CRACKERS BAN COSTED 50000 CR LOSS TO CHINA

China is going to suffer a massive financial loss during Diwali. The Confederation of All India Traders (CAIT) that has the vision of bringing glory of Indian Traders in main stream of economy and nation and to create a business friendly environment in the Country beside upgrading and modernizing existing format of retail trade and development of skills of the traders in India said that an estimated losses of ₹50,000 crore on part of Chinese exporters is there this year due to Indians boycotting products from China in the domestic markets.

"Like previous year, this year too CAIT has given a call of 'boycott Chinese goods' and it is certain that China is going to suffer a business loss of about ₹50,000 crore in terms of stoppage of import of Chinese goods by Indian traders," CAIT stated. Out of around 70,000 crore business done during Diwali every year in India, goods worth 40,000 crore came from China in the past years but this year it's gonna be different and favourable for the Indian economy.

The most purchased products during Diwali festive season are the fast-moving consumer goods (FMCG), consumer durables, toys, electrical appliances and goods, electronic appliances and white goods, kitchen articles, gift items, confectionary items, sweets, home furnishing, tapestry, gold and jewellery, fashion apparels and home decoration goods. According to CAIT, traders across country under flag of CAIT adopted Vocal for Local & Aatma Nirbhar Bharat call of Prime Minister Shri Narendra Modi by selling Indian goods and the robust sales during Diwali festive season indicate 'good business prospects in the future' and brought back some smile on the faces of traders.

Diwali festive sales also indicate that the people of India have beaten both COVID and China in terms of sale-purchase of festive goods.

In a statement issued on Friday, the traders' body said that India's domestic sales are expected to receive a major boost this Diwali in view of upward movement in the number of customers in markets across the country ahead of the festive season. The Indian economy may see an inflow to the tune of ₹2 lakh crore through consumer spending during Diwali sales.

CAIT Secretary General Praveen Khandelwal said a recent survey conducted by the body's research arm in 20 'distribution cities' showed that so far no orders for Diwali goods, firecrackers or other items have been placed with Chinese exporters by Indian traders or importers.

The 20 cities in the survey include New Delhi, Mumbai, Nagpur, Jaipur, Lucknow, Chandigarh, Raipur, Jammu Bhubaneswar, Bhopal, Kolkata, Ranchi, Guwahati, Patna, Chennai, Bengaluru, Hyderabad, Madurai, Puducherry, and Ahmedabad.

CAIT National President B.C.Bhartia and Secretary General Praveen Khandelwal also said that the Sensex indicates that there certainly is a bright future for trade and commerce in the country since all major indices on stock exchanges are showing good results with Nifty. This Diwali, indices show a 10 percent gain despite the COVID-19 impact due to a liquidity push in systems with stimulus packages across the globe.

As expected, there is a great countrywide support for the campaign to celebrate ‘Hindustani Diwali’ this year by boycotting Chinese products. The traders and people of the Country gave a strong & big jolt to China along with the lesson not to take India for granted and that India is determined to boycott Chinese products completely and local artisans, sculptors, handicraft workers and potters did good business.

“We are all set to achieve our target of reducing imports from China to the tune of Rs. One lakh crore by December,2021,” CAIT said.