How Durga Puja would possibly lend a hand Bengal’s economic system proceed certain expansion

With the decline within the Covid instances and upbeat marketplace sentiment, the economic system of Bengal is hoping for a powerful comeback driving at the festive season. As Durga Puja fervour units in, the ‘Pujo-shopping’ spree has returned.

A up to date file by means of the British Council pegged the standard ingenious economic system round Durga Puja at Rs 32,377 crore, which is set 2.78 in keeping with cent of the GDP. The 2020 festive season used to be hit arduous by means of the pandemic and now the economic 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 in keeping with an estimate by means of the Indian Chamber of Trade. “However the sectoral distribution is other, pointing to traits of a Ok-shaped financial restoration and no longer a V-shaped one,” mentioned Vikash Agarwal, president of Indian Chamber of Trade.

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“Whilst executive workers have source of revenue expansion 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 activity loss and a few with salary cuts, whilst some have very prime earning. The result’s, at the side of source of revenue inequality, there’s call for inequality, the call for is extra within the casual economic system, which is a lot more inexpensive with money purchases with out GST and formal invoicing,” he added.

RETAIL SECTOR SEES GROWTH

Retail gross sales, the best contributor to the Durga Puja economic system, in line with the file, used to be Rs 27,364 crore in 2019. In 2020, it dropped because of the pandemic. This 12 months, then again, 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 (jap area) chairman and Merlin Crew chairman, Sushil Mohta mentioned, “Department stores are again to 2018-19 footfall. Since Bengal has managed COVID fairly smartly and department shops are keeping up right kind Covid protocol, folks desire department shops to the streets now because of protection laws. Financial system 90% again on course.”

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“Meals & beverage and retail gross sales are again to 90% of ordinary. The remaining will also be coated as soon as just right cinemas arise and cine-goers get started frequenting department shops,” he added. The worth of the movies and leisure business used to be pegged at Rs 53.2 crore within the file.

Sushil Mohta mentioned the total economic system of Bengal is more likely to dangle stable after Durga Puja if the 3rd Covid wave is stored at bay.

The footfall at South Town, Kolkata’s greatest 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 in keeping with cent of ordinary, he mentioned.

ICC president Vikash Agarwal mentioned, “We predict gradual expansion within the retail sector and slow achieving of pre-Covid ranges by means of April subsequent 12 months.”

Chatting with IndiaToday.in, Acropolis and Place of birth Mall Normal Supervisor Ok Vijayan mentioned, “The final weekend prior to Puja witnessed improbable 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 in keeping with cent in footfall over final 12 months and five in keeping with cent build up over 2019.”

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“The gross sales were spectacular, too. On the other hand, we simply touched the gross sales quantity of 2019 this Puja. Many of the manufacturers in Acropolis clocked no less than 25 in keeping with cent build up in gross sales over final 12 months.”

Even supposing retail spending has greater with the upward thrust within the buying energy of person consumers, the center of Durga Puja idol-making and lightweight 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 file, hasn’t picked up as anticipated. Prodyut Paul from Gora Chand Paul and Sons, one of the most individuals of Kumartuli Idolmakers’ Affiliation, mentioned in 2020, lockdown pressured down trade to 50 in keeping with cent-70 in keeping with cent.

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“We bought idols price Rs 2 lakh for 1 lakh final 12 months. However this 12 months it’s even worse. Golf equipment don’t seem to be in a position to pay even Rs 50,000 for idols price Rs 2 lakh. Golf equipment get Rs 50,000 from the federal government. However the get advantages doesn’t trickle all the way down to the idol-makers. Additionally, many golf equipment don’t even transparent earlier 12 months’s dues,” he mentioned.

“Our workshop took simplest 3 orders this 12 months. This 12 months we haven’t even exported idols. Some workshops are taking in additional orders by means of 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 Friend, a veteran artist with over twenty years of revel in, advised IndiaToday.in that this 12 months is worse than 2020.

“This 12 months there aren’t any orders from outdoor the state. Organisers from states similar to Jharkhand, Delhi, Mumbai, and Assam mentioned they didn’t have permission to host Durga Puja. Industry is down by means of just about 50 in keeping with cent. If a 3rd wave hits, we will have to wrap up trade by means of subsequent 12 months,” mentioned Babu Friend, who boasts of getting lit up famous person Amitabh Bachchan’s bungalows Prateeksha, Janak and Jalsa.

‘ECONOMIC OUTLOOK: STABILITY’

On a favorable be aware, then again, West Bengal used to be one of the most simplest two states in India to document over Rs 10 lakh crore of GSDP (Gross State Home Product) all through the pandemic-hit 12 months, mentioned Niti Aayog CEO Amitabh Kant. The opposite state used to be Tamil Nadu.

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Remaining 12 months, Bengal recorded a favorable expansion of one.2 in keeping with cent.

Vikas Agarwal mentioned, “The whole outlook for Bengal after Durga Puja is financial balance. The full funding proposals gained by means of the West Bengal Commercial Building Company (WBIDC) used to be Rs 4,064 from January to December 2020. The full funding, making an allowance for that of the IT sector, would push up the determine by means of Rs 3,000 crore. We sit up for their implementation.”