Traders recorded sales of around Rs 72,000 crore this Diwali across major markets in the country, said the Conferderation of All India Traders (CAIT). According to the traders’ body, the business was carried on during this year’s Diwali with no Chinese goods on sale amid CAIT’s call to boycott Chinese goods.
“As per reports gathered from 20 different cities which are considered to be the leading distribution centres of India, it is expected that Diwali festive sales generated a turnover of about Rs 72,000 crores and gave China the expected loss of Rs 40,000 crore,” it said in a statement.
Twenty cities including Delhi, Mumbai, Chennai, Bengaluru, Hyderabad, Kolkata, Nagpur, Raipur, Bhubaneswar, Ranchi, Bhopal, Lucknow, Kanpur, Noida, Jammu, Ahmadabad, Surat, Cochin, Jaipur, Chandigarh are considered as “distribution cities` by the CAIT for the purpose of its surveys.
The CAIT said that the robust sales that happened in commercial markets during Diwali festive season indicates good business prospects in future and brought back some smile on the faces of traders.
FMCG goods, consumer durables, toys, electrical appliances and goods, electronic appliances and white goods, kitchen articles and accessories, gift items, confectionary items, sweets, home furnishing, tapestry, utensils, gold and jewellery, footwear, watches, furniture, fixtures, garments, fashion apparels, cloth, home decoration goods were among the products most purchased on Diwali, it said.
Despite the upbeat report, India’s economy, which grew at the slowest pace in over a decade during the year to the end of March, is likely to enter a technical recession for the first time since independence in 1947. The RBI has forecast a contraction of 8.6% in the July-September quarter, on the back of a 23.9% contraction in the April-June quarter.
However, India could return to growth in the ongoing quarter ending December 2020 if the “momentum” gained in September and October is sustained, the RBI said this week. The central bank said there was “optimism that the revival of economic activity is stronger than the mere satiation of pent-up demand,” adding that similar consumption patterns could ensure a return to growth earlier than expected.