Business

Gandhinagar, Nov 7 (IANS) A delegation from Gujarat held eight business roundtables and 15 government-level and one-to-one meetings with more than 150 industry leaders during an eight-day investment outreach programme in Australia and New Zealand ahead of the Vibrant Gujarat Global Summit (VGGS) 2027, scheduled to be held in Gandhinagar in January.

The delegation, led by state Energy and Petrochemicals Minister Rushikesh Patel, visited the two countries from October 26 to November 2, holding 11 one-to-one meetings, four ministerial-level meetings and eight sector-focused roundtables.

It also undertook six visits to industrial facilities and institutions and held three engagements with the Indian and Gujarati diaspora.

The roadshow covered potential partnerships in critical minerals, renewable energy, petrochemicals, technology, logistics, education, sports infrastructure and tourism.

The 11th edition of VGGS will be held at Mahatma Mandir in Gandhinagar from January 10 to 12, 2027, under the theme ‘Viksit Gujarat – Shaping Global Future’.

Patel was accompanied by senior state government officials, including Chief Commissioner of State Tax, Roopwant Singh, and Commissioner of Geology and Mining, Dhaval Patel.

Representatives from the private sector included Shreyans Goyal, Chairman and Managing Director of Shakti Group Companies; Mehul Vaidya, Senior Vice-President (Project Development) at Reliance Industries Ltd; Milan Thakkar, Director of Alexius Projects Pvt Ltd; and Harshil Tamakuwala, Founder and Director of Hindustan Mag Pvt Ltd.

During the Australian leg, from October 26 to 30, the delegation visited Melbourne, Sydney and Brisbane and held nine one-to-one meetings with companies and institutions, including Cavendish Renewable Technology, Cox Architecture, Initiative Sports & Events, Eyeonic, Progia Foods, Aus Energy Store, the Centre for Australia-India Relations, Endua and Populous.

It also held three ministerial-level meetings with New South Wales government representatives, including Minister for Better Regulation and Fair Trading, Industry and Trade, Innovation, Science and Technology, Building and Corrections Anoulack Chanthivong; Riverstone MP and Co-Chair of the NSW Parliamentary Friends of India Warren Kirby; and NSW Shadow Minister Mark Joseph Coure.

Discussions focused on bilateral trade, investment and cooperation in sectors identified as priorities by Gujarat.

Six roundtables in Australia, organised with the involvement of AFL, TerraNext World, the Smart Energy Council and INQ Innovation Global, brought together more than 100 participants from government, industry, academia and startups.

The discussions covered sports infrastructure and major events, critical mineral supply chains, renewable energy and innovation-led entrepreneurship.

The delegation also participated in executive discussions on commercial partnerships at the second Australia-India Business Meet 2026 in Sydney and a Queensland government engagement programme in Brisbane.

The latter focused on resources, energy, sports infrastructure and potential opportunities associated with the Brisbane 2032 Olympic and Paralympic Games.

As part of its institutional visits, the delegation toured Monash University, Cricket Australia at the Melbourne Cricket Ground, Marvel Stadium and the Gabba Stadium to study practices relevant to Gujarat's development plans.

It also met members of the Indian and Gujarati diaspora in Melbourne and Brisbane and invited them to participate in VGGS 2027.

In New Zealand, on November 1 and 2, the delegation visited Auckland, where it held one-to-one meetings with Contact Energy and Service Foods and a ministerial-level meeting with Minister of Health, Energy and State-Owned Enterprises Simeon Brown.

Two roundtables, organised by the India New Zealand Business Council and the India New Zealand Chamber of Commerce and Industry, attracted more than 50 participants.

Representatives included Mainfreight Air & Ocean, Hiringa Energy, Energy Resources Aotearoa, Bank of New Zealand, Elemental Group and the Taranaki Chamber of Commerce.

The delegation also visited Contact Energy's grid-scale Glenbrook Ohurua Battery project. Discussions during the New Zealand leg covered renewable energy, battery storage, logistics, banking and financial services, scientific research and technology.

An interaction with the Indian and Gujarati diaspora in Auckland was also organised.

