India's retail sector has seen a major contraction ahead of Diwali, according to a NDTV report that surveyed heads of trader's associations of 10 major cities across the country. Viren Shah of Mumbai's Federation of Retail Traders Welfare Association said that sales have dropped 50% in the country's biggest financial hub.

The corresponding figures for other cities present a bleak picture. Sales have reduced by 30% in Ahmedabad, 15% in Hyderabad, 30% in Chennai, 40% in Bangalore, 30% in Bhopal, cumulatively adding up to a 36% overall drop across the ...