10.24.2019

No gifts, please: Diwali Blues is targeting Corporate India


Mumbai: For Mumbai executive Bebas Chakraborty, Diwali means the shiny expensive gifts of business associates who want to use the good - and surprisingly - Hindu - festival to deepen relationships. Now they are mostly sweets and nuts.
As Asia's third-largest economy is fighting to end consumer demand, corporate corporate gifts are in danger of becoming a thing of the past, which many fear is an invitation to light this weekend. - And the gifts are losing their sparkle.

"Earlier, the gifts we received were of high quality and often contained gold or silver picture frames or bowls. But now after the economic slowdown," said Mr Chakraborty, 48, based in Mumbai. Said Mr Chakraborty, 48, a resident. Everything has changed. "Told AFP.

"The usual sweets have replaced the joy of opening a Reaper to find amazing things ... which has somehow stopped the festival."

India's corporate gift industry generally works to increase bankruptcy requirements to meet demand growth. Annual rituals are considered the easiest way to nurture business relationships while avoiding bribery charges.

But in the busy Mangaldas market in Mumbai, the prices of shops standing in the street are discounted. Jat Shah, a third-generation businessman, is a worried man.

Shutter down

Jatan Shah, owner of 80-year-old antique gift packaging firm Rainbow Dry Fruits, added 20 temporary workers to his staff to calculate the expected bankruptcy rush.

But orders are still being processed.

Mr Shah told AFP, "In the past years ... we will work until two o'clock in the morning. Now, because orders are low and scale down, we finish work and shut the shutters until ten o'clock." . at night." Stretching. Night. "General Chat Chat Lounge"

Even the smallest boxes - almonds, walnuts and cashews - have been cut by more than half, he said, adding that the firm's annual turnover was 35 percent and employees' bonuses. Has decreased. No funds left, another tradition of Diwali

"Diwali is not only a festival of light but also represents economic prosperity," said Mr Shah.

On the occasion of Diwali, Hindu goddesses pray with Lakshmi and in the coming weeks, consumer spending is generally increasing in Western countries, such as Thanksgiving or Christmas.

Sad mood

But this year, Indian cars don't appear to be in the mood to spend on everything from cookies to cookies.

"I'm not sure if I'm going to get a lot of gifts this year," said Chakorti, a finance executive.

Some big companies have cut their corporate gift budget for Diwali, which works with more than 350 firms, including telecom giant Airtel and IT outsourcing company Wipro, said TGH Lifestyle CEO Ritu Grover. she does. He does. He does.

Analysts say lower costs are a reflection of the grief around the business community, while economic growth has been declining for years.

No gifts, please: Diwali Blues is targeting Corporate India"

"The decline in corporate gifts is a sign of economic slowdown and there is no ambiguity on this front," Mumbai-based TRA Research head, N. Chandramoli told AFP.

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