Launched in 2003, the Vibrant Gujarat Global Summit is the state government's flagship platform for investment, business networking and knowledge sharing.

--IANS

mys/dan

New Delhi, Nov 7 (IANS) State Bank of India (SBI), India's largest lender, has expanded its US presence with the inauguration of a new branch of its wholly owned subsidiary, SBIC Bank, in Frisco, North Dallas, Texas -- the bank’s first branch outside California -- according to a statement on Saturday.

The branch was inaugurated by SBI Chairman Challa Sreenivasulu Setty, taking the US branch network of SBIC Bank from seven to eight, the bank said in a statement.

The expansion is aimed at strengthening SBI's presence in the strategically important US market and catering to the banking needs of individuals, professionals, entrepreneurs and businesses in the Dallas region.

Moreover, the new branch will offer personal and business banking services, including retail deposits, commercial lending, remittances to India and other countries and specialised services for non-resident Indians (NRIs).

“The inauguration of SBIC Bank's Texas branch marks a significant milestone in SBI's international growth journey,” Setty said.

The expansion beyond California reflects the bank's commitment to strengthening its presence in key markets, serving local communities and the Indian diaspora, and supporting the banking requirements of individuals and businesses, he added.

The move also reinforces SBI's role in deepening financial and economic ties between India and the US, Setty said.

Apart from the eight SBIC Bank branches, SBI operates three direct branches in New York, Chicago and Los Angeles along with a representative office in Washington DC.

In addition, the PSU bank has an international network of 245 overseas points of presence across 29 countries, including branches, sub-offices, representative offices, foreign banking subsidiaries and joint ventures.

Its global operations are supported by correspondent banking relationships with 222 banks across 56 countries.

Apart from that, the bank's YONO Global digital banking platform is available across 14 foreign offices and subsidiaries.

SBI's foreign advances grew 22.86 per cent year-on-year to Rs 8,31,332 crore in the quarter ended September 30, while deposits mobilised through foreign offices rose 22.61 per cent to Rs 2,83,319 crore, the statement said.

--IANS

ag/

New Delhi, Nov 7 (IANS) The US administration's recent initiatives to strengthen its position in artificial intelligence (AI) -- including a dialogue with China and a voluntary safety accord with major technology companies -- have highlighted a key challenge in Washington's strategy and its growing dependence on private firms to assess and control powerful AI systems, according to a report.

A report by India Narrative said the measures reflect the administration's ambition to translate technological leadership into strategic advantage even as the capabilities and behaviour of advanced AI models remain only partially understood.

It highlighted that Chinese President Xi Jinping's state visit to Washington in September when the two countries agreed to establish a dialogue on superintelligence and a bilateral channel for AI-related incidents.

The decision followed a resumption of official AI discussions in May after a hiatus since 2024.

On September 29, US President Donald Trump signed an executive order directing federal agencies to replace the term artificial intelligence with Super Intelligence or SI in official correspondence and other non-statutory documents.

The order also requires the presidential science adviser to submit legislative language for a federal definition within 60 days, according to the report.

“The same day, executives from OpenAI, Anthropic, Google, Meta, Nvidia and xAI signed the White House Accord on Super Intelligence, which Trump described as morally binding,” the report said.

It further noted, ”The one-page document creates no enforceable federal requirements and asks the companies to maintain four layers of oversight: internal controls, an internal safety team, independent audits or evaluations, and a board-level committee that tracks remediation.”

However, the agreement does not impose legally enforceable federal requirements, raising questions about the government's ability to independently verify the safety of systems developed by the companies.

Experiments involving advanced AI agents found that some systems could resort to deceptive or harmful actions when confronted with conflicting objectives or potential replacement.

The findings were based on simulations and do not establish that deployed systems routinely behave this way.

The challenge becomes particularly significant as AI tools are increasingly considered for sensitive applications such as cybersecurity, intelligence and government operations, where unexpected failures could have serious consequences.

A major AI-related disruption could also prompt stricter regulation, congressional scrutiny and demands for stronger safeguards, while governments worldwide may reconsider their dependence on American AI platforms, according to the report.

Washington's strategy relies on managing risks without slowing technological development.

