New Delhi: This year a lot of shopping is going on in the market on the occasion of Diwali (Diwali Picks). Just yesterday the festival of Dhanteras passed. On the day of Dhanteras, not only in Delhi but in markets across the country, shops were decorated till midnight and people kept shopping. On this occasion, there was a turnover of about Rs 60,000 crore in the markets across the country. If we talk about this entire festive season, the business is estimated to be around Rs 4.25 lakh crore. However, this year people are going local for vocal. Because of this, China has suffered a loss of Rs 1.25 lakh crore in Diwali alone.
Crowd of buyers is visible in Delhi
Praveen Khandelwal, MP from Chandni Chowk in the national capital Delhi and National General Secretary of the Confederation of All India Traders (CAIT), says that this year there was a huge crowd in the markets on Raksha Bandhan, Navratri and Karva Chauth. Also, there is a huge crowd of buyers in the market even before Diwali. Considering this, it can be said that traders are expected to do business worth Rs 4.25 lakh crore during the Diwali festival season this year. This trade in Delhi alone is estimated to be around Rs 75 thousand crores.
Sale worth Rs 60,000 crore on Dhanteras
He says that this year on the occasion of Dhanteras, business worth about Rs 60 thousand crores has been done across the country. One good thing is that this Diwali the philosophy of Vocal for Local is fully visible in the markets. At present, almost all the purchases in the market are of Indian goods only. According to an estimate, due to non-sale of Chinese goods related to Diwali, China has lost business worth about Rs 1 lakh 25 thousand crore. Gold worth Rs 20 thousand crore was sold.
According to Khedelwal, on this Dhanteras, gold worth about Rs 20,000 crore and silver worth about Rs 2,500 crore were purchased across the country. He says that this year there has been an increase in the sale of gold and silver on Dhanteras. About four lakh small and big jewelers work in the country. There are around 2 lakh jewelers registered with the Bureau of Indian Standards who sold around 25 tonnes of gold yesterday. Its value is Rs 20 thousand crores. Similarly, 250 tonnes of silver was sold across the country, worth approximately Rs 2,500 crore.
Gold became costlier by Rs 20 thousand in one year
Last year, on the occasion of Dhanteras, the price of gold was Rs 60 thousand per 10 grams. It increased to Rs 81,211 this year. Similarly, the price of silver last year was Rs 70 thousand per kg, which has now reached Rs 1 lakh. Therefore, despite the decline in sales in weight, sales in currency terms have increased. Apart from this, there was also a huge demand for old silver coins which were sold for Rs 1200 to Rs 1300 per piece in almost the entire country. Craftsmen will celebrate Diwali well.
This year, earthen lamps are in great demand in the market. At the local level, 12 earthen lamps of Rs 10 and 25 earthen lamps of Rs 20 are available in retail. One big lamp is available for Rs 10. However, during Diwali, earthen lamps, toys, decorative items etc. are purchased in every house. This will increase the income of potters and other craftsmen. Meaning that their Diwali will be celebrated well.
Interview between the Time.news Editor and Praveen Khandelwal, National General Secretary of the Confederation of All India Traders (CAIT)
Editor: Good morning, Praveen! Thank you for joining us today. This Diwali shopping season has certainly garnered attention, especially with the impressive spending figures. Can you share some insights into the market dynamics this year?
Praveen Khandelwal: Good morning! It’s a pleasure to be here. This year, the market has been bustling with excitement. Thanks to the festive spirit, especially during occasions like Raksha Bandhan, Navratri, and Karva Chauth, we’ve seen an incredible turnout. With Diwali around the corner, we’re projecting a total business of approximately Rs 4.25 lakh crore in the festive season, which includes around Rs 75,000 crore just from Delhi.
Editor: That’s an astounding amount! I understand that the recent Dhanteras has shown significant numbers as well, with around Rs 60,000 crore being spent nationwide. What factors do you think contributed to such a high turnover?
Praveen Khandelwal: Yes, Dhanteras was particularly fruitful this year. The anticipation of Diwali and the tradition of purchasing gold and other auspicious items traditionally drive significant sales. However, this year, there’s a remarkable shift – people are embracing the “Vocal for Local” initiative. This philosophy has become a driving force in consumers’ purchasing decisions, leading to a notable decrease in the sale of foreign goods, especially from China.
Editor: Speaking of “Vocal for Local”, it seems like this has translated into substantial losses for Chinese businesses, estimated at around Rs 1.25 lakh crore. How do you see this trend impacting the Indian market moving forward?
Praveen Khandelwal: Absolutely! The trend is a powerful statement of consumer sentiment. As Indian consumers increasingly choose domestic products, it not only boosts local manufacturers but also nurtures the economy. We hope this will create a lasting change in purchasing behavior, encouraging more support for our local artisans and manufacturers. We’ve seen a sense of pride in buying Indian goods, which is vital for our economy.
Editor: That’s inspiring to hear! With such a visible shift, how do you believe this will change the landscape for Indian traders and manufacturers?
Praveen Khandelwal: The change is already palpable! Indian traders are witnessing a revitalized interest in homegrown products. This surge in demand can drive innovation and quality improvements as businesses adapt to meet consumer preferences. Long-term, this could establish more robust supply chains within India, reducing dependency on foreign suppliers.
Editor: Excellent insights, Praveen! As we continue through the festive season, what is your message to consumers and traders alike?
Praveen Khandelwal: My message would be to continue embracing local products. Each purchase strengthens our economy and fosters community spirit. For traders, I suggest adapting quickly to consumer preferences and emphasizing quality and uniqueness in their offerings. Let’s work together to keep the momentum of “Vocal for Local” alive, not just during festivals but throughout the year!
Editor: Thank you, Praveen, for your time and valuable insights. It seems like this Diwali season is more than just a celebration; it’s a reflection of our collective commitment to supporting local businesses.
Praveen Khandelwal: Thank you for having me! Let’s all celebrate this festival of lights with a commitment to our local artisans and businesses. Happy Diwali!