In the midst of the Diwali festivities, the nation witnesses a staggering record of approximately ₹3.75 lakh crore in business transactions. This surge is attributed to the impact of Prime Minister Narendra Modi's 'Vocal for Local' initiative, causing China to incur losses exceeding ₹1 lakh crore.
The Confederation of All India Traders (CAIT), the country's largest traders' organization, revealed these figures covering transactions from Dhanteras to Diwali, with expectations of an additional ₹50,000 crore post-Bhai Dooj and Chhath.
CAIT reports a significant decrease in China's market share this year. The sales of its products have witnessed a considerable decline, particularly during the period from Dhanteras to Diwali, a time marked by extensive sales of decorations, gold and silver, and consumables across the country.
CAIT attributes this shift to the changing dynamics of consumer preferences. The 'Make in India' initiative, coupled with Prime Minister Modi's call to support local products, has played a pivotal role. Consumers are now inclined towards purchasing Indian goods, ranging from traditional items to everyday essentials, over Chinese alternatives.
To alter this trend, CAIT initiated campaigns like 'Bharatiya Utpaad-Sabka Ustaad' to promote Indian products vigorously. The results are evident as people increasingly favor Indian-made idols, decorations, and other festive items over their Chinese counterparts.
CAIT's data suggests that 13% of purchases included food items, 9% comprised gold, silver, and jewelry, 12% focused on clothing, and the remaining percentage involved miscellaneous items like sweets, decorations, utensils, and mobile phones.
With Bhai Dooj and Chhath on the horizon, CAIT projects an additional business of ₹50,000 crore. This optimistic outlook propels the overall business during the festive season beyond ₹4.25 lakh crore.
As the wedding season kicks off on November 23, an estimated ₹4 lakh crore business is anticipated. This further solidifies India's economic growth during the latter part of the year. In conclusion, this Diwali season has not only illuminated homes but also brightened the economic landscape, showcasing a significant shift towards indigenous products and a resounding response to the 'Vocal for Local' call.
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