India's festive trade is expected to cross Rs 7 lakh crore during the Navratri-to-Diwali period this year, growing an estimated 15 to 18 percent over last year, the Confederation of All India Traders (CAIT) said on Wednesday.
CAIT national secretary general and Chandni Chowk MP Praveen Khandelwal said the projection was based on feedback from trade associations and markets across states, consumer demand, festive shopping trends and increased commercial activity in rural and semi-urban areas.
Goods, services and the festive economy
Festive trade stood at approximately Rs 6.05 lakh crore last year, comprising Rs 5.40 lakh crore in goods and Rs 65,000 crore in services, Khandelwal said. The services sector alone is expected to register growth of 20 to 25 percent during the current festive period, with business estimated at Rs 80,000 crore to Rs 1 lakh crore.
Transportation, logistics, e-commerce deliveries, warehousing, hotels, restaurants, tourism, catering, event management and local transportation are among the sectors expected to benefit from increased festive demand.
What India will buy
According to CAIT's preliminary estimates, groceries and fast-moving consumer goods are expected to account for 12 percent of festive trade, followed by gold, silver and jewellery at 10 percent. Electronics and electrical goods are projected at 8 percent, while consumer durables, readymade garments and gift items are estimated at 7 percent each. Home decor and furniture and furnishings are expected to account for 5 percent each.
Khandelwal said the festive season would also generate economic activity through religious, cultural, social and commercial events, including Ramlila performances, Durga Puja celebrations, Garba and Dandiya events, fairs, exhibitions and community gatherings — and attributed part of the momentum to growing acceptance of 'Vocal for Local', 'Made in India' and 'Aatmanirbhar Bharat', urging consumers to prioritise Indian products.
Sources:
Lokmat Times (IANS): India's festive trade may top Rs 7 lakh crore this year, says CAIT
CAIT national secretary general and Chandni Chowk MP Praveen Khandelwal said the projection was based on feedback from trade associations and markets across states, consumer demand, festive shopping trends and increased commercial activity in rural and semi-urban areas.
Goods, services and the festive economy
Festive trade stood at approximately Rs 6.05 lakh crore last year, comprising Rs 5.40 lakh crore in goods and Rs 65,000 crore in services, Khandelwal said. The services sector alone is expected to register growth of 20 to 25 percent during the current festive period, with business estimated at Rs 80,000 crore to Rs 1 lakh crore.
Transportation, logistics, e-commerce deliveries, warehousing, hotels, restaurants, tourism, catering, event management and local transportation are among the sectors expected to benefit from increased festive demand.
What India will buy
According to CAIT's preliminary estimates, groceries and fast-moving consumer goods are expected to account for 12 percent of festive trade, followed by gold, silver and jewellery at 10 percent. Electronics and electrical goods are projected at 8 percent, while consumer durables, readymade garments and gift items are estimated at 7 percent each. Home decor and furniture and furnishings are expected to account for 5 percent each.
Khandelwal said the festive season would also generate economic activity through religious, cultural, social and commercial events, including Ramlila performances, Durga Puja celebrations, Garba and Dandiya events, fairs, exhibitions and community gatherings — and attributed part of the momentum to growing acceptance of 'Vocal for Local', 'Made in India' and 'Aatmanirbhar Bharat', urging consumers to prioritise Indian products.
Sources:
Lokmat Times (IANS): India's festive trade may top Rs 7 lakh crore this year, says CAIT
