Amid boycott of Chinese products, traders did record business on Diwali; these products were most purchased
As per CAIT, the robust sales that happened in commercial markets during Diwali festive season indicate 'good business prospects in the future'.
- The robust sales gave China an expected loss of Rs 40,000 crore.
- "People didn't purchase anything in the last eight months except essentials. Hence people had enough surplus money, and a portion was spent on Diwali festivities," said CAIT.
New Delhi: The Confederation of All India Traders (CAIT) on Sunday (November 15, 2020) said the sales during the Diwali festive season increased to over Rs 72,000 crore across major markets in the country.
The business was reportedly carried on during the Diwali with no Chinese goods on sale amid CAIT's call to boycott the Chinese products following the India-China border row at the Line of Actual Control (LAC).
"As per reports gathered from 20 different cities which are also considered to be the leading distribution centres 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," CAIT said in a statement.
According to CAIT, the fast-moving consumer goods (FMCG), consumer durables, toys, electrical appliances and goods, electronic appliances and white goods, kitchen articles and accessories, gift items, confectionary items, sweets, home furnishing, tapestry, utensils, gold and jewellery, footwear, watches, furniture, fixtures, garments, fashion apparels, cloth, home decoration goods were among the products most purchased on Diwali.
The CAIT also said that the robust sales that happened in commercial markets during Diwali festive season indicate 'good business prospects in the future'.
"People didn`t purchase anything in the last eight months except essentials. Hence people had enough surplus money, and a portion was spent on Diwali festivities," Praveen Khandelwal, CAIT's secretary-general was quoted as saying by Reuters.
This is to be noted that at least 20 cities including Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Kolkata, Nagpur, Raipur, Bhubaneswar, Ranchi, Bhopal, Lucknow, Kanpur, Noida, Jammu, Ahmadabad, Surat, Cochin, Jaipur, Chandigarh are considered as 'distribution cities' by the CAIT for the purpose of its surveys.