The surge is attributed to a significant shift towards locally made products, in line with the 'Vocal for Local' initiative. CAIT Secretary General Praveen Khandelwal noted that Chinese goods lost over ₹1 lakh crore in trade during this Diwali season, as consumers and traders embraced Indian-made alternatives.
India has achieved its highest-ever Diwali sales, with total trade reaching ₹6.05 lakh crore, according to the Confederation of All India Traders (CAIT).
This includes ₹5.40 lakh crore in goods and ₹65,000 crore in services, marking a 25% increase from last year's ₹4.25 lakh crore.
The surge is attributed to a significant shift towards locally made products, in line with the 'Vocal for Local' initiative. CAIT Secretary General Praveen Khandelwal noted that Chinese goods lost over ₹1 lakh crore in trade during this Diwali season, as consumers and traders embraced Indian-made alternatives.
The festive period also saw a boost in various sectors, including food and grocery, textiles, jewellery, electronics, and automobiles. GST reforms and government incentives have further encouraged this trend, supporting micro, small, and medium enterprises (MSMEs) and promoting domestic manufacturing.
This record-breaking performance underscores India's economic resilience and the growing preference for indigenous products among consumers, reflecting a blend of tradition and modernity in the country's festive celebrations.
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