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Diwali business sale crosses Rs 1.25 lakh crore, says CAIT

, due to Diwali festival sales, large number of people thronged the markets that helped in generating huge business to the tune of Rs 1.25 lakh crore.

SNS | New Delhi |

The markets in country generated a whooping business to the tune of Rs 1.25 lakh crore which is record trade figure in last 10 years on the occasion of Diwali, said Praveen Khandelwal, Secretary General, Confederation of All India Traders (CAIT).

While last year, the Covid-19 pandemic had hit hard on the business with number of people witnessing job loss, lockdown, hospitalisation and other factors, this year turned out to be a breather for many traders.

Khandelwal said, due to Diwali festival sales, large number of people thronged the markets that helped in generating huge business to the tune of 1.25 lakh crore which is record trade figure in last 10 years on the occasion of Diwali.

Besides, this year, gold jewellery and silverware were purchased for more than Rs. 9000 crores, he said.

“Such a massive shopping has ended the economic slowdown in business which was continued in the markets for the last two years. It has also  awakened the spark of better business prospects among the business community in the near future,” he claimed.

CAIT National President, BC Bhartia said, “Excited and encourage by tremendous Diwali business, the traders across the country are now gearing up for the sale of the wedding season scheduled to start from 14 November, the day of Dev Uthaan Ekadashi.”

Bhartia further said, “Out of many states, in Delhi alone, this business was about Rs. 25000 crores. This time Chinese goods were not sold at all in the markets across the country and the special emphasis of the customers was on the purchase of Indian goods, due to which China suffered a direct loss of business worth more than Rs 50,000 crores.”

He added that the “traditional items of Diwali festival in demands were mostly  earthen lamps, and colorful decor of earthen Diyas, different kinds of vandanwars, pendants, earthen sticks, toys made of Khand, earthen sandals, candles and papermachine lamps, Rangoli etc which gave substantial business to small potters, craftsmen, handicraftsmen.

“On the other hand items like sweets, dry fruits, packed Namkeen, other food and packaged items, furnishing fabric, tapestries, footwear, gift items, FMCG goods, electrical and electronic items, watches, Consumer Products, Readymade Garments, Textiles, Decorative Items for Home Decor, Utensils, Furniture & Fixtures, Fashion Clothing, Food, Grocery, Stationery were also in huge demand and it did good business,” added Bhartia.

Meanwhile, this Diwali also brought a sizeable business to the tune of Rs.15,000 crores for packaging commodity.