The result of Indians turning their backs on Chinese goods!
If Indians are vocal for local, won’t be long before China’s humbled – Editor
Traders clock Rs 3.75 lakh crore business this Diwali season; Rs 1 lakh crore trade loss to China: CAIT- With Goverdhan Pooja, Bhaiya Dooj, Chhath Pooja and Tulsi Vivah yet to be solemnized, these festivals may attract another trade of Rs 50,000 crore, CAIT said.
Diwali sales: Retailers across the country registered a record trade of Rs 3.75 lakh crore during this year’s Diwali season so far with “almost only India products sold this Diwali,” said traders’ body Confederation of All India Traders (CAIT) on Monday. CAIT National President BC Bhartia and Secretary General Praveen Khandelwal in a joint statement said that the festival trade of Rs 3.75 lakh crore comprised about 13 per cent food and grocery spending, 9 per cent jewellery spending, 12 per cent in textiles and garments, 4 per cent in dry fruits, sweets and Namkeen, 3 per cent in home decor, 6 per cent in cosmetics, 8 per cent in electronics & mobiles, and more.
The purchase of made in India products also cost Chinese goods trade loss worth more than Rs 1 lakh crore, CAIT said. “In previous years, Chinese products were occupying nearly 70 per cent market of Diwali festivals. However, this year, the appeal of Prime Minister Narendra Modi to make this Diwali vocal for local has gone down well and widely accepted and implemented by both traders and consumers,” said Bhartia and Khandelwal.
With Goverdhan Pooja, Bhaiya Dooj, Chhath Pooja and Tulsi Vivah yet to be solemnized, these festivals may attract another trade of Rs 50,000 crore, the traders’ body added.
In addition, the upcoming wedding season starting from Dev Uthan Ekadashi on November 23 to December 15 is expected to generate business worth Rs 4.5 lakh crore with around 35 lakh weddings likely to be solemnized during the period, CAIT said in October.
According to Bhartia and Khandelwal, the Delhi region alone may host 3.5 lakh weddings, generating Rs 1 lakh crore in the region. Last year, about 35 lakh weddings took place during the same period, generating business worth Rs 3.75 lakh crore.
Also read: Rs 4.25 lakh crore business expected during upcoming wedding season: CAIT
The next phase of the wedding season is expected from mid-January till July. As per CAIT, the businesses to benefit the most from weddings would be jewellery, sarees, readymade garments, furniture, footwear, ethnic wear, food grains, decoration items, electric and electronic equipment, and banquets/hotels. Indirectly, painting and repairing materials for houses.
Source: financialexpress.com
