Corporates to spend Rs 2,000 cr on Diwali gifts
India Inc expenditure on gifts and greetings during the current festive season is likely to increase by 48 per cent to Rs 2,000 crore. Festivals celebrate team spirit
By PTI |
NEW DELHI: India Inc expenditure on gifts and greetings during the current festive season is likely to increase by 48 per cent to Rs 2,000 crore as compared to Rs 1,350 crore last year, according to industry body Assocham.
"As a result of a boom in the Indian economy and mass scale availability of durable, tempting products at competitive cost have encouraged corporates to widely give away gifts to their business contacts during Diwali," the chamber said in a statement.
It said the sectors that would take the lead and have budgeted their expenditure on gifts include pharmaceutical, IT and BPO, FMCG, real estate, tourism and aviation and retail.
According to rough estimates of the chamber, pharmaceuticals, real estate, FMCG and civil aviation all put together are likely to distribute gifts worth Rs 160 crore as these sectors have been growing at double digit.
"Apart from building the corporate image of company, both internally and externally, Diwali gifting helps to strengthen goodwill of the company and foster long-lasting cordial relations with employees and associates," the statement said.
"As a result of a boom in the Indian economy and mass scale availability of durable, tempting products at competitive cost have encouraged corporates to widely give away gifts to their business contacts during Diwali," the chamber said in a statement.
It said the sectors that would take the lead and have budgeted their expenditure on gifts include pharmaceutical, IT and BPO, FMCG, real estate, tourism and aviation and retail.
According to rough estimates of the chamber, pharmaceuticals, real estate, FMCG and civil aviation all put together are likely to distribute gifts worth Rs 160 crore as these sectors have been growing at double digit.
"Apart from building the corporate image of company, both internally and externally, Diwali gifting helps to strengthen goodwill of the company and foster long-lasting cordial relations with employees and associates," the statement said.
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