Projecting a pan-India sale worth ₹50,000 crores on 9th and 10th November on the occasion of Dhanteras, the Confederation of All India Traders (CAIT) has estimated a loss of business worth ₹1 lakh crores to China during the Diwali festival season.
CAIT has attributed a rise in demand for made-in-India goods as the reason behind its estimate.
Stating that the purchase of a new item on Dhanteras is considered auspicious, CAIT said that precious metals, utensils, kitchenware, vehicles, garments, electronics, electrical goods, tools, computers, furniture, and brooms register a tremendous increase on the occasion every year.
Pankaj Arora, National President of the All India Jewelers and Goldsmith Federation (AIJGF), outlined the elaborate preparations made by jewelry traders due to the enthusiasm witnessed in shoppers for precious metals.
Apart from the festive rise in demand for gold, silver, diamond, and artificial jewelry, Arora said that gold and silver coins and idols of deities are also likely to be bought in large quantities on Dhanteras.
Dhanteras is being celebrated across India on 10th November to mark the appearance of the god of medicine Lord Dhanvantari, who is believed to have started Ayurveda.
(Edited by : Anand Singha)
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