China suffers huge loss of around Rs 40000 crores on Diwali sales

The Confederation of All India Traders (CAIT) said the sales during the Diwali festive season jumped to as high as Rs 72,000 crore across major markets in the country despite a total boycott of the Chinese items. CAIT had issued a call to boycott the Chinese products following the tension between India and China at the Line of Actual Control (LAC) in Eastern Ladakh. It is expected that Chinese exporters suffered losses with Rs 40000 crore this Diwali season amid boycott call by Indian sellers. Amidst COVID pandemic, marking good business prospects in the future, it was altogether a different Diwali celebrated this year having some very pecuniary features including complete boycott of Chinese goods, mass usage of Indian goods as also ending the eight month business exile for traders in India.

CAIT said in a statement that “traders across country under flag of CAIT adopted Vocal for Local & Aatma Nirbhar Bharat call of Prime Minister Shri Narendra Modi by selling Indian goods. 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. Diwali festive sales also indicates that the people of India have beaten both COVID and China in terms of sale-purchase of festive goods”. “As per reports gathered from 20 different cities which are also 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,” CAIT said in a statement. 20 Cities including Delhi, Mumbai, Chennai, Bangalore, Hyderabad, Kolkata, Nagpur, Raipur, Bhuvneshwar, Ranchi, Bhopal, Lucknow, Kanpur, Noida, Jammu, Ahmadabad, Surat, Cochin, Jaipur, Chandigarh are considered as “distribution cities’ by the CAIT for the purpose of its regular survey. Bhartia and Khandelwal also said that the Sensex indicates that there certainly is a bright future for trade and commerce in the country since all major indices on stock exchanges are showing good result with Nifty closing at 12,780 and the Sensex at 43,637.98. This Diwali, indices showed a 10 per cent gain despite the COVID-19 impact due to a liquidity push in systems with stimulus packages across the globe, CAIT said. The most purchased products during Diwali festive season were the fast-moving consumer goods (FMCG), 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 and home decoration goods.