Confederation of All India Traders (CAIT) generated Rs 1.25 trillion worth business during Diwali setting a record trade figure in the last 10 years of festival, according to reports.
CAIT, a body of 70 million traders, noted that such massive scale of shopping has ended the economic slow down that the industry was suffering from for the past 2 years and gave a better hope for the future.
BC Bhartia, the body’s national president, and Secretary General Praveen Khandelwal said, “In this year’s Diwali festival, there is an estimated business of about Rs 1.25 lakh crore rupees in the entire country which is a record figure ever attained in the last decade,” adding, “In Delhi alone, this business was about Rs 25,000 crore.”
Bhartia and Khandelwal also pointed out that Chinese goods were not at all sold this year in the markets through out the country. Remarkably, it was said that the special emphasis of the customers was on the purchase of Indian goods which resulted in a huge loss of business for China worth more than Rs 50,000 crore.
Also, Jewelers generated sales worth Rs 7,500 crores with 15 tonnes of gold jewellery sold during the Dhanteras festival. According to the joint statement released by CAIT and its jewellery section, All India Jewelers’ and GoldSmith Federation (AIJGF), around Rs 1,500 crore worth jewellery were sold in Maharashtra, Rs 1,000 crore in Delhi, Rs 600 crore in Uttar Pradesh and Rs 2,000 crore in South India.
National President of AIJGF Pankaj Arora stated that jewelers have made large preparations for availability of gold jewellery in number of designs because of the demand created by the festive season and upcoming wedding season. He had also claimed that the drop in COVID-19 cases and the significant vaccination numbers must have contributed to this customer turn around.