New Delhi: This time, the festival of lights, Diwali, will not only illuminate the houses but also shower wealth in the markets of the country. This great festival of lights, happiness and traditions has made its place among the biggest business opportunities for the Indian economy. Amidst the smiles on the faces of the traders and the excitement in the markets, this time the festive business in the country has been estimated to be more than Rs 7 lakh crore.
According to Praveen Khandelwal, National General Secretary of All India Traders Confederation (CAT) and MP from Chandni Chowk, as per the assessment done with the business organisations of 70 cities of the country, the total business from Navratri to Diwali is likely to cross Rs 7 lakh crore. Last year this figure was Rs 6.05 lakh crore. This means that this time the business is expected to grow by about 15 to 18 percent. A business worth around Rs 1 lakh crore is expected in Delhi alone.
Diwali symbolises the strength of Indian consumer power
Khandelwal said that Diwali has become a symbol of Indian consumer power, entrepreneurship and the strength of indigenous business. Every rupee of the consumer reaches the market and reaches lakhs of people associated with manufacturers, wholesalers, shopkeepers, artisans, transportation and distribution. This gives impetus to both employment and business. According to CAT’s assessment, the share of grocery and daily use items is estimated to be 12 percent, gold, silver and jewellery 10 per cent, electronics 8 per cent, and consumer durables, clothes and gift items 7 per cent each. There is also good demand in home decor, furniture, sweets and other sectors.
Service sectors like transportation, freight, distribution, hotels, tourism, catering, decoration and events are also expected to see 20 to 25 per cent growth during the festive season. The turnover of this sector can reach Rs 80 thousand crore to Rs 1 lakh crore. Khandelwal appealed to more than nine crore traders and small businessmen to adopt indigenous products, calling them the strong backbone of the economy. He said that the resolve of ‘Vocal for Local’, ‘Make in India’ and ‘Self-reliant India’ is giving new strength to the markets.
