New Delhi, Nov 7 (Representative) A combination of economic recovery, well planned marketing strategy and conscious return of consumer sentiment riding on conscious preference for Indian products and complete boycott of Chinese goods has pushed festival business sales to cross Rs 1.25 lakh crore pan India and dealt a Rs 50,000 crore blow to Chinese business. Speaking to UNI, Praveen Khandelwal, Secretary General of Confederation of All India Traders (CAIT) said the trade association is now looking an infusion of about Rs 3 lakh crore in the markets by the end of December 2021 by way of more festive and wedding season sales. The wedding season which starts from 14 November, is expected to contribute Rs 75,000 crore.
“After a gap of last two years, this year Diwali festival across the country, including Delhi, has brought a new zeal and freshness which is palpable from the rush of buyers in markets across the country. In Delhi alone business was about Rs 25,000 crore. This time Chinese goods were not sold at all in markets across the country and customer focus was strongly on the purchase of Indian goods,” Khandelwal said. “We are all set to achieve our target of reducing imports from China to the tune of Rs 1.5 lakh crore by December 2022, he added. The Diwali trade earnings come as a boost to businesses reeling under a cumulative burden of lockdowns and restrictions imposed by governments to combat the coronavirus pandemic in 2020 and this year. According to CAIT figures, while gold jewellery and silverware purchases accounted for more than Rs 9000 crores, there was a sizeable income to the tune of Rs 15000 crores for the packaging commodity business which has emerged as a potential earner.
The other beneficiaries of the bumper sales this Diwali are small artisans, potters, local artists and women entrepreneurs manufacturing at the state, district level and regional level and producing their own brand. “They fared significantly better than their bigger rivals in areas of FMCG, consumer durables and kirana products as they were able to fill the supply gap that occurred due to absence of Chinese goods,” pointed out Kandelwal. “The crowds and response in the markets have sparked expectations of better business prospects in the near future,” said Khandelwal. An orchestrated campaign across the country by CAIT for “boycott Chinese goods” and efforts to inspire traders across the country to adopt new ways of doing business in the view of new opportunities and great potential for future business in India, are key factors for this turnaround.