Indian markets are experiencing a record-breaking festive season, with Diwali sales expected to cross Rs 5 lakh crore, surpassing initial estimates, according to a traders' body. The surge is attributed to a sharp rise in demand for Indian-made goods and robust shopping activity from major cities to smaller towns.
The Confederation of All India Traders (CAIT) stated that the festive trade is now expected to exceed Rs 5 lakh crore, a significant increase from its earlier projection of Rs 4.75 lakh crore. The body credited strong consumer demand for driving this unprecedented sales volume.
Praveen Khandelwal, member of Parliament from Chandni Chowk and national secretary general of CAIT, linked the booming trade to government policy and a consumer shift. Khandelwal said that Prime Minister Shri Narendra Modi’s major GST rate reductions and his call to promote Swadeshi (local) products have given new momentum to trade. The demand for Indian-made goods has seen a sharp rise, while foreign and online sales have taken a major hit.
He pointed to heavy traffic on Delhi's roads as clear evidence of the bustling business activity in markets nationwide. Cities including Delhi, Mumbai, Jaipur, Ahmedabad, Lucknow, Bhopal, Indore, Patna, Chennai, and Kolkata have reported continuous and brisk sales.
This year has seen exceptional demand for traditional items such as earthen lamps (diyas), candles, decorative lighting, ethnic wear, and gold and silver jewellery. Home electronics, mobile phones, sweets, and dry fruits are also selling rapidly. The trading community reports that this trend is realising the ‘Vocal for Local’ vision.
Beyond retail, the service sector is also anticipating massive business. Event management, gift packaging, cab services, artists, decorators, fireworks, and sellers of sweets and flowers are all seeing a significant uptick in activity.
The festive period continues with several upcoming celebrations, including Dhanteras on 18 October, Bhai Dooj on 23 October, and Chhath Puja on 27-28 October. Following these festivals, the first phase of the wedding season is set to begin, lasting until 14 December. This is expected to generate further substantial business for sectors such as textiles, jewellery, catering, and hospitality, extending the period of economic buoyancy. |
