Indian Economy News

Trade of Rs. 3.75 lakh crore (US$ 45 billion) was recorded during Diwali: CAIT

  • IBEF
  • November 14, 2023

According to the Confederation of All India Traders (CAIT), retail markets in India have already seen record trading of Rs. 3.75 lakh crore (US$ 45 billion) during this festive season. According to CAIT, there is potential for additional trade of Rs. 50,000 crore (US$ 6 billion) during festivals that have not yet been solemnised, such as Goverdhan Pooja, Bhaiya Dooj, Chhath Pooja, and Tulsi Vivah.

 "Notably, almost only Indian products were sold and purchased this Diwali, which is remarkable," CAIT said.

 As per Mr. Praveen Khandelwal, Secretary General of CAIT, prior to this year, around 70% of the Diwali festival market was made entirely of Chinese goods. But this year, both traders and consumers have embraced and put into practice Prime Minister Mr. Narendra Modi's appeal to make this Diwali vocal for local. He said that the Chinese goods lost a trade worth more than Rs. 1 lakh crore (US$ 12 billion) during this Diwali season.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.