Diwali retail sales go up by 10.8% over 2019, China loses of Rs 40,000 crore in business as Indians prefer Made in India products
Following a slowdown in the economy due to the lockdown, the festive season of Diwali has brought smiles to the traders as robust business was recorded during this period in the country. Moreover, make in India was a major winner as consumers preferred domestic products instead of imported products from China. According to Confederation of All India Traders (CAIT), it has recorded sales of around Rs 72,000 crore this year on Diwali across major markets in the county. At the same time, China lost approximately Rs 40,000 in business.
The call to boycott Chinese goods following the Chinese aggression in LAC has benefited that domestic industry, which achieved good sales during Diwali.
- “As per reports gathered from 20 different cities which are also considered to be the leading distribution centers 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,” a statement issued by CAIT said.
- This meant the sale during Diwali went up 10.8% in 2020 compared to the previous year. to Confederation of All India Traders (CAIT) represents tens of millions of traders and firms across the country, and its members include retailers that sale various products.
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