Festive season for traders: The Diwali festive season is expected to generate business worth Rs 3.5 lakh crore in the country, according to the traders’ body Confederation of All India Traders (CAIT). During the festive season, Delhi alone might witness a business of Rs 35,000 crore, CAIT said highlighting the key sectors witnessing maximum business activity.
The traders’ body said the top contributing sectors to the festive season business would be food and grocery with 13 per cent, followed by textiles with 12 per cent, jewellery at 9 per cent, 4 per cent dry fruits, 8 per cent electronics and media, 8 per cent gifts, 6 per cent cosmetics, and 3 per cent each for home decor and utensils & kitchen appliances. Moreover, about 20 per cent of the business would come from automobiles, hardware, electricals, toys, and other goods and services.
“It is also an added advantage that Diwali falls in the fortnight of the month with empowered pockets of the consumers with money to spend on the festival. Festival shopping will pump financial liquidity in the markets making both trade & economy strengthen,” said BC Bartia, National President and Praveen Khandelwal, Secretary General, CAIT.
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The duo said that CAIT has issued an advisory to trade organisations across the country to engage with the local artisans and manufacturers of their cities to promote the local industry. According to CAIT, the boycott of Chinese goods during the festivals from Rakshabandhan to Diwali would impact the loss of Rs 1 lakh crore to China in terms of non-import of festive and other goods by traders and importers.
Rs 4.25 lakh crore business expected during upcoming wedding season: CAIT
CAIT expected the upcoming wedding season from Dev Uthan Ekadashi on November 23 to December 15 to generate business worth Rs 4.5 lakh crore with around 35 lakh weddings likely to be solemnized during the period. Similarly, CAIT expected Rs 1,500 business on the eve before Karwa Chauth.