India’s festive season has begun with the start of Navratri, and traders across the country are preparing for what is projected to be a record Diwali sale worth Rs 75,000 crore. According to the Confederation of All India Traders (Cait), the figure marks a significant rise from Rs 4.25 lakh crore last year, driven largely by consumer preference for Indian-made goods.
Over the past four years, Diwali sales have shown steady growth, increasing from Rs 1.25 lakh crore in 2021 to Rs 2.50 lakh crore in 2022 and Rs 3.75 lakh crore in 2023. This year’s estimates underscore a rising trend of Swadeshi sentiment, with consumers increasingly favouring Indian goods over foreign imports.
At a press conference in New Delhi, Cait Secretary General and Chandni Chowk MP Praveen Khandelwal said, “This Diwali will be celebrated as Apni Diwali – Bharatiya Diwali under Cait’s national campaign Bhartiya Saaman – Hamara Swabhiman. The combined impact of Prime Minister Narendra Modi’s Swadeshi call and the GST rate cut has ignited festive enthusiasm among traders and consumers alike.”
Cait noted that the growth has been fuelled by two main factors: the Prime Minister’s call for vocal for local– local for global’, and the recent GST rate cut, which has boosted buying sentiment. The association surveyed 35 cities, which showed increased demand in categories ranging from handicrafts, clay lamps, idols, textiles and garments to electronics, FMCG, furniture and automobiles.
Chinese imports, once a major part of Diwali markets, are almost absent this year, following a trend of boycotting Chinese goods since the 2020 Galwan Valley clash. Importers have refrained from bringing festive goods from China, creating more space for Indian manufacturers and artisans.
“Diwali is not just a festival of lights but also a festival of economic growth. Every rupee spent on Indian goods strengthens the country’s economy and generates employment,” Khandelwal added.
With the festive calendar extending into November, traders are optimistic that this season will set new records in both sales and consumer participation, firmly positioning Swadeshi as the centrepiece of Diwali celebrations.
Source from: https://www.businessworld.in/article/trade-body-says-diwali-festive-sales-likely-to-hit-rs-75-000-cr-574018
