CAIT expects business worth Rs 4.25 lakh cr this festive season – SME News

Traders across the country are expecting business worth Rs 4.25 lakh crore during the festive season this year, according to a study released by the Confederation of Indian Traders (CAIT) on Monday.

The study noted that enthusiasm for the festive season started with Raksha Bandhan and will continue till Diwali.

The survey, which covered 70 major shopping centers in several states, found that retailers across the country have made major preparations to meet consumer demand and preferences. Based on strong sales seen during festivals like Raksha Bandhan, Ganesh Puja, Navratri, Durga Puja and Dussehra, traders are optimistic about significant growth in business during Diwali.

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According to CAIT, last year’s festive business amounted to about Rs 3.5 billion. This year, in Delhi alone, the festive business is expected to cross Rs 75,000 crore. After Diwali, the wedding season will begin and traders are also expecting an increase in sales during this period.

“While sales will increase across all sectors during the festive season, there will be particularly high demand for gift items, sweets, dried fruit, electronics, automobiles, clothing, jewellery, utensils, crockery, mobile phones, furniture, home decor, kitchen appliances, footwear, cosmetics, IT equipment, stationery, electrical products, fruits, flowers, pooja materials, floor lamps and idols of deities,” said BC Bhartia, National President, CAIT .

The service sector, including hotels, restaurants, banquet halls, catering, event management, taxi services, delivery sectors and artists, is also expected to have significant business due to the many events taking place throughout the country

The Diwali season which includes festivals like Ahoi Ashtami on 24 October, Dhanteras on 29 October, Diwali on 1 November, Govardhan Puja on 2 November, Bhai Dooj on 3 November, Chhath Puja on 5 November 8 and Tulsi Vivah on November 13, will put an end to the festive period.

Bhartia also highlighted that Prime Minister Narendra Modi’s call to buy local products during festivals has had a considerable impact. In response, CAIT has urged traders’ organizations across the country to support local manufacturers, artisans and craftsmen by promoting their products, showcasing the vision of Aatmanirbhar Bharat through the Diwali festival.

According to the CAIT, traders have not imported any Chinese products for the festive season, and consumers are also not inclined to buy them, despite their lower cost. “China’s actions against India’s interests have led consumers away from Chinese products,” CAIT added.

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