CAIT expecting business worth Rs 4.25 lakh cr this festive season
Oct 14, 2024
New Delhi [India], October 14 : Traders across the country are expecting business worth Rs 4.25 lakh crore during this year's festive season, according to a study released by the Confederation of All India Traders (CAIT) on Monday.
The study noted that the enthusiasm for the festive season began with Raksha Bandhan and will continue until Diwali.
The survey, which covered 70 major trading hubs across various states, found that traders nationwide have made extensive preparations to meet consumer demand and preferences. Based on the strong sales observed during festivals like Raksha Bandhan, Ganesh Puja, Navratri, Durga Puja, and Dussehra, traders are optimistic about significant business growth during Diwali.
According to CAIT, last year's festive business amounted to approximately Rs 3.5 lakh crore. This year, in Delhi alone, the festive business is expected to exceed Rs 75,000 crore. Following Diwali, the wedding season will begin, and traders are also anticipating a boost in sales during that period.
"While sales will increase across all sectors during the festive season, there will be especially high demand for gift items, sweets, dry fruits, electronics, automobiles, clothing, jewelry, utensils, crockery, mobile phones, furniture, home decor, kitchen appliances, footwear, cosmetics, IT equipment, stationery, electrical goods, fruits, flowers, pooja materials, earthen lamps, and idols of deities," said B.C. Bhartia, CAIT National President.
The service sector, including hotels, restaurants, banquet halls, catering, event management, cab services, delivery sectors, and artists, is also expected to see significant business due to the numerous events happening across the country.
The Diwali season, which includes festivals such as Ahoi Ashtami on October 24, Dhanteras on October 29, Diwali on November 1, Govardhan Puja on November 2, Bhai Dooj on November 3, Chhath Puja from November 5 to 8, and Tulsi Vivah on November 13, will bring the festive period to a close.
Bhartia also highlighted that Prime Minister Narendra Modi's call to buy locally-made products during festivals has had a considerable impact. In response, CAIT has urged trader organizations nationwide to support local manufacturers, artisans, and craftsmen by promoting their products, showcasing the vision of Aatmanirbhar Bharat through the Diwali festival.
As per CAIT, traders have not imported any Chinese products for the festive season, and consumers are also not inclined to purchase them, despite their lower cost. "China's actions against India's interests have led consumers to turn away from Chinese goods," added CAIT.
