Ease of Doing Business for MSMEs: The Diwali festival sales this year will be more than Rs 1,50,000 crores across the country in comparison to the year 2019 when this figure was about Rs 90,000 crore rupees, said National President, BC Bhartia and Secretary General Praveen Khandelwal of Confederation of All India Traders (CAIT).
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Enthused over the thriving business post pandemic, the statement from the traders’ body said that the growth of the business by Rs 60,000 is very satisfactory and quite encouraging. The festive season business is considered to start from the first Navratri till Tulsi Vivah on 5th November this year.
Bhartia and Khandelwal also said that the government’s initiatives such as Vocal for Local and Atmanirbhar Bharat had a huge impact on consumers across the country and it has led to an increasing demand of Indian products. China-based products that were often sold at cheap prices during festive seasons are almost absent in the markets across the country, stated the Industry body.
The body also mentioned that China has suffered a direct loss of business worth about Rs 75,000 crores as India didn’t import any items related to Diwali from China this year.
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The major thrust of the consumers for festive season has been on home decor items, Diwali puja items including earthen lamps, deities, wall hangings, handicraft items and traditional good luck charms. In addition to that FMCG goods, consumer goods, toys, electronics, power tools and accessories, kitchen items and other appliances, confectionery, snacks, home furnishing, textiles amongst others are the major verticals that will register bumper business this year.