The Confederation of All India Traders (CAT) has praised the announcements made by Union Finance Minister Nirmala Sitharaman to increase the purchasing power of government employees. Kat said that such an incentive package is likely to boost domestic demands in the upcoming Diwali festive season. In the present time, when the business of the country is entangled in the financial problems, in such a situation, this step can bring business growth.
Kat said that the stimulus package would make a big contribution to the nation in celebrating this year’s Diwali as Hindustani Diwali and hoped that the package would specifically include home appliances, electrical and electronic appliances, kitchen appliances, FMCG products, consumer goods, Business of clothes, mobiles, shoes and gift items will grow.
Announcements will bring money in the market
CAT National President BC Bhartia and National General Secretary Praveen Khandelwal said that on the occasion of the festival, cash conversion of LTC benefits for government employees and government employees to spend the festival advance given by the government from the current festive season to the next 31 March 2021 The announcements will further strengthen the purchasing power of government employees. With this money will come in the market and business will grow. Bhartia and Khandelwal further said that if the state governments also adopt this plan of the central government then more money will strengthen the demand in the market.
It has been said that commercial markets are under considerable financial stress due to the very low footfall in the markets since the lockdown opened, resulting in a significant drop in sales. At such a time, this incentive of the central government will definitely motivate the government employees to spend more and eventually, the money will come in the markets.
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