Business
I-Day boost: Discounts drive 8-10% sales growth; executives eye stronger festive season – Times of India
Independence Day discounts gave India’s retail sector a much-needed boost, with footfalls and sales rising by 8-10% year-on-year across key shopping destinations. Industry executives say the revival in entry-to-mid segment demand has raised hopes of a strong festive season ahead.Electronics, particularly in affordable categories, along with groceries and apparel have seen healthy growth. Restaurants, too, are reporting higher sales as malls draw more visitors, helped by new film releases and a surge in in-home dining orders.“After several months, there is good demand for entry to mid-segment products,” Nilesh Gupta, director at electronic retail chain Vijay Sales told ET. “Walk-ins are good and there is over 8% jump in sales value over last year, which is better than last year,” he added.Electronics makers and grocery retailers ran promotional offers around Independence Day eve, one of the biggest consumption periods outside the festive and Republic Day seasons. At Reliance Retail, sales grew in double digits, according to an executive. Haier India president Satish NS told ET that the electronics manufacturer’s Independence Day sales were up more than 20% over last year, with “most categories driving sales.”On the ecommerce front, Tata-owned BigBasket reported a 42% on-year jump in patriotic merchandise sales on Friday, alongside strong demand for electronics, including the new iPhone 16.Malls also recorded a surge in traffic during the long weekend. Theatres are seeing back-to-back housefull shows for the first time since the pandemic, powered by Rajinikanth’s Coolie and Hrithik Roshan’s War 2.“The crowd that comes for the movie adds at least 10% of the revenue for fashion brands, food and beverages,” said Harsh V Bansal, cofounder of Unity Group, which operates more than six malls in Delhi and Punjab. “The next few days also look good in terms of footfall and sales,” he added.International labels have also drawn shoppers, with discounts prompting customers to buy at lower price points. “International brands have contributed to the growth with consumers using the lower price point during the sale to buy products,” said Muhammad Ali, chief executive, retail, at Prestige Group, which operates five malls in South India. Those malls have reported a 15% year-on-year rise in sales. “One segment which has not done well is Indian women’s wear, which is a cause of worry,” he told ET.Revival hopesRetailers and brands have been under pressure for nine to ten quarters as low-to-middle-income households grappled with high inflation and weak earnings growth. Higher spending on travel and tourism further dented retail demand.Executives, however, are forecasting a turnaround in the second half of the fiscal, supported by low inflation, soft loan rates, reduced income-tax slabs this year and good monsoon rains.“While middle class discretionary spending was under pressure, some consumption has started and with the festival tail wind, the outlook is much better,” Anjan Chatterjee, managing director of Speciality Restaurants told ET. He said that Independence Day demand trends have been “reassuring, with a 15-18% year-on-year growth.”The government on Friday also said GST rates will be rationalised by Diwali to boost consumption, improve affordability and make essential as well as aspirational goods more accessible to a wider base of consumers—moves expected to spur further demand.
The Oil and Gas Regulatory Authority (OGRA) has approved a fresh increase in the price of liquefied petroleum gas (LPG), raising the cost for both domestic consumers and commercial users.
According to the notification issued, the LPG price has been increased by Rs7.39 per kilogram, setting the new rate at Rs209 per kg for December. As a result, the price of a domestic LPG cylinder has risen by Rs87.21, bringing the new price to Rs2,466.10.
In November, the price of LPG stood at Rs201 per kg, while the domestic cylinder was priced at Rs2,378.89.
The latest price hike is expected to put additional pressure on households already grappling with rising living costs nationwide.
Business
Private sector data: Over 2 lakh private companies closed in 5 years; govt flags monitoring for suspicious cases – The Times of India
NEW DELHI: The government on Monday said that over the past five years, more than two lakh private companies have been closed in India.According to data provided by Minister of State for Corporate Affairs Harsh Malhotra in a written reply to the Lok Sabha, a total of 2,04,268 private companies were shut down between 2020-21 and 2024-25 due to amalgamation, conversion, dissolution or being struck off from official records under the Companies Act, 2013.Regarding the rehabilitation of employees from these closed companies, the minister said there is currently no proposal before the government, as reported by PTI. In the same period, 1,85,350 companies were officially removed from government records, including 8,648 entities struck off till July 16 this fiscal year. Companies can be removed from records if they are inactive for long periods or voluntarily after fulfilling regulatory requirements.On queries about shell companies and their potential use in money laundering, Malhotra highlighted that the term “shell company” is not defined under the Companies Act, 2013. However, he added that whenever suspicious instances are reported, they are shared with other government agencies such as the Enforcement Directorate and the Income Tax Department for monitoring.A major push to remove inactive companies took place in 2022-23, when 82,125 companies were struck off during a strike-off drive by the corporate affairs ministry.The minister also highlighted the government’s broader policy to simplify and rationalize the tax system. “It is the stated policy of the government to gradually phase out exemptions and deductions while rationalising tax rates to create a simple, transparent, and equitable tax regime,” he said. He added that several reforms have been undertaken to promote investment and ease of doing business, including substantial reductions in corporate tax rates for existing and new domestic companies.
Pakistan’s textile exports surged to $6.4 billion during the first four months of the 2025-26 fiscal year, marking the highest trade volume for the sector in this period.
According to the Pakistan Bureau of Statistics (PBS), value-added textile sectors were key contributors to the growth.
Knitwear exports reached $1.9 billion, while ready-made garments contributed $1.4 billion.
Significant increases were observed across several commodities: cotton yarn exports rose 7.74% to $238.9 million, and raw cotton exports jumped 100%, reaching $2.6 million from zero exports the previous year.
Other notable gains included tents, canvas, and tarpaulins, up 32.34% to $53.48 million, while ready-made garments increased 5.11% to $1.43 billion.
Exports of made-up textile articles, excluding towels and bedwear, rose 4.17%, totaling $274.75 million.
The report also mentioned that the growth in textile exports is a result of improved global demand and stability in the value of the Pakistani rupee.
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