Following a slowdown in the economy due to the lockdown, the Diwali holiday season has brought smiles to merchants as solid business was recorded during this period in the country. In addition, make in India was a big winner as consumers preferred domestic products over imported products from China. According to the Confederation of All India Traders (CAIT), it has recorded sales of around 72 billion rupees this year on Diwali in the county’s major markets. At the same time, China lost approximately Rs 40,000 in the business.
The call to boycott Chinese products after the Chinese aggression in LAC has benefited that national industry, which achieved good sales during Diwali.
“According to reports collected from 20 different cities that are also considered the main distribution centers of India, the Diwali holiday sales are expected to generate a turnover of approximately 72 billion rupees and have given China the expected loss of 40,000 million rupees, “a statement issued by CAIT said.
This meant that sales during Diwali were up 10.8% in 2020 compared to the previous year. he Confederation of All India Traders (CAIT) represents tens of millions of traders and businesses across the country, and its members include retailers who sell various products.
Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Kolkata, Nagpur, Raipur, Bhubaneswar, Ranchi, Bhopal, Lucknow, Kanpur, Noida, Jammu, Ahmadabad, Surat, Cochin, Jaipur and Chandigarh are the cities considered by the CAIT as the main cities of distribution for the purposes of your sales surveys.
According to the merchant’s body, strong sales during Diwali are an indicator that businesses will improve in the future, following the Coronavirus lockdown. The products that registered good sales included mass consumer products, toys, appliances and white goods, kitchen utensils and accessories, gift items, confectionery, sweets, furniture and home decor, gold and jewelry, footwear, watches, furniture and accessories, garments, etc.
According to CAIT, one of the reasons for the good Diwali sales is that people did not make major purchases in the past eight months, and that is why they had enough surplus money for festival purchases.
However, firecracker sellers suffered a loss of around Rs 10 billion due to a ban on the sale of firecrackers in several states in the name of pollution control. CAIT has demanded compensation from the Delhi government for merchants as the firecracker ban was imposed after the state government issued licenses to merchants to sell green firecrackers and consequently merchants had purchased the permitted firecrackers, but they were not allowed to do so. sell the same later.
