Diwali retail sales go up by 10.8% over 2019, China loses of Rs 40,000 crore in business as Indians prefer Made in India products

Following a slowdown in the economy due to the lockdown, the festive season of Diwali has brought smiles to the traders as robust business was recorded during this period in the country. Moreover, make in India was a major winner as consumers preferred domestic products instead of imported products from China. According to Confederation of All India Traders (CAIT), it has recorded sales of around Rs 72,000 crore this year on Diwali across major markets in the county. At the same time, China lost approximately Rs 40,000 in business.

The call to boycott Chinese goods following the Chinese aggression in LAC has benefited that domestic industry, which achieved good sales during Diwali.

“As per reports gathered from 20 different cities which are also considered to be the leading distribution centers of India, it is expected that Diwali festive sales generated a turnover of about Rs 72,000 crores and gave China the expected loss of Rs 40,000 crore,” a statement issued  by CAIT said.

This meant the sale during Diwali went up 10.8% in 2020 compared to the previous year. to Confederation of All India Traders (CAIT) represents tens of millions of traders and firms across the country, and its members include retailers that sale 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 major distribution cities for the purpose of its surveys on sales.

According to the trader’s body, robust sales during Diwali is an indicator that businesses will improve in the future, following the Coronavirus lockdown. Products that saw good sales included FMCG products, toys, electrical appliances and white goods, kitchen utensils and accessories, gift items, confectionary items, sweets, home furnishing and decoration, gold and jewellery, footwear, watches, furniture and fixtures, garments etc.

According to CAIT, one reason for good Diwali sales is that people didn’t make major purchase in the last eight months, and that’s why they had enough surplus money for festival purchases.

However, firecracker sellers suffered a loss of around Rs 10,000 crore due to the ban on the sale of firecrackers in several states in the name of controlling pollution. The CAIT has demanded compensation from the Delhi govt for the traders, as the ban on firecracker was imposed after the state govt had issued licenses to traders to sell green firecrackers, and accordingly, the traders had purchased the allowed firecrackers, but were not allowed to sale the same afterwards.

OpIndia Staff: Staff reporter at OpIndia