Monday, February 6, 2023

Bumper Diwali spending of Rs 2.5 lakh crore expected: CAIT

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Jamshedpur, Oct 15: The ongoing Diwali festival season is all set to bring cheers for the trading community of the Country as it is expected that there will be fresh infusion of about Rs. 2.5 lakh crore in the markets by way of shopping and sale of goods and usage of services, said the Confederation of All India Traders (CAIT).

This substantial inflow of money is also expected to liberate the business community from financial crunch. After two years, the current Diwali festivity will be celebrated with no covid restrictions which is prompting the consumers to throng the commercial markets in every city of the Country for making purchases for Diwali.

The festive season has already begun from 26th September, the day of first Navratri and will continue till 5th November, the day of Tulsi Vivah, said Praveen Khandelwal, Secretary General and National Secretary Suresh Sonthalia of the CAIT today in a joint statement released here today.

Khandelwal and Sonthalia said that the hike in DA by the Central Government of 4% on 8th October and another announcement of the Government about Productivity-Linked Bonus (PLB) equivalent to 78 days of wages to non gazetted railway employees for financial year 2021-22 is going to help the consumers in their spending during Diwali festivity season.

It will certainly trigger the market and the economy. These two decisions of the Government will pump thousands of crores of rupees into the economy. The increasing urbanisation will boost demand for vehicles & real estate and will increase economic activity in urban areas. The bumper agriculture crop is expected to bring money in rural India and it is expected that much of the liquidity accrued to these sectors will in turn boost Diwali festivity sales.

CAIT Sr leader Brijmohan Agarwal said that as per an estimate, the Diwali festivity business is expected to register a whopping turnover of more than Rs. 1.5 lakh crore and more than one lakh crore rupees is expected to be incurred on travel and other services pertaining to Diwali. As per a report released by FADA recently, overall retails of Automobiles increased by a massive 57% during the period of Navratri. All categories also showed extremely high growth with 2W, 3W, CV, PV and Tractors increasing by 52.%, 115%, 48%, 70% and 58% respectively. These figures show expected robust business during Diwali festivity-said both the trade leaders. As per an estimate about 5 crore gifts from small to high range of all sorts of items are being exchanged during Diwali festival period which does form a substantial contribution to Diwali festivity sales.

Sonthalia said that significantly, such growth is attributed to the sale of Indian products having no influence of any Chinese product. Indian traders and consumers are going to create a loss of about 60 thousand crores of rupees business to China which earlier China was exporting to India pertaining to Diwali sales. The change in consumer behaviour for not opting for chinese goods post Galwan incident has contributed a lot in sales promotion of Indian products.

CAIT Research & Trade Development Society, a research arm of CAIT has conducted a second spell of a survey in 25 Cities of different States which CAIT term as ‘ distribution cities”, for the trend of sales & visits of consumers in the markets and their preferential buying of goods, which has shown the changing pattern of consumer buying across the Country. It is gratifying to note that Indian goods are high in demand and consumers ensure that they are not buying any chinese goods. These 25 cities are New Delhi, Ahmedabad, Mumbai, Nagpur, Jaipur, Lucknow, Chandigarh, Raipur, Bhuvneshwar, Kolkata, Ranchi, Guwahati, Patna, Chennai, Bangluru, Hyderabad, Madurai, Pondicherry, Bhopal and Jammu, Pune, Kanpur, Varanasi, Ranchi and Bhubaneswar.

Suresh Sonthalia said that propagating Vocal for Local & Atamnirbhar Bharat vision of Prime Minister Shri Narendra Modi, the CAIT has called upon the traders across the Country to celebrate Diwali as ” -Apni Diwali Bhartiya Diwali”.More than 40 thousand trade associations across the Country will be putting major thrust on Indian made products particularly home decoration goods, Diwali pooja goods including clay Diyas, Deity’s, wall hangings,handicraft items,traditional good fortune symbols like Shubh-Laabh, Om, feats of Goddess Lakshmi for home decor, decorative articles made by local artisans, craftsmen and skilled artists. A robust sale is expected in FMCG goods, Consumer durables, Toys, Consumer Electronics, Electrical Appliances and goods, Kitchen articles and accessories, gift items,personal consumables, confectionary items, home furnishing, textiles, readymade garments, fashion apparels, cloth,  tapestry,utensils,builders hardware, footwear, watches, furniture and fixtures, garments, Cosmetics, Beauty products, Mobiles and its accessories, Sweets and Namkeen, wood & plywood, paints and glass,  Milk and milk products, Dairy products, Grocery, Foodgrain, Edible Oil, Pulses, Bicycles & its accessories, Wall Clocks, Gota-Zari, Sarees and dress material etc.

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