look news india
Mumbai: Retail trade in Diwali of the current year is estimated to be Rs 4.25 lakh crore. The Confederation of All India Traders (CAIT) has made this estimate based on the trade trends observed during Raksha Bandhan, Navratri and Karva Chauth.
Goods worth Rs 75,000 crore are expected to be sold in Delhi alone during Diwali. Traders are optimistic about business in small cities of the country including Delhi regarding the festival of Diwali.
Rural demand is likely to remain high due to good monsoon in the current year. Traders are already stocking up on goods in anticipation of good trade. This year, due to confusion regarding Dhanteras and Diwali, retailers are also hopeful that the shopping will last for a long time.
Retailers are expected to do business despite the challenges of e-commerce. A good Kharif crop is expected due to good monsoon, which is supporting rural demand.
CAT sources said that the business of Rs 4.25 lakh crore on Diwali of the current year will be a record business so far. Since domestic products are being given more preference, there is a possibility of a loss of Rs 1 lakh crore to Chinese goods.
Traders are also hopeful that after Diwali, business conditions will remain favorable till Chhath Puja and Tulsi Vivah.