Diwali is less than a week away. Yet, there is little palpable zing in the air ahead of the festival. People in many coastal districts of the state are just out of a crisis unleashed by cyclonic storm Titli. Many areas are yet to come to terms with the damage wrought by the storm. The state government has just unveiled a package for the people affected by the natural calamity. The twin-disaster damaged standing crops and livestock of people. Ganjam, one of the high-activity districts in terms of acreage of paddy farming, was among the worst affected by Titli. Forecast of another spell of heavy rain by the Indian Meteorological Department has just blown over. Sentiments are battered. The pre-Diwali mood is subdued. Against this backdrop, brick and mortar stores dealing in consumer electronics and smartphones in particular are staring at their worst possible Diwali in years. For, buyers, especially youth, explore online options to take advantage of the huge discounts and cashback offers provided by online retailers such as Amazon and Flipkart.
Some reports said Diwali sales, which usually kick-start with the onset of the Navaratri, have crashed by up to half. Retailers and brands usually generate 35-45 per cent of their annual revenue during this one month. Footfall at shops has thinned. Even as almost all electronic shops have announced routine discounts ahead of Diwali, these are way less alluring than those on offer online. Fat discounts on exclusive models and mega advertising by Amazon and Flipkart have created a perception that online is the cheapest. Unlike in the past when there were restricted sales, this year around both Amazon and Flipkart have run back-to-back festive sales in the run-up to the festival.
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The overall price scenario in the country is bad. Petroleum product prices are ruling high. Inflation is on a rising curve. Rupee continues to remain a problem. Although there is no steep hike in fuel prices over the last week or so, the rates are still way beyond people’s comfort. Last month, the state saw diesel price overtaking petrol. Diesel sold at the nation’s highest in Odisha. There is pessimism all around. The government hiked import duty on 17 white goods October 11, making their import costlier. As a result, prices of white appliances that people traditionally buy before or during Diwali, such as televisions, washing machines, refrigerators and mobile phones, have gone up by a minimum of 10 per cent. Bank loans are not in the favourable zone either. Banks have jacked up interest rates, resulting in higher EMI payouts, leaving lesser money in the hands of people. Gold rate has run up a bit. The yellow metal hovered about Rs 32,000 per 10 grams. There is no hope that the rates will soften going forward. If they continue as it is, this may work negatively on the sentiments of people ahead of Dhanteras. The Supreme Court imposed restrictions on the bursting of firecrackers. It has confined the timing to two hours only. Over the last two days, the court has tempered its ruling by making the timing flexible. In Tamil Nadu and Pondicherry, it has allowed bursting of crackers during the day although the duration has been kept at two hours only. All in all, the atmospherics usually seen in the run-up to Diwali is missing.
