Sales Drop 40% Days Ahead Of Diwali, Says Traders Body

Sales dropped as much as 40 percent in markets across the country due to low footfall of consumers on the back of cash shortages, traders body CAIT said on Monday.

With just days left for Diwali, "markets across the country are gloomy, having a deserted look with very less festivity and less foot fall of the consumers", resulting in a 40 percent drop in sales in comparison to last year, Confederation of All India Traders (CAIT) said in a statement.

The note also said that the slowdown is further multiplied by glitches in the Goods and Services Tax (GST), which kicked in from July 1.

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