In sync with the low-key festivities due to slowdown concerns and pressure on their balance-sheets, corporate India is going rather lukewarm in Diwali gifts this year to its associates, networked partners, employees and other key personalities, slashing the budget by at least 35-40 percent under this head, an ASSOCHAM survey has noted.
The reduction in gifts is more for outside connects than employees who are more or less receiving their annual gesture from their employers.
However, there has been certainly a downward impact on the bonus payments with several corporates reeling under debt and cutting costs in their overall operations.
Besides, jerks arising out of demonetisation and the roll out issues of the Goods and Services Tax (GST) too have affected the overall sentiment.
“Consequent to a slowdown in the Diwali gift sale, the FMCG companies which generally bet high on festive sales in the business of chocolates, cookies, sweets etc are reporting less than normal sales.
