Confederation of All India Traders (CAIT) on Tuesday said traders are expected to see business worth around Rs 60,000 crore on Dhanteras on the back of Vocal for Local movement of the government “strongly evident in the markets as most purchases are focused on Indian-made goods.” CAIT Secretary General Praveen Khandelwal said in a statement that a decline in Diwali-related Chinese product sales is expected to lead to an estimated Rs 1.25 lakh crore loss to China this festive season.
Dhanteras, also known as Dhanatrayodashi, marks the beginning of the Diwali festival in India and is celebrated on the 13th lunar day of Krishna Paksha in the Hindu month of Kartik. The day symbolizes the arrival of prosperity, health, and well-being for which Lord Dhanvantari, the god of Ayurveda and health, is worshipped.
The day is also dedicated to Goddess Lakshmi, the deity of wealth and prosperity, to seek blessings for wealth and abundance, especially for success in business and trade.
CAIT said Dhanteras is considered auspicious to purchase new items such as gold and silver jewellery, utensils, kitchenware, vehicles, clothing, readymade garments, electronics, appliances, business equipment like computers and mobile phones, ledgers, furniture, and other accounting supplies.
According to the traders’ body, around Rs 20,000 crore worth of gold and Rs 2,500 crore worth of silver were sold on Dhanteras this year. Additionally, demand for old silver coins surged, with prices ranging between Rs 1,200 and Rs 1,300 per coin.
Overall, business worth Rs 4.25 lakh crore is expected this year’s festive season. According to CAIT, last year’s festive business amounted to approximately Rs 3.5 lakh crore. This year, in Delhi alone, the festive business is expected to exceed Rs 75,000 crore. Following Diwali, traders are also anticipating a boost in sales during the upcoming wedding season.