"There is no new investment, no increase in manufacturing, and people are unemployed. So, in such a situation, the corporate sector is going through a survival phase," Rawat told ANI.
"In the past, we found that they (corporates) were freely distributing gifts among their connections, but this year the impact (on corporate gifting) was between 35 to 40 per cent, due to the slowdown in the economy."
Rawat further said many industries were going through a severe crisis.
"Many of the units, many of the industries are under a severe crisis. It is but natural that the corporate sector has not been able to afford corporate gifting," Rawat said. (ANI)