The trade association, consisting of 7 crore merchants and 40,000 trade organizations, has reported that this time Diwali has seen an increase of 10.8 per cent year-on-year in sales, which is a good sign for small traders. The trade association has collected this data from a total of 20 cities like Lucknow, Nagpur, Ahmedabad, Jammu and Jaipur.
The market, which was affected by the lockdown on Diwali celebrated this time among the Coronaviruses, has seen good response. Traders’ body Confederation of All India Traders (CAIT) said that in this Diwali season, traders across the country have sold goods worth 72,000 crores. The call for boycott of Chinese goods has also had an impact this time.
The trade association, consisting of 7 crore merchants and 40,000 trade organizations, has reported that this time Diwali has seen an increase of 10.8 per cent year-on-year in sales, which is a good sign for small traders. The trade association has collected this data from a total of 20 cities like Lucknow, Nagpur, Ahmedabad, Jammu and Jaipur.
At the same time, due to the cracker ban in Delhi, West Bengal, Sikkim, Odisha, Rajasthan and many other states, small and cracker traders have suffered a loss of 10,000 crores. In this festive season, sales of toys, gift items, home furnishing, decorations, food items, sweets, clothes, footwear, Diwali Puja items, lamps, handicrafts and other items have seen good growth.
However, despite seeing good conditions in the festive season, the economy may go into a technical recession for the first time after independence. The economy had seen its slowest growth till March of this year. The Reserve Bank of India has estimated a contraction of 8.6 per cent in the July-September quarter. Its first April-June quarter saw a 23.9 percent contraction.
