Prime Minister Narendra Modi’s fervent appeal for supporting made-in-India products has resulted in a historic surge in retail sales, reaching an impressive Rs 3.75 lakh crore this Diwali. The Confederation of All India Traders (CAIT) revealed that the exclusive promotion and purchase of Indian goods have significantly outpaced their Chinese counterparts, marking a paradigm shift in end-market consumption trends.
In a joint statement, CAIT’s National President BC Bhartia and Secretary General Praveen Khandelwal underscored the success of the ‘Bhartiya Utpad-Sabka Ustad’ campaign, aligning with PM Modi’s ‘vocal for local’ initiative. The campaign aimed to boost the consumption of Indian products during Diwali and has evidently curtailed the dominance of Chinese goods in the market.
According to CAIT, Chinese goods incurred losses exceeding Rs 1 lakh crore during this festive season, a significant departure from their traditional stronghold of nearly 70 percent of the domestic market share during Diwali. The trend is expected to continue through the festivals of Goverdhan Pooja, Bhaiya Dooj, Chhath Pooja, and Tulsi Vivah, contributing an anticipated Rs 50,000 crore to the overall retail sales.
Consumers demonstrated a substantial preference for diverse product categories, allocating 13 percent of the total sales value to food and grocery, 9 percent to jewelry, 12 percent to textiles and garments, and varying percentages to other sectors such as electronics, home décor, and cosmetics.
Bhartia and Khandelwal highlighted that the success of the campaign is indicative of a significant shift in consumer behavior, aligning with the vision of promoting indigenous products. They noted that the remaining 20 percent of the sales value was distributed across sectors like automobiles, hardware, electrical, toys, and various other goods and services. Additionally, the packaging sector experienced noteworthy growth, contributing to the overall success of the ‘vocal for local’ campaign.
Sources By Agencies