The report said that until the government develops the capacity to independently assess advanced AI systems, its efforts to maintain technological primacy will remain dependent on assurances from the companies developing them.

--IANS

ag/

New Delhi, Nov 7 (IANS): While China extended the maturity of $2 billion in loans to Pakistan in 2025, the International Monetary Fund (IMF) provided $2.3 billion in fresh financing under its Extended Fund Facility (EFF) and Resilience and Sustainability Facility (RSF) to strengthen the country’s long-term economic stability, according to Bangkok-based Page 3 News

The report highlights that this increase in debt has serious implications as it came amid a sharp rise in borrowing across low- and middle-income countries (LMICs), whose external debt reached an unprecedented US$9.4 trillion in 2025, highlighting growing financial pressures on developing economies.

External debt among low and middle-income countries increased by 5.5 per cent in 2025, representing the largest annual rise in four years. The surge was driven by increased bond issuance, a weaker US dollar and renewed investor confidence in lending to developing economies, the report further states.

It also highlights that the return of private capital to international markets came at a considerable cost, particularly for the world’s poorest nations, which faced borrowing expenses at their highest levels in decades.

Debt-servicing obligations continued to rise for the fifth consecutive year. Countries eligible for financing from the International Development Association (IDA) experienced an even sharper increase in external debt, which climbed by 8.1 per cent to $1.3 trillion. Among low-income countries, external debt rose by 8.9 per cent to $262.4 billion, the steepest increase since 2020.

LMIC economies also recorded growth of 5.1 per cent in private sector loans , measured by Gross National Income (GNI). The stronger economic performance encouraged lenders to re-enter these markets, while several governments continued to borrow despite relatively high interest rates.

However, a major concern remains that countries with the least capacity to absorb additional debt are facing the highest borrowing costs.

The growing dependence on private financing has made borrowing considerably more expensive for countries eligible for IDA assistance.

While the return of international lending offers some relief to developing economies, the combination of rising debt, expensive private financing and mounting repayment obligations continues to pose a serious challenge to their long-term economic stability, the report added.

--IANS

sps/na

New Delhi, Nov 7 (IANS) Efforts by China and Pakistan to improve the image of the China-Pakistan Economic Corridor (CPEC) through the newly launched China Pakistan Information Corridor (CPIC) are unlikely to reverse growing public scepticism about the initiatives’ viability and may instead attract greater scrutiny on other programmes under the Belt and Road Initiative (BRI), a new report has said.

The report from Greece City Times said the CPIC's hidden objective is defending the CPEC, which has faced criticism over unmet expectations, incomplete projects and concerns about financial sustainability.

Though some highways have been built under the initiative, railway infrastructure remains underdeveloped, and the so-called crown jewel of the CPEC, Gwadar Port, has struggled to operate.

CPIC was presented as a fact-checking and public-relations mechanism to strengthen media cooperation, information sharing, business engagement, think-tank collaboration and cultural exchanges between the two countries.

“If CPEC is its body and the shared future, CPIC will be its voice. If CPEC connects our economies, CPIC will connect our understanding,” Pakistan’s Information Minister Ataullah Tarar said.

Pakistan owes $29.2 billion to China, accounting for about one-third of its external debt, while concerns have grown over the ability of infrastructure and power projects under CPEC to generate sufficient revenue.

"Beijing has already expressed anguish over Pakistan delaying loan repayments, often denying to restructure the debt. China showed reluctance to renegotiate contracts even as unpaid loan dues continued to rise," the report said.

“Pakistani people were forced to pay a debt service surcharge on their electricity bills as the outstanding payments to CPEC power projects reached PKR423 billion by June 2026. Against such a backdrop, the CPEC’s promise of improved energy security has instead created suspicion among Pakistani people,” the report noted.

Pakistan’s plan to become a regional transit hub remains just a dream, even as ordinary citizens see their money going to China through loan payments, and feel CPEC’s benefits were concentrated among Pakistani elites.

Further, the publication noted that CPEC’s failure hurts China’s plans to expand its diplomatic, economic, and military footprints elsewhere, through the BRI.

“Sri Lanka has become hesitant about the BRI now after many projects became unviable, even as it lost sovereign control of the Hambantota Port to China,” the report said.

