New Delhi, October 29: The Confederation of All India Traders (CAIT) forecasts a substantial loss of Rs 1.25 lakh crore for China this festive season due to a surge in local purchases, particularly on Dhanteras.
CAIT Secretary General Praveen Khandelwal highlighted that Indian-made goods are dominating the market, aligning with the government’s "Vocal for Local" initiative, with business on Dhanteras expected to reach around Rs 60,000 crore.
Dhanteras, celebrated on the 13th lunar day of Krishna Paksha in the Hindu month of Kartik, marks the commencement of the Diwali festival. It symbolizes health and prosperity, with worship dedicated to Lord Dhanvantari and Goddess Lakshmi, seeking blessings for wealth, particularly in business.
This year, Dhanteras is expected to see sales of approximately Rs 20,000 crore in gold and Rs 2,500 crore in silver, with a notable demand for old silver coins priced between Rs 1,200 and Rs 1,300 each.
Overall, CAIT predicts the festive season business could total Rs 4.25 lakh crore, up from last year’s Rs 3.5 lakh crore. In Delhi alone, festive business is projected to exceed Rs 75,000 crore, with traders also looking forward to increased sales during the upcoming wedding season.