Diwali festival in India has generally been encouraging for the business and business world, but one of the chiefs of the unorganized sector traders says this picture was changed due to the notes ban and GST on this year.

The organization claims that this Diwali sale has fallen by 40 percent compared to last year and it is considered to be the slowest Diwali of the last ten years.

In a statement issued on Saturday, Confederation of All India Traders (CAT), an organization of retail business, said that there is a retail business of about Rs 40 lakh crore annually in India. In this organized sector's share is only five percent, while the remaining 95 percent contribution is from the unorganized sector.

The festival season, which started ten days before Diwali, has been about Rs 50 thousand crore in the last few years. This year, it fell 40 percent and in this view it has been the worst diwali of the last ten years.

CAT National President BC Bhartia and General Secretary Pravin Khandelwal said that the low attendance of the consumers in the markets, limited spending etc. are the main reasons for this Diwali business being short.

He also said that after the notes ban, the problems of the unstable market and GST system created an atmosphere of suspicion in the market which affected the perception of both consumers and businessmen. Ready-made clothes, gift items, kitchen utensils, electronics, durable consumer products, FMCG goods, watches, bags-trolley, home furnishings, dried fruits, desserts, snacks, furniture, light-bulbs etc. things are mainly purchased during Diwali.

Cat said that the expectations of traders are now on the wedding season.

It is notable that when only two days left in Diwali, at that time even this time silence was in the markets across the country and not only make the festive atmosphere. Purchasing at this time every year was at its upper limit. In the markets, there is a very small drop in subscribers, which has led to a decline of 40% in sales in comparison to last year.

Cat Chairman BC Bhartia and General Secretary Pravin Khandelwal said that there is a shortage of cash in consumers' pockets, due to this there is a recession of the markets.

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