—IANS

aar/ag

New Delhi, Nov 7 (IANS) Investors and traders should adopt a cautious, stock-specific approach during the annual Muhurat trading session on Sunday which marks the beginning of Samvat 2083, as equity benchmark indices approach key resistance levels and limited liquidity could amplify market movements, market experts said.

The special Diwali trading session is traditionally considered auspicious for initiating investments and reviewing financial portfolios.

However, the market experts cautioned against making impulsive decisions driven by festive sentiment, recommending that investors focus on fundamentals, valuations and long-term financial goals.

Meanwhile, long-term investors can use the occasion to review asset allocation and selectively accumulate fundamentally strong stocks, short-term traders should monitor technical levels and global cues before taking positions, they added.

Analysts at domestic brokerage Motilal Oswal Financial Services (MOSL) said Nifty valuations were attractive at 17.5 times forward earnings, around 16 per cent below the long-term average, although small-cap stocks continued to trade at a 25 per cent premium to their historical average.

The brokerage has expected earnings growth to recover in the coming years with Nifty earnings per share projected to rise 16 per cent and 14 per cent year-on-year in FY27 and FY28, respectively, compared with 5 per cent in FY26.

For Samvat 2083, the experts favours banking and financial services, capital markets, manufacturing, global outsourcing and exports, consumption and digital businesses.

Similarly, they see opportunities in healthcare devices, aerospace, auto components, pharmaceutical ingredients, garments, port cargo, organised jewellery and quick-commerce platforms.

Investors should avoid large orders and aggressive trading during the limited Muhurat session, given the possibility of lower liquidity, the experts said.

For new investors, the experts said consider small investments in fundamentally strong companies with a long-term holding perspective, while avoiding stocks bought solely because of the auspicious occasion.

They expect the market to remain sideways to consolidative during the Muhurat session with both benchmark indices approaching crucial resistance zones after a recent rally. Trading around 24,600, Nifty has immediate support at 24,350, while resistance is placed in the 24,700-24,800 range.

They cautioned that profit booking could emerge following six consecutive sessions of gains, particularly amid geopolitical concerns, crude oil volatility and weakness in global markets.

--IANS

ag/

New Delhi, Nov 7 (IANS) Gold recorded its strongest weekly gain since August with nearly 4.5 per cent surge as crude oil suffered its steepest weekly decline since April 2020 over hopes of policy shifts following the US midterm elections.

Concerns surrounding the global artificial intelligence sector drove sharp flows from equity markets to commodity markets, while a changing Federal Reserve outlook also improved positive sentiment for precious metals.

On Friday, MCX gold futures expiring December declined 1.20 per cent while MCX silver futures for December advanced 0.10 per cent. Gold futures stood at Rs 1,42,364, while silver futures stood at Rs 1,84,977 per kg.

WTI crude retreated from above $104-$105 a barrel to around $90, while Brent eased to the $97-$98 range, with both benchmarks posting weekly declines of over 12 per cent.

After 4.5 per cent gains, prices retreated from their intraday highs after the stronger employment report lifted the dollar and Treasury yields.

The price of 10 grams of 24-carat gold was at Rs 1,41,452 on Friday, up from Rs 1,40,054 seen last week's close, according to data published by the India Bullion and Jewellers Association (IBJA).

Though the Fed had left interest rates unchanged at its October meeting, subsequent remarks by two officials favouring further gradual rate increase to contain persistent inflation added to expectations of additional monetary tightening.

The October US employment report, released on Friday, reinforced this hawkish outlook, with nonfarm payrolls rising by 165,000 against market expectations of 65,000, while the unemployment rate edged down to 4.1 per cent from 4.2 per cent.

The stronger-than-expected labour-market data pushed the implied probability of a December rate hike to around 81 per cent.

US Treasury yields moved higher in response, with the 10-year yield approaching 4.88 per cent, while the dollar strengthened, renewing downward pressure on precious metals towards the close of the week.

Lower international gold prices also attracted physical buying in India ahead of Diwali, analysts said. Nevertheless, expectations of further Fed tightening and higher borrowing costs continued to limit the sustainability of bullion's recovery, they added.

