The Confederation of All India Traders (CAIT) on Friday has said that the current festival season in India is expected to generate Rs 3 lakh crore business. Last year, the sale of festive shopping was about Rs 2.50 lakh crore.
BC Bhartia, National President and Praveen Khandelwal, Secretary General, CAIT in a joint statement said, “This year’s festive season has already started with Raksha Bandhan and will continue till 23 November, the day of Tulsi Vivah. During this period several important festivals like Navratri, Dussehra, Durga Pooja, Karwa Chauth, Dhanteras, Diwali, Gordhan Pooja, Bhai Dooj, Chhath Pooja and finally followed by Tulsi Vivah.”
The trade leaders added that this festive season Indian consumers are likely to infuse about Rs 3 lakh crore into the Indian economy. “The basis of the calculation is very simple and modest as there are about 60 crore consumers for mainline retail trade in India and even if we assume Rs 5,000 spending per head, we will achieve Rs 3 lakh crore very comfortably,” they stated.
Both trade leaders further added that now people have left behind Covid-19 woes completely, have an extremely positive outlook towards their lives and they want to embrace the festive season with celebrations and prosperity.
There will be mass spending on household items, appliances, gifts, clothing, jewellery, consumer electronics, automobiles, mobiles, laptops, computers and peripherals, electrical items, confectionery and fruits among others, CAIT mentioned.
