According to CAIT, traders and retailers did Rs 1.25 lakh crore in Diwali sales last year, with a financial loss of...
Digital Desk: The two-day Dhanteras festival (October 22 and 23) generated an estimated business of over Rs 45,000 crore, including about Rs 25,000 crore done by jewellers across the country (CAIT) according to traders’ body Confederation of All India Traders (CAIT). The remaining Rs 20,000 crore of business was generated in the categories of autos, computer and computer-related goods, furniture, items needed for home and office décor, sweets and snacks, kitchen items, utensils, electronics, and mobile items, it said.
CAIT National President BC Bhartia and Secretary General Praveen Khandelwal stated that the high footfall in marketplaces throughout the country over the last two days demonstrates people's enthusiasm to buy Indian goods from offline shops.
"CAIT estimates that this year Diwali festival sales figure will cross Rs 1.50 lakh crores in the country. The other bright face of the festivity relates to the priority of consumers to purchase only Indian goods which have caused a business loss of Rs 75,000 crores to China," Bhartia and Khandelwal said in a statement.
Pankaj Arora, National President of the All India Jewellers and Goldsmith Federation, a CAIT associate organization, stated that the Indian gold sector has fully recovered from the Covid crisis, with demand for gold in India reaching an all-time high.
"India’s gold demand grew by up to 80 percent in the domestic market in the July-September quarter following a strong pick-up in economic activity and improved consumer demand. Gold import in India has decreased by about 11.72 percent in 2022 as compared to 2021. Last year, where India imported 346.38 tonnes of gold in the first half, it was now 308.78 tonnes, which was compensated by the reserve stock of the crisis arising out of the Corona period," said Arora.
According to CAIT, traders and retailers did Rs 1.25 lakh crore in Diwali sales last year, with a financial loss of over Rs 50,000 crore to China amid calls to boycott Chinese goods.
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