By Admin 
Diwali gamachanger for economy: As the festival of lamps is coming closer, a tremendous beauty is being seen in the markets of the whole country. Colorful decorations, congestion and shopping enthusiasm has made this festive season special. According to the Confederation of All India Traders (CAIT), this year there is a possibility of a total business of more than Rs 4.75 lakh crore in the country on Diwali, which is considered to be the strongest festive season in the last decade.
‘Vocal for Local’ became game changer for traders
CAIT National General Secretary and MP from Chandni Chowk seat in Delhi, Praveen Khandelwal said that the reduction in GST rates by Prime Minister Narendra Modi and the “Vocal for Local” campaign has given new life to the business world. He said, “This Diwali will illuminate not only the houses, but also the lives of millions of traders, manufacturers, artisans and people associated with the service sector.”
Increased demand for indigenous products
Khandelwal said that this time there is a tremendous bounce in the demand for indigenous products in the markets. From traditional markets to modern malls, Indian products have shine everywhere. Consumers of every class are shopping according to their capacity, due to which new energy is being communicated in the country’s domestic economy.
While crores of people are shopping for Diwali on a small scale, millions of consumers are spending large quantities. This enthusiasm is making this season a golden opportunity for the retail sector of India.
Details of expenditure
According to CAIT estimates, these items will be the major stake in the total trade of total Rs 4.75 lakh crore this year –
- 13% – food items and grocery
- 3% – fruit and dry fruit
- 4% – sweets and salty
- 12% – Clothing and Apparel
- 4% – Electrical goods
- 8% – Electronic Products
- 3% – Builders Hardware
- 3% – Home Decor
- 6% – cosmetics and personal care
- 3% – utensils and kitchenware
- 3% – worship material
- 2% – Confectionery and Bakery
- 4% – Fernishing and Furniture
- 8% – Gift Items
- 24% – Miscellaneous items and services (such as automobiles, toys, packaging, travel etc.)
New bright in the service sector
The beauty of Diwali was not limited to shops and markets. Hotels, restaurants, banquet halls, catering, taxi services, decorators and artists’ work are also being seen. Khandelwal said, “Diwali is not only a festival of lighting a lamp, but a festival giving energy to India’s economic system.”
Khandelwal appealed to the traders and consumers of the country to prioritize indigenous products and maintain trust in quality. He said, “This Diwali spent in India will empower any Indian enterprise.” This Diwali is proving to be new lights not only to homes but also to the economy of the country.
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