Diwali 2020: Traders Sold Goods Worth Rs 72k Crore, Sales Up By 10.8%

Traders across the country sold goods worth Rs 72,000 crore during Diwali 2020

Leading traders’ body confederation of All India Traders (CAIT) announced that traders across the country sold goods worth Rs 72,000 crore during the Diwali 2020 season amid the complete boycott of Chinese goods. The confederation, which represents around 7 crore traders and 40,000 trade associations, said that the country’s Diwali festive period rose by more than 10.8 per cent year-on-year, indicating good business prospects for small businesses. The sales data was collected based on the reports it gathered from 20 different cities including top metros Lucknow, Nagpur, Ahmedabad, Jammu, Jaipur, and others. The organization is the leading advocate for small traders and businesses across the country.

Due to the ban on the sale of firecrackers in multiple states such as Delhi West Bengal, Sikkim, Odisha, Rajasthan, and some other states, small traders and firecracker sellers witnessed a loss of Rs 10,000 crore. Toys, FMCG goods, electrical appliances, utensils, confectionery items, gift items, home furnishing, sweets, decor, apparels, footwear, Diwali pooja items such as clay diyas, handicraft products were the major goods recording sale during the festive season.

Despite the upbeat report, the economy, which grew at the slowest pace in over a decade during the year to the end of March, is likely to enter a technical recession for the first time since independence in 1947. The Reserve Bank of India (RBI ) has forecast a contraction of 8.6 per cent in the July-September quarter, on the back of a 23.9 per cent contraction in the April-June quarter.

.

However, the country could return to growth in the ongoing quarter ending December 2020 if the momentum gained in September and October is sustained, said the RBI.

Meanwhile, CAIT is likely to launch its e-commerce portal BharatEMarket in December to bring its traders’ community online. The portal will be launched in partnership with the Department for Promotion of Industry and Internal Trade (DPIIT) and promoted by Prime Minister Narendra Modi’s Startup India and Invest India along with All India Consumer Products Distributors Federation and small business lender Avana Capital.

.

Disclaimer: This post has not been edited by our staff and is published from a syndicated feed. The Original Source of this post can be found at Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest

Shobha Ranjolkar dies of cardiac arrest

Senior theatre artiste and theatre director Shobha Ranjolkar died of a cardiac arrest at a private hospital in Kalaburagi...

Israel bombs Hamas Gaza chief’s home as fighting enters seventh day

At least 153 people have been killed in Gaza since Monday, including 42 children, health officials said Israel bombed the home of Hamas’s chief...

Fire destroys chilli in cold storage in Ballari

A fire broke out in a cold storage in the Ballari Industrial Area on the outskirts of Ballari city at around 8 p.m. on...

Trains cancelled

South Western Railway has cancelled some trains to avoid accidents in the wake of Cyclone Tauktae.The cancelled services are train no 07342 Vasco da...

More Articles