Immediate resistance of MCX Gold is placed at Rs 1,43,000–Rs 1,43,700. On the downside, Rs 1,41,000–Rs 1,40,000 remains the immediate support zone. The immediate resistance for MCX Silver stood at Rs 1,86,000–Rs 1,88,000, with Rs 1,78,000–Rs 1,80,000 zone as immediate support levels, analysts said.

—IANS

aar/ag

Mumbai, Nov 7 (IANS) Indian equity benchmarks recorded their strongest weekly gains in over a year, rising over 8 per cent as easing global concerns, positive global cues, strong domestic fundamentals and a sharp turnaround in foreign investor flows powered a broad market rally.

Nifty added 8.58 per cent during the week and gained 2 per cent on the last trading day to reach 25,030. At close, Sensex was up 1,718 points, or 2.17 per cent, at 81,028. It gained 8.82 per cent during the week.

Foreign institutional investors (FIIs) recorded substantial net inflows of approximately Rs 45,960 crore during the week, marking a significant turnaround from the persistent selling trend.

Banking shares led the rally, with the Bank Nifty gaining about 8 per cent during the week. Financial services, private banks, realty and consumer durables were among the top-performing sectors.

“Dalal Street lit up ahead of Diwali. Indian equities logged one of their best weekly gains with the Nifty reclaiming 25,000 on a seven-session winning streak,” an analyst said.

“Strong Q2 earnings, healthy October auto sales and firm GST collections set the stage, but Washington supplied the spark,” he said, as the US midterm election verdict revived hopes of de-escalation in the Iran conflict and a softer line on tariffs.

Broad market indices performed in line with benchmark indices, as Nifty Midcap100 added 5.77 per cent and Nifty Smallcap100 advanced 2.77 per cent during the week.

The market even shrugged off an AI-led rout on Wall Street as investors treated India as a relatively safe harbour.

The Thursday selloff in the US erased roughly $3 trillion in market value from S&P 500 companies and the weakness spread quickly to Asia where technology-heavy markets recorded some of the region’s steepest losses in recent years.

Market sentiment was also supported by the U.S. Federal Reserve's decision to leave interest rates unchanged and a sharp decline in crude oil prices. WTI crude retreated from above $104-$105 a barrel to around $90, while Brent eased to the $97-$98 range, with both benchmarks posting weekly declines of over 12 per cent.

US jobs data and next week's US CPI will shape Fed expectations, with officials still signalling further hikes, while investors are keen on domestic CPI print and the remaining Q2 results.

—IANS

aar/na

New Delhi, Nov 7 (IANS) A Diwali celebration of Kashmiri saffron, a distinctive gold-filtration process, and India's extraordinary botanical wealth. Kashmiri saffron is only the beginning. Jaisalmer Gold's name also draws on a distinctive filtration process in which the gin passes through intertwined golden silk filaments, a step the brand says enriches the spirit with gold ions. Add 18 botanicals, 14 sourced from India, and the result is a gin whose story brings together rare ingredients, craft, and an unusual approach to finishing.

When gold is more than a name

Diwali has an unmistakable relationship with gold. It appears in the lamps we light, the gifts we exchange, and the details that make a celebration feel special. Gold also stands in for rarity, value, and craftsmanship. For Jaisalmer Gold, however, the association is not merely symbolic. It is built into the story of the gin itself.

The name brings together two distinctive elements of its making: Kashmiri saffron, one of the world's most prized spices, also known as the gold of spices; and a special gold-filtration process the brand says enriches the gin with gold ions. It is this combination that makes the word 'Gold' more than a decorative flourish on the label.

At a time when drinkers are increasingly interested in provenance and production techniques, Jaisalmer Gold offers a story that moves beyond the familiar language of botanicals. It is a story of a rare Indian ingredient, a distinctive filtration step and a carefully assembled selection of flavours from across the country.

The saffron connection: a spice prized like gold

Among the world's most valued spices, saffron is prized for its colour, aroma and the painstaking labour involved in harvesting it. The delicate red threads are hand-picked from the crocus flower, a process that is both time-consuming and labour-intensive. Estimates commonly cited for saffron production suggest that around 150,000 to 250,000 flowers may be needed to yield a single kilogram of saffron threads.

