The Confederation of All India Traders (CAIT), predicts that the Diwali festival season is anticipated to drive economic activity worth INR 3.5 lakh crore in the country.
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The Diwali festive season is poised to stimulate business worth INR 3.5 lakh crore in the country. CAIT has pointed out that during this festive period, Delhi alone might witness business transactions totalling INR 35,000 crore, underscoring the sectors experiencing the most significant economic activity, according to the Confederation of All India Traders.
During the festive season, the Confederation of All India Traders (CAIT) has highlighted the leading sectors contributing to business activities. Food and grocery lead the way with a 13% share, closely followed by textiles at 12%, and jewelry at 9%. Dry fruits account for 4% of the business, while electronics and media, as well as gifts, both contribute 8%. Cosmetics represent 6%, while home decor, utensils & kitchen appliances each hold a 3% share. In addition, approximately 20% of the overall business activity is expected to be driven by sectors like automobiles, hardware, electricals, toys, and other goods and services.
“It is also an added advantage that Diwali falls in the fortnight of the month with empowered pockets of the consumers with money to spend on the festival. Festival shopping will pump financial liquidity in the markets making both trade & economy strengthen,” said BC Bartia, National President and Praveen Khandelwal, Secretary General, CAIT.
The duo mentioned that CAIT has issued guidance to trade organizations nationwide, encouraging them to collaborate with local artisans and manufacturers in their respective cities to support the domestic industry. CAIT further asserts that the collective decision to boycott Chinese goods from Rakshabandhan to Diwali would potentially result in a significant economic loss of INR 1 lakh crore for China, as traders and importers abstain from importing festive and other products.
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