Indian markets have witnessed record-breaking sales of ₹3.75 lakh crore during the festive season so far, according to traders’ body CAIT. The Confederation of All India Traders (CAIT) expects sales to increase by an additional ₹50,000 crore during upcoming festivals like Goverdhan Pooja, Bhaiya Dooj, Chhath Pooja, and Tulsi Vivah.
Remarkably, almost only Indian products were sold and purchased during Deepavali this year. CAIT Secretary General Praveen Khandelwal attributed this to Prime Minister Narendra Modi’s appeal to make this Deepavali “vocal for local.”
“In previous years, Chinese products were occupying nearly 70% market of Deepavali festivals. However, this year, appeal of Prime Minister Narendra Modi to make this Deepavali vocal for local has gone down well and widely accepted and implemented by both traders and consumers,” he said.
Khandelwal said that Chinese goods lost sales worth more than ₹1 lakh crore during the Deepavali festive season. This is a significant decline from previous years, when Chinese products were a major presence in the Indian market.
The vocal for local movement has gained momentum in India in recent years, as the country seeks to reduce its reliance on imports and boost its domestic economy. The movement has been particularly successful during the festive season, when Indians traditionally spend heavily on new clothes, appliances, and other goods.
The decline in sales of Chinese goods is a positive sign for the Indian economy. It shows that consumers are increasingly willing to buy Indian products, even if they are slightly more expensive. This is good for Indian businesses and job creators.
The vocal for local movement is also a positive step for India’s geopolitical interests. By reducing its reliance on Chinese imports, India can reduce its vulnerability to Chinese economic pressure.