Its rarity and value have long earned saffron comparisons with precious metals. For Jaisalmer Gold, Kashmiri saffron is not simply an evocative ingredient to support a luxury story; it is part of the gin's botanical composition and a direct link to one of India's most distinctive growing traditions.

The ingredient also brings a strong sense of place to the spirit. Kashmir's saffron fields have a long cultural and agricultural history, and the work involved in harvesting each thread offers a compelling reminder that some of the most prized ingredients are shaped by patience, skill, and generations of knowledge.

The gold in Gold: inside the filtration process

The most distinctive part of the making story comes after the gin has been distilled. Jaisalmer Gold undergoes a special filtration process: the spirit passes slowly through a filter made of intertwined golden silk filaments. The brand describes this as gold filtration and says the process enriches the gin with gold ions, helping deliver a clean, exceptionally smooth and balanced tasting experience.

It is an unusual detail, and an important one. The gold reference is not limited to the saffron or the visual identity of the bottle. It is also connected to a specific stage in the production process. The golden silk-filament filter gives the gin its own finishing story, setting it apart from a conventional botanical-led narrative.

The distinction is worth understanding. The brand describes the filtration as enriching the spirit with gold ions; it does not describe the process as adding visible gold leaf or flakes to the finished gin. The filtration step is therefore best understood as a proprietary production detail, rather than as a decorative addition.

In a category where distillation, botanical selection and filtration all shape the final character of a spirit, this final stage gives Jaisalmer Gold an additional point of difference. It is also the most literal explanation of why 'Gold' belongs in its name.

Eighteen botanicals, fourteen Indian stories

The gold story is complemented by an expansive botanical selection. Jaisalmer Gold is made with 18 botanicals, 14 of which are sourced from different parts of India. The selection brings together ingredients that reflect the country's varied climates, growing regions and flavour traditions.

The Indian botanicals include saffron from Kashmir, rose petals and bay leaves from the Rampur Distillery garden, Darjeeling green tea, gandharaj lemon peel from Purnia, coriander from Jaisalmer, sweet orange peel from Nagpur, black pepper from Karnataka, cinnamon bark, pink pepper, nutmeg, liquorice, vetiver and lemongrass. The remaining botanicals include juniper berries, angelica root, caraway seeds and cubeb pepper.

Taken together, the ingredients create a botanical map that stretches across the country. From the floral character of rose petals to the citrus lift of regional lemon and orange, the warmth of spices and the distinctive presence of saffron and tea, the selection draws on a broad spectrum of Indian ingredients while retaining the classic gin character associated with juniper.

It is a compelling expression of the country's ingredient diversity. Rather than presenting Indian provenance as a single flavour, Jaisalmer Gold brings together distinct regional contributions in one spirit.

A gin shaped by craft, from distillation to finishing

Making a gin is a sequence of decisions: the spirit base, the selection and balance of botanicals, the distillation approach and the way the liquid is treated before bottling. Jaisalmer Gold's production story brings these elements together through its 18-botanical recipe and its special gold-filtration step.

The brand's launch communication describes the Gold Edition as double-distilled and filtered through a special gold-filtration process. The botanical selection provides the flavour architecture; the filtration is the distinctive finishing detail that gives the product its own production identity

That distinction matters. A gin's character is not defined by one ingredient alone. It emerges from how botanicals are selected and brought together, and from the decisions made through distillation and finishing. In Jaisalmer Gold, saffron gives the story its rare-ingredient anchor, the wider botanical palette adds regional breadth, and the golden silk-filament filtration provides the defining final chapter.

A distinctly Indian expression of festive luxury

Diwali gifting is often about finding something that feels thoughtful and has a story behind it. For those looking beyond the familiar, a spirit with a distinctive production process and a strong sense of origin can make for an interesting choice.

Jaisalmer Gold brings together several elements that feel especially resonant for the festive season: the rarity of Kashmiri saffron, the diversity of 18 botanicals, the contribution of 14 Indian-sourced ingredients, and a gold-filtration process that is central to the product's identity.

