Guwahati: Chinese goods registered losses worth more than Rs 1 lakh crore (around $12 billion) in trade during Diwali celebrations in India, even as the Centre continues to emphasize the production and promotion of locally made goods under its 'Vocal for Local' campaign.
According to the Confederation of All India Traders (CAIT), retail markets across India registered a record trade of Rs 3.75 lakh crore during this year's festival. In contrast, goods from China "lost" trade worth more than Rs 1 lakh crore as dealers were reluctant to sell goods imported from the Chinese market. A recent survey conducted by CAIT Research & Trade Development Society, a research arm of CAIT, observed that no orders of festive goods, firecrackers or other related items were placed with China by Indian traders or importers in twenty major Indian cities which are considered "distribution cities."
According to CAIT, the significant loss in trade for Chinese goods was also offset by Indian customers' increasing preference for indigenous items. According to the trade body, 70% of the Indian market used to comprise Chinese-made goods in the past. However, that was not the case this year.
Of the Rs. 3.75 lakh crore figure spent this Diwali, Indians shelled out 13 per cent food and grocery, 9 per cent on jewellery, 12 per cent in textiles and garments, 4 per cent in dry fruits, sweets and salty edibles ('namkeens'), 3 per cent on home decor, 6 per cent on cosmetics, and 8 per cent on electronics and mobile handsets.
The CAIT, in its statement, said that this year, the Prime Minister's call to go "vocal for local" appears to have paid dividends and has found wide acceptance among both traders and consumers.
Earlier this year, China lost out on goods worth around Rs 5000 crores during the 'Raksha Bandhan' festival and Rs 500 crores during 'Ganesh Chaturthi.'
Every year, during the five-month festive season which begins with 'Raksha Bandhan' and culminates in the New Year, Indian traders and exporters individually import goods worth around Rs 70,000 from neighbouring China.
Diwali-related items including clay lamps, deity figures, wall hangings, handicraft items, textiles, good fortune symbols like "shubh-laabh", Goddess Lakshmi's feet (for home decor) are among those Chinese-made goods which have now been replaced by homegrown craftsmen and sellers.
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