New Delhi, Read: This time the festival of Diwali is raising hopes of giving new momentum to the business of the country. It is estimated that a business of around Rs 5 lakh crore will be generated across the country through shopping and various services. At the same time, the traders of Delhi, who were affected due to rallies and protests for the last one month, are also expecting a big relief on Diwali. This time the business in the markets of the capital has been estimated to be around Rs 80 thousand crore.
According to Brijesh Goyal, President of the Chamber of Commerce and Industry (CTI), this estimate has been made on the basis of conversations with various business organizations and activities in the markets. Assessments received from hotels and banquets, restaurants, malls, cinemas, shopping centres, car dealers, salons, tour and travel, markets and industry organizations have predicted good growth in business during the festival.
55 percent increase in automobile sales
The automobile sector is also witnessing tremendous growth during Diwali. According to the recent report of the apex organization of the automobile industry, the total retail sales of automobiles have registered a growth of 55 percent. Sales of two-wheelers have increased by 52 percent, three-wheelers by 110 percent, commercial vehicles by 48 percent, private vehicles by 70 percent and tractors by 58 percent.
Apart from this, purchasing of small to expensive gifts during the festival is also strengthening the business. It is estimated that around five crore gifts are exchanged across the country on the occasion of Diwali. This provides great support to sales in the markets.
Emphasis will be on purchasing indigenous goods
According to CTI, priority is being given to buying and selling of Indian products on Diwali this year. The organization has also said that after the GST reforms, the products made in the country will get a new identity.
The demand for earthen lamps, idols of Gods and Goddesses, puja materials, wall decorative handicrafts, auspicious benefits and traditional symbols like Om made by local artisans and craftsmen is expected to increase. Local artists and small businessmen can also benefit from indigenous products used to decorate homes.
Apart from this, the possibility of big business has also been expressed in sectors like FMCG, electronics, toys, electrical appliances, kitchen items, gift items, sweets and snacks, clothes, readymade garments, fashion apparel, utensils, shoes, watches, furniture, cosmetics, mobiles and their accessories, dairy products, grocery, food grains, edible oil, pulses, bicycles, sarees and dress materials.
Delhi businessmen hope to compensate for losses
Diwali has special significance this time for the businessmen of Delhi. According to CTI, due to rallies and demonstrations in the capital from October 1 to November 1, business was affected and there was a loss of about Rs 14 thousand crore. Now traders want to compensate for this loss through bumper festival purchases.
Brijesh Goyal said that there is a good crowd of buyers in many markets including Chandni Chowk, Dariba Kalan, Maliwada, Sadar Bazaar, Kamla Nagar, Ashok Vihar, Model Town, Shalimar Bagh, Wazirpur, Pitampura, Rajouri Garden, South Extension, Greater Kailash, Green Park, Yusuf Sarai, Lajpat Nagar, Preet Vihar, Shahdara and Laxmi Nagar.
Sales have also increased in vehicle showrooms. People are shopping for mobiles, gift items, decorative items, dry fruits, clothes, electronics and home furnishing. Traders hope that this glow of Diwali will provide huge business to the markets and will prove helpful in removing the laziness of the past days.
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