There is also a wider story here about the growing confidence of Indian-made spirits. India's ingredients and regional traditions offer an extraordinary palette for contemporary distillers, and Jaisalmer Gold draws on that diversity to create a gin with a distinctly Indian point of view.

This Diwali, the idea of gold can mean more than a colour or a familiar symbol. In Jaisalmer Gold, it is woven into the story of the ingredients, the filtration process and the craft behind the spirit – a rare combination that gives the name its meaning.

--IANS

skp/

New Delhi, Nov 7 (IANS) The nationwide business turnover during the ongoing Diwali festive season is expected to reach around Rs 5 lakh crore, while Delhi alone is likely to record trade worth approximately Rs 80,000 crore, the Chamber of Trade and Industry (CTI) said on Saturday.

CTI Chairman Brijesh Goyal said the festive season had brought significant business opportunities for traders across the country, with indigenous products witnessing strong demand among consumers.

He said traders in Delhi, who had faced business disruptions due to rallies and protests over the past month, were now hopeful of witnessing a bumper Diwali shopping season to recover their losses.

According to Goyal, the estimated nationwide turnover of Rs 5 lakh crore includes business generated through Diwali shopping and various associated services.

Citing a recently released report by the apex automobile industry body, he said retail automobile sales had registered a significant growth of 55 per cent across the country. Two-wheelers, three-wheelers, commercial vehicles, passenger vehicles and tractors recorded growth of 52 per cent, 110 per cent, 48 per cent, 70 per cent and 58 per cent, respectively.

He said the figures indicated strong consumer demand and reflected the positive business outlook during the festive season.

Goyal added that nearly five crore gifts, ranging from affordable items to premium products, were exchanged during the Diwali festival period, contributing substantially to festive sales.

CTI said it arrived at its estimated business projections after consultations with representatives of hotel and banquet associations, restaurant and mall associations, cinema associations, shopping centre associations, automobile dealer associations, makeup and salon associations, tour and travel associations, market associations and industry bodies.

In a statement, the traders' body said this year's Diwali season was witnessing a significant emphasis on the sale and purchase of indigenous products, with Indian-made goods gaining popularity among consumers.

It said GST reforms had also helped give greater recognition to Indian products and strengthened the demand for locally manufactured goods.

Home decor products, Diwali puja items, earthen lamps, idols of deities, wall hangings, handicrafts and traditional auspicious symbols such as Shubh-Labh and Om are among the products witnessing demand. Items associated with the worship of Goddess Lakshmi and Lord Ganesha, along with decorative products made by local artisans, craftsmen and skilled workers, are also expected to contribute significantly to festive sales.

Apart from these, several sectors, including FMCG, consumer durables, toys, electronics, electrical appliances, kitchenware, gift items, confectionery, snacks, home furnishings, textiles, readymade garments, fashion apparel, footwear, watches, furniture, cosmetics, beauty products, mobile phones and accessories, are expected to witness substantial business.

Other segments generating festive demand include utensils, builders' hardware, wood and plywood, paint and glass, milk and dairy products, grocery, food grains, edible oil, pulses, bicycles and accessories, wall clocks, gota-zari, sarees and dress materials.

The CTI said Delhi's traders were expecting festive business worth around Rs 80,000 crore.

It said the period between October 1 and November 1 had witnessed rallies and protests, resulting in estimated business losses of approximately Rs 14,000 crore for traders in the national capital.

Goyal said business activity was now picking up pace, with large crowds visiting markets across Delhi for festive shopping.

Markets such as Chandni Chowk, Dariba Kalan, Maliwara, Sadar Bazaar, Kamla Nagar, Ashok Vihar, Model Town, Shalimar Bagh, Wazirpur, Pitampura, Rajouri Garden, South Extension, Greater Kailash, Green Park, Yusuf Sarai, Lajpat Nagar, Preet Vihar, Shahdara and Laxmi Nagar have been witnessing increased customer footfall, he said.

He added that automobile showrooms across various companies were also reporting significant sales during the festive period.

Consumers are purchasing a wide range of products, including mobile phones, gifts, decorative items, dry fruits, clothing, electronics and home furnishings, indicating a revival in shopping activity across the national capital.

--IANS

jk/rad