Diwali sales: Traders sold Rs 72k crore goods amid boycott call for Chinese products

By: |
November 15, 2020 2:41 PM

Ease of Doing Business for MSMEs: The traders’ body is expecting to further reduce Chinese imports to the tune of Rs 1 lakh crore by December 2021.

Diwali 202 this year market condition on dhanteras and diwali amid corona and economic slowdownThe scheme was launched in June 2020 to provide collateral-free working capital credit up to Rs 10,000 of one year to around 50 lakh street vendors. (Image-PTI)

Ease of Doing Business for MSMEs: Traders’ body Confederation of All India Traders (CAIT) on Sunday said traders across the country sold goods worth Rs 72,000 crore during the Diwali season because of “complete boycott of Chinese goods.” The confederation, which represents around 7 crore traders and 40,000 trade associations, claimed that the season also “gave China the expected loss of Rs 40,000 crore,” based on the reports it gathered from 20 different cities including top metros, Nagpur, Lucknow, Ahmedabad, Jaipur, Jammu, etc. Nonetheless, small traders and firecracker sellers witnessed a loss of Rs 10,000 crore due to the ban on the sale of firecrackers in multiple states such as Delhi West Bengal, Sikkim, Odisha, Rajasthan, Haryana, etc.

FMCG goods, toys, electrical appliances, and white goods, utensils, gift items, confectionary items, sweets, home furnishing and decor, footwear, apparels, Diwali pooja goods including clay diyas, handicraft items, and more remained the major goods witnessing sale during the festive season. “The traders and people of the Country gave a strong and big jolt to China,” said B.C.Bhartia, National President and Praveen Khandelwal, Secretary-General, CAIT in a joint statement. The traders’ body is also expecting to further reduce imports from China to the tune of Rs 1 lakh crore by December 2021.

Also read: Reliance Retail acquires e-furniture startup Urban Ladder; picks majority stake for e-commerce boost

To help firecracker traders overcome loss due to ban on the sale of firecrackers, CAIT had last week “strongly demanded” compensation from Delhi Chief Minister Arvind Kejriwal and heads of other states. It called the ban a blatant violation of a March 2019 order of the Supreme Court of India that said “it wasn’t in favour of a complete ban on crackers and instead suggested regulating the polluting aspect of the industry.”

Meanwhile, CAIT is likely to launch its e-commerce portal BharatEMarket in December to bring its traders’ community online even as it continues to take on Amazon and Flipkart for their alleged malpractices in business. The portal would be launched in partnership with the Department for Promotion of Industry and Internal Trade (DPIIT) and promoted by PM Modi’s Startup India and Invest India along with All India Consumer Products Distributors Federation and small business lender Avana Capital.

Get live Stock Prices from BSE, NSE, US Market and latest NAV, portfolio of Mutual Funds, Check out latest IPO News, Best Performing IPOs, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.