India's Diwali sales poised to cross Rs 7 lakh crore, Delhi clocks Rs 1 lakh crore: CAIT
The Diwali-related trade in the national capital has crossed a record Rs 1 lakh crore while national sales are poised to cross Rs 7 lakh crore amid hectic buying which peaked on Dhanteras as waves of buyers flooded the markets on Friday, according to figures compiled by the Confederation of All India Traders (CAIT).
This year, exceptionally strong demand has been witnessed across several product categories, including gold, silver and jewellery as well as electronic goods and home appliances such as mobile phones, LED televisions, refrigerators, washing machines, air conditioners, according to a CAIT statement issued on Saturday.
Clothing and fashion, too, recorded brisk sales with sarees, suits, kurtas, readymade garments, children’s clothing and traditional attire flying off the shelves. Besides, puja and decorative items such as earthen diyas, idols of Goddess Lakshmi and Lord Ganesha sweets and food Products recorded a surge in sales.
Automobiles including cars, two-wheelers and commercial vehicles have also witnessed encouraging demand. Handicrafts and swadeshi products including khadi, handloom products, handcrafted decorative articles, products made by local artisans and goods prepared by women’s self-help groups have recorded robust sales.
CAIT Secretary General and Member of Parliament Praveen Khandelwal said that, according to information received so far, Diwali-related trade in Delhi has crossed the Rs 1 lakh crore mark, while nationwide Diwali business has exceeded Rs 6 lakh crore.
Considering the continued surge in customer footfall and the strong buying sentiment in markets, the total figure is expected to cross Rs 7 lakh crore.
According to a CAIT statement, the massive Diwali business is generating substantial economic benefits, both directly and indirectly, for small and medium-sized traders, street vendors, daily-wage workers, micro and cottage industries, self-help groups, women entrepreneurs, artisans, transport operators, packaging businesses, logistics providers, delivery services and millions of people associated with domestic manufacturing and production.
Khandelwal said that a significant transformation is clearly visible in this year’s festive markets, with consumers increasingly preferring Indian products. The widespread impact of the Prime Minister’s appeal for ‘Vocal for Local’, ‘Aatmanirbhar Bharat’ and the adoption of Swadeshi products is clearly reflected in consumer behaviour. Indian artisans, manufacturers, small-scale industries and local entrepreneurs are receiving tremendous support from consumers.
Khandelwal said, “The unprecedented footfall in markets has not only provided fresh momentum to commercial activities but has also sent a strong and positive message in the backdrop of the substantial business losses suffered due to the Opposition rally on November 1 and the continuous protests, demonstrations and agitations witnessed in Delhi over the past month.
Millions of traders, shopkeepers, street vendors, daily-wage workers and small entrepreneurs in Delhi have benefited from the surge in festive buying in Delhi. By turning up in large numbers at markets, Delhiites have demonstrated that they do not want festive celebrations, economic activities and commercial life to be held hostage to political disruptions, he said.
In a democracy, everyone has the right to protest and demonstrate peacefully, but no political activity should come at the cost of public mobility, traders’ livelihoods or the daily earnings of millions of families, he added.
CAIT, on behalf of the trading community of Delhi, said it “thanks the people of Delhi for the tremendous enthusiasm, confidence and overwhelming participation during this year’s Diwali celebrations.”
