Ease of Doing Business for MSMEs: This Diwali festive season, traders are expected to sell goods worth Rs. 2.5 lakh crore, estimates traders body, Confederation of All India Traders (CAIT). 

The positive sentiments are due to the restriction-free Diwali after almost two years and the trading community is seeing large crowds of shoppers thronging to key markets across the country. 

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The festive season begins from September 26th, the first day of Navratri and continues till 5th November, the day of Tulsi Vivah, said B.C.Bhartia, National President and Praveen Khandelwal, Secretary General of the CAIT in a joint statement. 

Out of the 2.5 lakh crore, the traders body estimates sales of goods worth Rs 1.5 lakh crore and the rest one lakh crore will be spent on travel and other Diwali-related services. 

Two key reasons for the increased consumer spending are the hike in Dearness Allowance by the Central Government of 4 per cent in October for its employees and another announcement of the Government about Productivity-Linked Bonus equivalent to 78 days of wages to non gazetted railway employees for financial year 2021-22. 

“These two decisions of the Government will pump thousands of crores of rupees into the economy. The increasing urbanisation will boost demand for vehicles and real estate and will increase economic activity in urban areas.The bumper agriculture crop is expected to bring money in rural India and it is expected that much of the liquidity accrued to these sectors will in turn boost Diwali festivity sales,” said the statement.

CAIT added that the rising anti-China sentiment and the increasing consumer preference for Indian goods will play a significant role in promoting Indian traders. Besides that, China would witness a loss amounting to Rs 60,000 crores in its business as India used to import a huge chunk of festival items during Diwali. 

In addition, 40 thousand trade associations are promoting Indian products particularly home decoration goods and Diwali pooja goods. This includes clay diyas, idol statues, wall hangings, handicraft items, traditional good fortune symbols, decorative articles made by local artisans, craftsmen and skilled artists.

Furthermore, CAIT expects a robust sale in FMCG goods, consumer durables, toys, consumer electronics, electrical appliances and goods, kitchen articles and accessories, gift items, personal consumables, confectionary items, home furnishing, textiles, amongst others. 

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The findings of the report are from the survey done by CAIT Research & Trade Development Society in 25 cities across different states such as New Delhi, Ahmedabad, Mumbai, Nagpur, Jaipur, Lucknow, Chandigarh amongst others. 

The CAIT has called upon the traders across the country to celebrate Diwali as “Apni Diwali Bhartiya Diwali” based on Prime Minister Narendra Modi’s vision for Vocal for Local and Atmanirbhar Bharat.