Wednesday, October 29, 2025

News from October 19, 2025

366 articles found

Surge in dining and entertainment spending boosts restaurant and cinema revenue ahead of Diwali
Technology

Surge in dining and entertainment spending boosts restaurant and cinema revenue ahead of Diwali

The positive sentiment behind widespread consumption of goods and services after tax rates were lowered is now percolating to discretionary spending. Restaurant chains, pubs and online booking platforms have seen an 8-20% surge from last year in dining-drinking out, live entertainment and movies. There has been no GST reduction on restaurant services. The jump in demand is a relief to restaurants, where on-premises business has been flat or stressed over the past six to seven quarters.Anjan Chatterjee, managing director of the listed Speciality Restaurants, which operates Oh! Calcutta and Sigree eateries, said that while October-December is always the strongest for the industry, gains are extra strong this year. He said the over-20% increase in walk-ins during Navratri-Durga Puja is continuing in the run-up to Diwali. Rahul Ganjoo, chief executive at going-out ticket purchase platform District by Zomato, said demand for diningbased experiences remains strong, with more people dining out solo this year. Casual dining chain Burma Burma said sales are up 10% year-on-year. Live EventsOctober was also bountiful for live entertainment. BookMyShow saw healthy consumer participation, translating into steady growth across particularly music, comedy and large-format shows. Anil Makhija, its chief operating officer for live entertainment and venues, said the festive season starting earlier this year, and Dussehra and Diwali arriving in close succession, has triggered the burst of consumption.Reel business had a breather too, with a reduction of goods and services tax (GST) on film tickets priced up to `100 to 5%, from 12%. The industry had been expecting incremental gains, as reported by ET in September.BookMyShow COO for cinemas Ashish Saxena spoke of rising footfall at theatres. “We’ve seen a clear rise in outof-home entertainment, especially as families and friends head to the cinemas,” he said. Meanwhile, premiumisation, which has been trending for a while now, has been more obvious this October as pubs and restaurants report consumers drinking better. Minakshi Singh, cofounder of pub chain Sidecar, affirmed premiumisation, while also pointing out numerous long weekends fueling purchases.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onDiwali spendingrestaurant revenuetax ratesentertainment spendingSpeciality Restaurantscinema revenueDistrict by ZomatoBurma BurmaSidecarBookMyShow (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onDiwali spendingrestaurant revenuetax ratesentertainment spendingSpeciality Restaurantscinema revenueDistrict by ZomatoBurma BurmaSidecarBookMyShow(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless Prime ExclusivesInvestment IdeasStock Report PlusePaperWealth Edition123View all Stories

GST reduction boosts sales, consumption likely to stay strong: Sitharaman
Technology

GST reduction boosts sales, consumption likely to stay strong: Sitharaman

Finance minister Nirmala Sitharaman said the reduction in goods and services tax (GST) rates from September 22 spurred consumption. She exuded confidence that the demand boost would sustain after the festive season. “GST rate reduction has resulted in an increase of purchases. The consumption drive will continue… We are convinced that on every such item, benefits are being passed on by companies,” she said on Saturday, at a press conference on ‘GST Bachat Utsav,’ along with commerce and industry minister Piyush Goyal and electronics and IT minister Ashwini Vaishnaw. Prime Minister Narendra Modi launched the GST Bachat Utsav (savings festival) last month, a 100-day government campaign to ensure consumers benefit from reduced tax rates. The government has been monitoring price cuts to 54 items since lower rates came into effect, Sitharaman said. Sitharaman noted that in some cases, businesses had passed on higher than the weighted average of GST rate cut benefits to consumers. She said sectors like automobiles and consumer durableshad seen robust sales.“Three-wheeler dispatches rose 5.5% on-year, while two-wheeler sales reached 21.6 lakh units. Passenger vehicle dispatches alone stood at 3.72 lakh in September,” the minister said, citing the example of Hero Motors, which posted its highest monthly sales in September. Airconditioner sales doubled on the first day GST reforms kicked in, while TV sales saw a 30-35% rise, she added.Live EventsSitharaman said some items had seen a greater-than-expected reduction in prices, with shampoo prices dropping 12.36% compared to the intended 11.02%. Similarly, prices of household articles made of iron, steel and copper fell 10.24%, exceeding the expected 6.25% reduction. “What we are doing today is not a correction, but a conscious decision — a reflection of cooperation between the central government and the GST Council to pass on greater benefits to the people,” Sitharaman said. Commerce minister Piyush Goyal said the move would give a fillip to the economy, which had already been taken note of by the IMF, as it had upgraded India’s growth projection. “Indirect tax directly impacts 140 crore Indians, and now a benefit of Rs 2.5 lakh crore has been given via GST cuts. The multiplier effect due to tax cuts has already given a boost to the economy,” Goyal said.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News onGST rate cutsconsumer demandPrime Minister Narendra ModiFinance Minister Nirmala SitharamanIMFtax rates reductionHero MotorsGST Council (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News onGST rate cutsconsumer demandPrime Minister Narendra ModiFinance Minister Nirmala SitharamanIMFtax rates reductionHero MotorsGST Council(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless Prime ExclusivesInvestment IdeasStock Report PlusePaperWealth Edition123View all Stories

India and US trade talks: Progress in bilateral agreement amid tariff challenges
Technology

India and US trade talks: Progress in bilateral agreement amid tariff challenges

Commerce and industry minister Piyush Goyal Saturday said talks between India and the US on the proposed bilateral trade agreement (BTA) are progressing in a "cordial atmosphere " and New Delhi will protect the interests of domestic farmers, fishermen and MSME sectors.“I believe the talks are progressing in a very cordial atmosphere and I have said many times that free trade agreements or trade talks are never based on deadlines. There is no agreement unless we fully address the interests of the nation— India’s farmers, India's fishermen, India's MSME sector,” Goyal said while addressing a conference on GST Bachat Utsav. “The talks are progressing very well. The talks are ongoing, and we will definitely inform you when we reach a decision,” he said. Indian trade negotiators, led by commerce secretary Rajesh Agrawal, were in Washington this week to hold trade talks with their US counterparts. Washington has imposed 50% tariffs on India. India and the US aim to conclude the first tranche of the BTA by the fall of 2025. So far, five rounds of negotiations have been completed. Last month, Goyal led an official delegation to the US for trade talks. Goyal also expressed confidence that despite global uncertainties due to the US tariffs, India’s exports will register growth in 2025-26. “The first six months’ exports, despite all these uncertainties, have grown by about 6-7% overall. And even in merchandise, we have seen the growth story of India in the first six months,” he said. India’s goods exports grew 6.7% on-year in September. “There is resilience, there is confidence. There is demand for our goods and services across the world, and India will continue on this growth trajectory, and we are confident we will end the financial year 2025-26 with a positive growth in India’s exports,” Goyal said.Live EventsAsked if some e-commerce firms have not passed on the GST rate cut benefits to consumers, Goyal said most have passed it on and above that they have announced cash bonuses and discounts also. “But if any site or platform has not passed on the benefits ...consumer affairs (department) can take action,” the minister added.Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) Read More News ontariff challengesbilateral trade agreementGST Bachat UtsavCommerce and Industry MinistryPiyush GoyalMSME sectorconsumer affairs departmentindia (Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless (You can now subscribe to our Economic Times WhatsApp channel)Read More News ontariff challengesbilateral trade agreementGST Bachat UtsavCommerce and Industry MinistryPiyush GoyalMSME sectorconsumer affairs departmentindia(Catch all the Business News, Breaking News and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online....moreless Prime ExclusivesInvestment IdeasStock Report PlusePaperWealth Edition123View all Stories