Diwali 2020: Goods Worth ₹ 72,000 Crore Sold, Sales Up 10.8%, Says Traders' Body
Ease of doing business for MSMEs: The country's Diwali festive period rose by more than 10.8 per cent year-on-year, indicating good business prospects for small businesses.
SMEsEdited by Nikita Prasad (With inputs from Agencies)Updated: November 15, 2020 8:33 pm IST
by Taboola
Traders across the country sold goods worth ₹ 72,000 crore during Diwali 2020
Traders' body Confederation of All India Traders (CAIT) announced that traders across the country sold goods worth ₹ 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 organisation 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 ₹ 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 quarte
Ease of doing business for MSMEs: The country's Diwali festive period rose by more than 10.8 per cent year-on-year, indicating good business prospects for small businesses.
SMEsEdited by Nikita Prasad (With inputs from Agencies)Updated: November 15, 2020 8:33 pm IST
by Taboola
Traders across the country sold goods worth ₹ 72,000 crore during Diwali 2020
Traders' body Confederation of All India Traders (CAIT) announced that traders across the country sold goods worth ₹ 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 organisation 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 ₹ 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 quarte
