Trade body CAIT says Diwali shopping earn ₹1.25 lakh crore, breaks 10-year record

The trade figures come as a major boost for businesses under restrictions imposed by governments due to the coronavirus disease (Covid-19) pandemic.

The Confederation of All India Traders (CAIT) on Friday said that Diwali this year generated a business of Rs 1.25 lakh crore, a record trade figure in the last 10 years during the festival. The traders’ body said that people flocked to the markets which helped the businesses and gave hope for better business prospects in the near future.

The trade figures come as a major boost for businesses under restrictions imposed by governments due to the coronavirus disease (Covid-19) pandemic.

CAIT says, “For Diwali festival sales, people thronged the markets and helped generate a huge business of Rs 1.25 lakh crore, which is a record business figure in the last 10 years on the occasion of Diwali. “

CIAT had earlier estimated a turnover of around ₹ 1 lakh crore across all streams of business during the Diwali season. Given the way consumers were spending, the trade body had expected an investment of around Rs 3 lakh crore by the end of the year. He felt a “renewed vigor and freshness” among consumers, as if they were making up for almost two years of sluggishness.

“After a gap of last two years, this year Diwali festival across the country including Delhi has brought a lot of new enthusiasm and freshness which can be well felt by the fact that since last one week there has been a lot of demand for consumers in the markets across the country. The crowd is overwhelming and it appears that they are closing their two-year purchase gap,” CAIT had said in a statement.

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