With the decline within the Covid instances and upbeat marketplace sentiment, the financial system of Bengal is hoping for a robust comeback using at the festive season. As Durga Puja fervour units in, the ‘Pujo-shopping’ spree has returned.
A contemporary record via the British Council pegged the standard ingenious financial system round Durga Puja at Rs 32,377 crore, which is set 2.78 consistent with cent of the GDP. The 2020 festive season was once hit exhausting via the pandemic and now the financial system is taking a look ahead to a revival.
ECONOMIC DEMAND AND RECOVERY IN BENGAL
The mixture call for in 2021-22 within the state has reached pre-Covid ranges, as consistent with an estimate via the Indian Chamber of Trade. “However the sectoral distribution is other, pointing to developments of a Okay-shaped financial restoration and no longer a V-shaped one,” stated Vikash Agarwal, president of Indian Chamber of Trade.
ALSO READ | What’s the importance of Shashthi, Saptami, Ashtami, Navami, and Dashami?
“Whilst executive workers have source of revenue enlargement and feature been in a position to deal with spending momentum, all private-sector workers don’t seem to be so lucky. Some are dealing with task loss and a few with salary cuts, whilst some have very top earning. The result’s, in conjunction with source of revenue inequality, there’s call for inequality, the call for is extra within the casual financial system, which is a lot more reasonably priced with money purchases with out GST and formal invoicing,” he added.
RETAIL SECTOR SEES GROWTH
Retail gross sales, the absolute best contributor to the Durga Puja financial system, in line with the record, was once Rs 27,364 crore in 2019. In 2020, it dropped because of the pandemic. This yr, on the other hand, the department stores within the state are witnessing a surge, resulting in gross sales figures amounting to greater than the pre-pandemic numbers.
Buying groceries Centre Affiliation of India (japanese area) chairman and Merlin Workforce chairman, Sushil Mohta stated, “Shops are again to 2018-19 footfall. Since Bengal has managed COVID fairly neatly and department stores are keeping up correct Covid protocol, other folks favor department stores to the streets now because of protection rules. Economic system 90% again not off course.”
ALSO READ | Kasundi Maach to Rooster Malaikari, 5 Durga Puja particular recipes
“Meals & beverage and retail gross sales are again to 90% of ordinary. The remainder will also be lined as soon as excellent cinemas arise and cine-goers get started frequenting department stores,” he added. The price of the flicks and leisure business was once pegged at Rs 53.2 crore within the record.
Sushil Mohta stated the total financial system of Bengal is more likely to grasp secure after Durga Puja if the 3rd Covid wave is stored at bay.
The footfall at South Town, Kolkata’s biggest mall, over the 2 weekends previous Durga Puja has been greater than 2 lakh. F&B and retail gross sales are again to just about 100 consistent with cent of ordinary, he stated.
ICC president Vikash Agarwal stated, “We predict sluggish enlargement within the retail sector and slow achieving of pre-Covid ranges via April subsequent yr.”
Talking to IndiaToday.in, Acropolis and Native land Mall Basic Supervisor Okay Vijayan stated, “The final weekend sooner than Puja witnessed incredible footfall. Acropolis Mall witnessed a brisk footfall of 25,000 even on Saturday. We predict a surge until Puja revelry starts. There was an build up of 20 consistent with cent in footfall over final yr and 5 consistent with cent build up over 2019.”
WATCH | Just right information: Muslims arrange Durga puja pandal for Hindu households in Kolkata
“The gross sales had been spectacular, too. Then again, we simply touched the gross sales quantity of 2019 this Puja. Lots of the manufacturers in Acropolis clocked a minimum of 25 consistent with cent build up in gross sales over final yr.”
Although retail spending has greater with the upward thrust within the buying energy of person consumers, the guts of Durga Puja idol-making and light-weight set up industries is but to peer a ray of hope.
IDOL-MAKING INDUSTRY STILL IN DOLDRUMS
Idol-making, which contributed Rs 260-280 crore, in line with the record, hasn’t picked up as anticipated. Prodyut Paul from Gora Chand Paul and Sons, some of the participants of Kumartuli Idolmakers’ Affiliation, stated in 2020, lockdown compelled down trade to 50 consistent with cent-70 consistent with cent.
WATCH | Bengal gears up for Durga Puja celebrations
“We offered idols value Rs 2 lakh for 1 lakh final yr. However this yr it’s even worse. Golf equipment don’t seem to be able to pay even Rs 50,000 for idols value Rs 2 lakh. Golf equipment get Rs 50,000 from the federal government. However the receive advantages doesn’t trickle all the way down to the idol-makers. Additionally, many golf equipment don’t even transparent earlier yr’s dues,” he stated.
“Our workshop took simplest 3 orders this yr. This yr we haven’t even exported idols. Some workshops are taking in additional orders via incurring losses to retain consumers. However that’s no longer sustainable,” he added.
LIGHTING INDUSTRY FACES ‘POWERCUT’
Identical is the case with West Bengal’s famed mild set up business in Chandannagar. Babu Good friend, a veteran artist with over 20 years of enjoy, advised IndiaToday.in that this yr is worse than 2020.
“This yr there aren’t any orders from out of doors the state. Organisers from states comparable to Jharkhand, Delhi, Mumbai, and Assam stated they didn’t have permission to host Durga Puja. Industry is down via just about 50 consistent with cent. If a 3rd wave hits, we could have to wrap up trade via subsequent yr,” stated Babu Good friend, who boasts of getting lit up celebrity Amitabh Bachchan’s bungalows Prateeksha, Janak and Jalsa.
‘ECONOMIC OUTLOOK: STABILITY’
On a favorable be aware, on the other hand, West Bengal was once some of the simplest two states in India to file over Rs 10 lakh crore of GSDP (Gross State Home Product) all over the pandemic-hit yr, stated Niti Aayog CEO Amitabh Kant. The opposite state was once Tamil Nadu.
ALSO READ | Jaipur: Covid tips impact Durga Puja celebrations within the town
Ultimate yr, Bengal recorded a favorable enlargement of one.2 consistent with cent.
Vikas Agarwal stated, “The total outlook for Bengal after Durga Puja is financial balance. The overall funding proposals gained via the West Bengal Business Construction Company (WBIDC) was once Rs 4,064 from January to December 2020. The overall funding, taking into consideration that of the IT sector, would push up the determine via Rs 3,000 crore. We sit up for their implementation.”