Business | Markets
Market crisis takes glitter off Mumbai Diwali lights
Barely 48 hours before the biggest festival on the Hindu calendar, the glitter and sounds of Diwali are virtually missing in Mumbai - thanks to spiralling prices, tumbling stock markets and fears of lay-offs.
- IANS
- Published: 20:36 October 26, 2008
-
UAE stock markets slump
UAE stock markets slump on fears of global recession
-
Trading halted in Kuwait's Gulf Bank stocks after investors balk on covering losses
Trading halted in Kuwait's Gulf Bank stocks after investors balk on covering losses
-
Kuwait steps in to prop up one of country's biggest banks
Kuwait steps in to prop up one of country's biggest banks
-
Saudi benchmark index slumps 8.7%
Saudi Arabia's benchmark index slumps 8.7%
-
Asian nations commit to $80b fund
Asian nations commit to $80 billion emergency fund
Mumbai: Barely 48 hours before the biggest festival on the Hindu calendar, the glitter and sounds of Diwali are virtually missing in Mumbai - thanks to spiralling prices, tumbling stock markets and fears of lay-offs.
Most shopping malls and plazas in the city, as also the friendly neighbourhood mithaiwala (confectioner), though decked up for the occasion, are waiting for the elusive customers.
Diwali appears grim, dark and silent even though it coincides with a long weekend. The celebrations have yet to pick up.
Few people have bothered to put up the traditional Diwali lights or lanterns and the popular earthen lamps have no takers.
Even the evenings are relatively silent around the city without the sounds of firecrackers - the zing has gone out of the fireworks whose prices have shot up between 40-60 per cent as compared to last year due to shortage of labour.
"Usually, a week before Diwali, I complete 50 per cent of the season's total sales. And a day before Diwali the sales skyrocket," said Rakeshbhai Shah, proprietor of Bhavnagri Mart, one of the oldest sweetmeat retailers in the northwest suburbs.
The scenario is equally grim on the dry fruits front. The famed American Dry Fruit Stores has reported "just average" business. Fashion outlets have also been hit hard, with sales dropping 50 per cent.
"This year, since Diwali falls at the end of the month, people have yet to receive their monthly salaries," said Shailendra Singh, director of Blue Fashion Hub.
Share this article
Related Articles
Popular in Business
-
XPRESS
Way to go this DSF
A fun-filled route to guide you to all the happening dos in town
Business Editor's choice
-
Hamdan opens interior design expo
Index 2009 will feature 1,000 exhibitors from 47 nations
-
Marina Residence handovers begin
Despite talk of oversupply, Palm Jumeirah's latest apartments come online.
-
Travel insurance offers peace of mind
The wisest thing to do is to take out travel insurance before you leave.
