New Delhi, Nov 7 (IANS) The nationwide business turnover during the ongoing Diwali festive season is expected to reach around Rs 5 lakh crore, while Delhi alone is likely to record trade worth approximately Rs 80, 000 crore, the Chamber of Trade and Industry (CTI) said on Saturday.
CTI Chairman Brijesh Goyal said the festive season had brought significant business opportunities for traders across the country, with indigenous products witnessing strong demand among consumers.
He said traders in Delhi, who had faced business disruptions due to rallies and protests over the past month, were now hopeful of witnessing a bumper Diwali shopping season to recover their losses.
According to Goyal, the estimated nationwide turnover of Rs 5 lakh crore includes business generated through Diwali shopping and various associated services.
Citing a recently released report by the apex automobile industry body, he said retail automobile sales had registered a significant growth of 55 per cent across the country. Two-wheelers, three-wheelers, commercial vehicles, passenger vehicles and tractors recorded growth of 52 per cent, 110 per cent, 48 per cent, 70 per cent and 58 per cent, respectively.
He said the figures indicated strong consumer demand and reflected the positive business outlook during the festive season.
Goyal added that nearly five crore gifts, ranging from affordable items to premium products, were exchanged during the Diwali festival period, contributing substantially to festive sales.
CTI said it arrived at its estimated business projections after consultations with representatives of hotel and banquet associations, restaurant and mall associations, cinema associations, shopping centre associations, automobile dealer associations, makeup and salon associations, tour and travel associations, market associations and industry bodies.
In a statement, the traders' body said this year's Diwali season was witnessing a significant emphasis on the sale and purchase of indigenous products, with Indian-made goods gaining popularity among consumers.
It said GST reforms had also helped give greater recognition to Indian products and strengthened the demand for locally manufactured goods.
Home decor products, Diwali puja items, earthen lamps, idols of deities, wall hangings, handicrafts and traditional auspicious symbols such as Shubh-Labh and Om are among the products witnessing demand. Items associated with the worship of Goddess Lakshmi and Lord Ganesha, along with decorative products made by local artisans, craftsmen and skilled workers, are also expected to contribute significantly to festive sales.
Apart from these, several sectors, including FMCG, consumer durables, toys, electronics, electrical appliances, kitchenware, gift items, confectionery, snacks, home furnishings, textiles, readymade garments, fashion apparel, footwear, watches, furniture, cosmetics, beauty products, mobile phones and accessories, are expected to witness substantial business.
Other segments generating festive demand include utensils, builders' hardware, wood and plywood, paint and glass, milk and dairy products, grocery, food grains, edible oil, pulses, bicycles and accessories, wall clocks, gota-zari, sarees and dress materials.
The CTI said Delhi's traders were expecting festive business worth around Rs 80, 000 crore.
It said the period between October 1 and November 1 had witnessed rallies and protests, resulting in estimated business losses of approximately Rs 14, 000 crore for traders in the national capital.
Goyal said business activity was now picking up pace, with large crowds visiting markets across Delhi for festive shopping.
Markets such as Chandni Chowk, Dariba Kalan, Maliwara, 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 have been witnessing increased customer footfall, he said.
He added that automobile showrooms across various companies were also reporting significant sales during the festive period.
Consumers are purchasing a wide range of products, including mobile phones, gifts, decorative items, dry fruits, clothing, electronics and home furnishings, indicating a revival in shopping activity across the national capital.