Retail markets across India registered a record trade of Rs 3.75 lakh crore during this festive season so far, said the Confederation of All India Traders (CAIT) on Monday.
Aligned with the ‘Vocal for Local’ campaign initiated by the Central government, the CAIT launched the ‘Bhartiya Utpad-Sabka Ustad’ (Indian product-Master of All) campaign on October 15. The initiative, highlighting the significance of supporting and buying Indian products, achieved remarkable success, particularly with a major emphasis on local businesses.
The campaign’s core message resonated well, encouraging both traders and customers to engage in the buying and selling of Indian products, thereby contributing to the growth of the Indian economy. Praveen Khandelwal, CAIT’s secretary-general, underscored the economic impact, emphasising that sales of Indian products circulate within the country, benefitting the domestic economy, unlike foreign products.
In a notable shift from previous years, Chinese goods experienced a significant decline in trade, losing a value of more than Rs 1 lakh crore. This shift can be attributed to the growing influence of Prime Minister Narendra Modi’s ‘Vocal for Local’ appeal, prompting the public to prioritise and support local products.
Breaking down the festive trade of Rs 3.75 lakh crore, the food and grocery sector emerged as the most benefitted, accounting for 13% of the spending, followed by the textile and garments sector. Other sectors that played a crucial role in the trade value include jewellery, dry fruits, sweets and snacks, home deacute;cor, cosmetics, electronics and mobiles, utensils and kitchen appliances and furniture. Consumers also allocated about 20% of their spending on automobiles, hardware, electronics and toys.
Khandelwal highlighted the significance of this Diwali, noting, “After Covid, this year’s Diwali is the first to be celebrated in its true essence, and since it falls on a fortnight, people also have sufficient money to spend on the festivities. In this sense, people visited the markets in large numbers and bought a lot from the local markets.”
The trade generated during this festive season surpassed the expected trade value released by CAIT earlier this month. With festivals such as Goverdhan Puja, Bhaiya Dooj, Chhath Puja, and Tulsi Vivah still to come, the CAIT anticipates another Rs 50,000 crore in trade value from these celebrations, promising continued prosperity for Indian markets.
20% spending on automobiles
- The food and grocery sector accounted for 13% of the total spending, followed by textile and garments sector
- Other major sectors that played a crucial role in the trade value include jewellery, dry fruits, sweets and snacks, home deacute;cor, cosmetics, mobiles and kitchen appliances
- Consumers also allocated about 20% of their spending on automobiles, hardware, electronics and toys
