals, while sales were affected during the Durga Puja season due to incessant rainfall.

Dhanteras is a festival that marks the beginning of Diwali celebrations.

Jharkhand Chief Minister Hemant Soren extended his best wishes on the occasion of Dhanteras.

"This sacred festival of Dhanteras signifies good health, prosperity, and a bright future in our lives. On this holy occasion, may every home be filled with happiness, better health, and the light of prosperity. I wish for all of you to thrive and prosper," CM posted on X.

Malhotra said consumers are flocking to the markets on Dhanteras, which will give a boost to small businesses.

The federation has urged the trading community to pass on the benefits of GST rate cuts to the consumers and introduce offers to attract customers, Malhotra said.

The GST Council, comprising the Centre and states, had reduced tax rates on about 375 goods and services from September 22.

The council approved simplifying GST from the four slabs to a two-rate structure - 5 and 18 per cent.

According to automobile dealers, there is pre-booking for around 5,000 two-wheelers and 2,000 four-wheelers only in Ranchi.

"The demand for SUVs is high. Besides, there is a huge surge in demand for electric vehicles, mainly the two-wheeler," a trader said.

Malhotra said, "We are hoping that the overall sales would go up by 15-20 per cent compared to the previous Dhanteras."

The market of electronics goods is expected to attract major footfalls with a surge in demand for big-screen smart televisions, mobile handsets and sound systems.

"The booking is also high for refrigerators, washing machines and induction cooktops," said Ravi Jha, a dealer in electronic items in Ranchi.

Like every year, the utensil market is expected to flourish during the festival season.

"The footfalls at major utensil markets in Ranchi are visible from Friday evening. There is demand for copper jugs and glass as people are becoming more health-conscious," said Rajiv Bansal, a utensil dealer.

In the bullion market, the major showrooms and shops are sceptical amid a surge in gold prices, which has already crossed the Rs 1.30 lakh mark for per 10 grams, said a jewellery trader in Ranchi.

READ MORE: Anwar Mehdi gave up AMU job to keep Sherwani alive

Malhotra said the demand for 'swadeshi items is high amid the nationwide campaign.