Trader’s body Confederation of All India Traders (CAIT) on Sunday revealed that traders have recorded sales of around INR 72,000 Cr ($9.7 Bn) this Diwali across major markets in India. It also pegged an INR 40,000 Cr loss to China due to its boycott call.
CAIT added that Diwali sales rose by more than 10% year-on-year, indicating “good business prospects” for small businesses.
“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 INR 72,000 Cr and gave China the expected loss of INR 40,000 Cr,” CAIT said in a statement.
“People didn’t purchase anything in the last eight months except essentials. Hence people had enough surplus money, and a portion was spent on Diwali festivities,” Praveen Khandelwal, CAIT’s secretary-general added.
The CAIT said that the robust sales that happened in commercial markets during Diwali festive season indicates good business prospects in the future and brought back some smile on the faces of traders.