Festive sales to cross ₹5L crore mark this year
What's the story
The Confederation of All India Traders (CAIT) has predicted that the festive season trade this year will exceed a record ₹5 lakh crore. The prediction comes as offline markets are witnessing a surge, even as online sales take a hit. CAIT attributed this year's Diwali celebration to Prime Minister Narendra Modi's push for Indian goods and recent GST relaxations.
Festival confirmation
Diwali date confirmation and festive sales projection
Amid some confusion over the festival date, CAIT has confirmed that Diwali will be celebrated on October 20 across most of India. This includes major religious cities like Ayodhya and Varanasi. Praveen Khandelwal, Secretary General of CAIT, said this year's Diwali is expected to generate festive sales exceeding ₹5 lakh crore.
Initiative launch
'Swadeshi Indian Diwali' campaign
Inspired by PM Modi's call for Swadeshi, CAIT has decided to celebrate this year as "Swadeshi Indian Diwali." The initiative includes a nationwide campaign called "Bhartiya Samaan -- Hamara Swabhiman" (Indian Goods — Our Pride). Khandelwal said traders across the country have promoted Indian-made goods and consumers have shown remarkable pride in the Make in India vision.
Campaign impact
GST cuts and the disappearance of foreign goods
Khandelwal also noted that major GST rate cuts by the Modi government have strengthened domestic trade and promoted Swadeshi products. He said foreign, especially Chinese, goods have completely disappeared from Indian markets this Diwali. CAIT's "Boycott Chinese Goods" campaign launched in 2021 has now become a national movement with traders and consumers rejecting Chinese products together.
Trade surge
Sales surge in key product categories
The return of the traditional "touch and feel" shopping experience has dealt a major blow to online sales. Khandelwal said this Diwali has set a new benchmark in India's trade history. Key product categories witnessing a surge include sweets, dry fruits, food grains, textiles, consumer durables like mobiles and televisions as well as two-wheelers and gold jewelry.