The growth rate of retail sales in the West was five percent and in South India it was more than that

Mumbai: In February of the current year, the growth rate of retail sales in the country remained weak at five percent. Sources in the Retailers Association of India (RAI) said whatever growth has been seen in the retail sector is due to sporting goods, footwear and quick service restaurants. Even in January, retail sales growth was five percent.

There has been an increase of five percent in retail sales in February of the current year as compared to February 2023. Consumers are now purchasing a variety of products as much as they need.

Retail sales in eastern India have seen strong growth for most of the current financial year, but sales have weakened in recent times.

Overall consumerism is increasing their budget due to easy availability of money. It is seen that spending is also being done on auto, accommodation and tourism. However, this expense is being taken into account for the loan installments.

Retail sales in western and southern India grew 6 percent in February, while northern India saw 4 percent growth and eastern India saw 3 percent growth, Rai CEO Kumar Rajagopalan said in a statement.

If we look at category wise, there has been an increase of 9 percent in sports goods, 8 percent in footwear and 7 percent in quick service restaurants.

Even in January of the current year, retail sales witnessed a five percent year-on-year growth. Retail sales growth figures remained low in the December quarter.

Let us tell you here that for some time now, there has been a huge increase in the activities of the production and service sectors of the country. Due to which there is an increase in the income from Goods and Services Tax (GST) in the country.