New Delhi: This close to the glittering festive season, the cash register at Neha Tandon's clothes store should be working overtime as revellers snap up elegant sarees for Diwali celebrations and lavish wedding parties.
Diwali: Women light earthen lamps or 'diyas' during Diwali celebrations
But the traditional spending sprees have not transpired this festival season, the first since a sudden recall of high-value banknotes sent shockwaves through Asia's third-largest economy. Diwali: A woman lighting diyas ahead of Diwali celebrations
Demonetisation caused months of crippling cash shortages that hit businesses hard and economists concede it contributed to dragging on India's growth, which hit a three-year low of 5.7 per cent in the first quarter of the financial year.
Retailers say consumers remain scared of parting with their cash and blame that upheaval, for their festive sales dip.
But the traditional spending sprees have not transpired this festival season, the first since a sudden recall of high-value banknotes sent shockwaves through Asia's third-largest economy.
Demonetisation caused months of crippling cash shortages that hit businesses hard and economists concede it contributed to dragging on India's growth, which hit a three-year low of 5.7 per cent in the first quarter of the financial year.
Retailers say consumers remain scared of parting with their cash and blame that upheaval, for their festive sales dip.
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