In India, Chinese goods are expected to incur significant losses ahead of Diwali and other festivities. The Confederation of All India Traders (CAIT) has estimated that Chinese exporters may suffer losses of up to 50,000 crore this year as a result of Indians boycotting Chinese items in domestic marketplaces.
The fact that Indians are banning crackers and other low-cost celebratory items from China this holiday season means more earnings for India’s domestic industry. The traders’ group said in a statement on Friday that India’s domestic sales are projected to increase significantly this Diwali due to an increase in the number of customers in markets throughout the country ahead of the festive season. Consumer spending during Diwali sales might bring in a total of Rs 2 lakh crore to the Indian economy.
“Like previous year, this year too CAIT has given a call of ‘boycott Chinese goods’ and it is certain that China is going to suffer a business loss of about ₹50,000 crore in terms of stoppage of import of Chinese goods by Indian traders,” CAIT stated in the statement on Friday.
Another significant difference seen lately is that consumers in large cities around the country do not appear to be very interested in purchasing Chinese goods, which is expected to raise demand for Indian items instead. According to CAIT Secretary General Praveen Khandelwal, a recent survey undertaken by the organization’s research arm in 20 “distribution cities” revealed that no orders for Diwali goods, firecrackers, or other things have been placed with Chinese exporters.
New Delhi, Ahmedabad, Mumbai, Nagpur, Jaipur, Lucknow, Chandigarh, Raipur, Bhubaneswar, Kolkata, Ranchi, Guwahati, Patna, Chennai, Bengaluru, Hyderabad, Madurai, Pondicherry, Bhopal, and Jammu are among the 20 cities on the list. For background, every year, Indian traders and exporters buy goods worth approximately 70,000 crore from China during the five-month festive season that runs from Rakhi to New Year’s Day. The Dragon, on the other hand, was claimed to have lost 5,000 crores during the Rakhi holiday this year, and then another 500 crores on Ganush Chathurthi.
If the same trend continues during Diwali, it will be apparent that not only are Indian traders boycotting Chinese goods, but also that consumers are losing interest in purchasing Chinese items.
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