BUSINESS

Federal Bank main sponsors of shopping fete

Special Correspondent

THIRUVANANTHAPURAM: Federal Bank will take on the role of the ‘title sponsor’ of the Grand Kerala Shopping Festival this year, bank’s general manager Jagadeeshan T.S. has said.

A release issued by the festival organisers here on Wednesday quoted Mr. Jagadeeshan as stating that the bank was confident about the festival catalysing the State’s transformation into a shopping destination.

The bank had keenly watched how the event was conducted last year.

The festival last year helped boost the government’s revenue from commercial taxes substantially. December 2007 brought Rs.651 crore by way of commercial taxes to the government’s coffers, compared to Rs.561 crore the same month of the previous year.

The revenue under this head has increased to Rs.710.27 crore in January 2008 from Rs.607.04 crore in January 2007.

The December-January period, when the festival was held last year, saw increased trade activity in the State, the release said.

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