The corporate world has reduced the budget of Diwali gifts by 35 to 40 percent this year. This information is given in a survey of industry body Assocham. 

Assocham said on Wednesday that the gifts given to corporate colleagues for their colleagues, partners, employees and other special people have been reduced this time. 

The survey said that bonuses of employees working in corporate have also been affected as many companies are in debt and they are implementing measures to reduce expenditure. 

The sales of companies selling washing machines, refrigerators, ovens, electric stoves and similar products have come down. Sales of 'high end' smartphones have also been affected. 

In the wake of Diwali festival, Assocham conducted telephonic surveys of about 758 companies in cities like Ahmedabad, Bangalore, Chennai, National Capital Region, Delhi, Jaipur, Hyderabad, Kolkata, Lucknow and Mumbai in the first, second and third categories.

"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, and sweets are reporting less than normal sales.

"Similar is the case with consumer durable firms engaged in washing machines, refrigerators, ovens, electric stoves and other such items. Even the festive sale of high-end smartphones seems to have taken a hit. The survey endorses the generally low key mood of the industry and trade with the considerable trimming of the festive budget," Assocham secretary general D S Rawat said. 

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