This Diwali Likely To Bring Rs 125 Lakh Crore Trade
This year Diwali festival season sales will generate a business of about Rs 125 lakh crore across the country, says CAIT report
The Confederation of All India Traders (CAIT) has expressed the expectation that this year, during the festive season of Diwali, there is a possibility of about Rs 125 lakh crore trade in the markets across the country.
This year in Diwali, there is a strong possibility of large-scale buying and selling of Indian goods instead of Chinese goods, due to which Prime Minister Narendra Modi’s Vocal for Local and Atmanirbhar Bharat will also get a lot of strength. The CAIT has preditcted that, people of India have started giving preference to Indian goods instead of Chinese goods in the matter of buying and selling of festive goods.
CAIT National President B C Bhartiya and National General Secretary, Praveen Khandelwal said that according to the reports received from all over the country, this year Diwali festival season sales will generate a business of about Rs 125 lakh crore across the country and China will have a direct trade loss of about Rs 50,000 crore.
In the Diwali season, in the past years, China used to sell festival related goods in India worth about Rs 50,000 crore in India, but in the last two years, the Indian consumer, who earlier used to buy Chinese goods due to being cheap, now has a big increase in his buying behavior.
Khandelwal said that various segments of the retail business, especially FMCG products made in India, consumer goods, toys, electrical appliances and accessories, electronic equipment and white goods, kitchen items, gift items, sweets – snacks, home accessories, tapestries, utensils, gold and jewelry, shoes, watches, furniture, fixtures, textiles, fashion apparel, textiles, home decor, Diwali puja items including earthen lamps, decorative items like wall hangings, handicraft items, clothes, auspicious signs like Om, feet of Goddess Lakshmi etc. There is likely to be a big increase in the sale of many festive season items.
He further said that CAIT’s campaign to celebrate Hindustani Diwali is getting wide support from CAIT across the country. With the efforts of the federation, for the first time this year on Diwali, a large number of local business organisations are trying to give a bigger market to the products made by local artisans, sculptors, handicraft workers and especially potters.
Markets, offices and homes and shops across the country will be decorated with small oil lamps made of clay. Traditional Indian goods will also be of great use for decorating shops and homes. This year’s Diwali festival will be a true depiction of the cultural heritage and traditional ways of celebrating Indian festivals.