Jaipur’s Parkota market struggles to get its mojo back as rising inflation pinches pockets

The festive season is on in full swing and businesses across the country are trying to recover from two years of lockdowns, the impact of Russia’s invasion of Ukraine, and rising inflation. However the recovery is evident only in pockets.

Jaipur’s Parkota market is home to over 5,000 shops and the heart that makes Jaipur India’s pink city.

Inside this market sits Johari Bazaar — by far the most famous landmark, and the busiest section of Parkota. But for the 400 shops that operate in Johari Bazaar, the last two years have been tough. First because of two years of lockdown that kept both domestic and international shoppers away and then due to rising inflation that has put a dampener on discretionary budgets.

The market usually enjoys two festive seasons in a year, but the last couple of seasons have not brought much cheer — neither have the traditionally lucrative wedding seasons.

Kailash Mittal of Mittal Jewellers said, “The market was slow in the last few months. Even the last wedding season of April-May didn't boost business.”

The pain is not restricted to jewellery stores. Shopkeepers and businessmen in Parkota say that average revenues, which used to comfortably cross Rs 1,000 crore per year before the pandemic, fell to low single-digits during the lockdowns and saw only a modest revival when the export markets opened up.

Footfalls are yet to reach pre-COVID levels and 47-year old Ranu Jindal, who runs an upscale garment showroom in Johari Bazar, says that even those customers who have returned are a lot more cautious in opening up purse strings.

Jindal said, “Customers are spending money, but it’s on need basis. There's no extra spending and that's affecting the business.”

Some of these shopkeepers had hoped that business would pickup once festive demand kicked in, but so far, that has not materialised. Even tried and tested sales techniques like discounts and offers are not finding many takers and with high inflation putting a dampener on discretionary spending, businesses here continue to face some tough times.