The sales would include nearly $15.2 billion offline sales, compared to about $8.5 billion in 2019, according to the Confederation of All India Traders (CAIT). read moreBut economists said the sense in India was that inflation has peaked while economic activity was picking up. The bump in consumer demand is expected to support economic growth of around 6.5% in the fiscal year ending March 2023, the highest among the world's major economies. Credit demand increases Credit demand increasesThe retail boom is also a boon for the government - goods and services tax collections, a barometer of consumer demand, rose 26% year-on-year in September, data showed. "After two consecutive downbeat festive seasons, consumer sentiment and spending appear to have rebounded this year... which may boost economic growth in the current quarter, but may not sustain thereafter."

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