Daijiworld Media Network - New Delhi
New Delhi, Oct 23: Finance Minister Nirmala Sitharaman on Thursday announced that India’s Unified Payments Interface (UPI) achieved a historic milestone by processing 754 million transactions worth Rs 1.02 lac crore on October 18, the highest-ever single-day tally since its inception.
Sitharaman attributed the record-breaking surge to robust festive demand and the positive impact of recent GST rate cuts, which boosted household spending during the Dhanteras–Diwali period.
During the three-day festive window, the average daily UPI volume stood at 736.9 million, a sharp increase from 647.46 million recorded during the same period a month earlier.
“It has been a cracker of a Diwali for retailers this year as GST rate cuts have boosted consumption, enabling the middle class to add more items to their shopping bags this festive season,” Sitharaman said.
The Finance Minister noted that both mass-market and premium segments — from lab-grown diamonds and apparel to home décor and consumer durables — witnessed strong traction, reflecting widespread consumer optimism.
She emphasized that the implementation of GST 2.0 has injected new momentum into India’s growth story by enhancing purchasing power, simplifying tax compliance, and stimulating business confidence.
“By rationalising slabs and lowering rates across a range of consumer goods, the reform has delivered tangible savings for households, freeing up disposable income and helping stimulate demand,” she added.
According to data from the Confederation of All India Traders (CAIT), Diwali sales soared to an unprecedented Rs 6.05 lac crore this year — a 25% increase over 2024’s festive season total of Rs 4.25 lac crore.
The Research and Trade Development Society (RTDS), CAIT’s research arm, described the figure as the highest festive sales in India’s trading history. Notably, brick-and-mortar stores accounted for nearly 85% of total sales, signaling a strong revival of physical retail.
Survey findings revealed that 72% of traders reported higher sales volumes directly linked to the reduced GST rates across key categories such as confectionery, footwear, garments, home décor, consumer durables, and daily-use products.
Consumers also expressed satisfaction with stable prices amid rising demand, helping sustain consumption momentum even beyond the festive season.
Sitharaman underlined that India’s non-corporate and non-agricultural sector — comprising over nine crore small businesses and micro-manufacturing units — continues to serve as the foundation of the nation’s economic expansion, driving inclusive growth and job creation.