China anticipates loss of Rs 1 lakh crore this Diwali amid 'vocal for local' calls

The biggest festival of the year Diwali is almost here and as every year, consumers are all out spending. One of the key consumer trends this time is a strong preference for Made in India products. This in turn is likely to contribute to China incurring losses to the tune of Rs 1 lakh crore this Diwali, an ANI report said. China is poised to lose around Rs 1 lakh crore in business related to Diwali festival items, it stated.

Dhanteras, dedicated to worshipping the goddess of wealth, emerges as a pivotal day for traders nationwide as it is considered an auspicious day for purchasing metals, gold and silver jewellery. The National President of the Confederation of All India Traders (CAIT), BC Bhartia and Secretary General Praveen Khandelwal have predicted trade an estimated trade volume of Rs 50 thousand crore this Dhanteras.

Khandelwal, in his post on X, formerly known as Twitter, called on the people to patronise the various women entrepreneurs.

"Full support of 9 crore businessmen @CAITIndia of the country in the call of Prime Minister Shri @narendramodi ji this Diwali #VocalForLocal and the appeal #NaariSeKharidaari of Union Minister Smt @smritiirani ji. We are providing the country's market to all the women entrepreneurs, from small diyas to those running boutiques. You too should shop from women and visit their homes too #Diwali2023," he said.

Meanwhile, Prime Minister Narendra Modi also urged people to celebrate India’s entrepreneurial and creative spirit . "Buy products which have been made locally and then post a selfie with the product or the maker on the NaMo App. Invite your friends and family to join your thread and spread the spirit of positivity," he wrote.

He asked people to use the power of digital media to support local talent, encourage the creativity of fellow Indians and keep the country's traditions thriving.

During 2022-23, India's two-way commerce with China declined by about 1.5 per cent to $113.83 billion as against $115.42 billion in 2021-22.

Exports to China dipped by about 28 per cent to $15.32 billion in 2022-23, while imports rose by 4.16 per cent to $98.51 billion in the last fiscal. Trade gap widened to $83.2 billion in the last fiscal as against $72.91 billion in 2021-22.

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