Countrywide Mainline Trade Likely To Be At Rs 8.5 Lakh Cr By 31 December: CAIT

Amid the ongoing festivities, upcoming wedding season and New Year celebrations till 31st December, Confederation of All India Traders (CAIT) on Sunday has said that there is a great expectation of trade of about Rs 8.5 lakh crore in the mainline markets/

BC Bhartia, National President and Praveen Khandelwal, Secretary General, CAIT said that as per an estimate, more than 60 crore customers will buy from the mainline markets in these three seasons. 

"The important aspect of this huge buying is that no Chinese goods will be sold, which is a big support from the traders and consumers of the country in the direction of Prime Minister Narendra Modi's Vocal for Local campaign. Interestingly, the customers who earlier used to demand only Chinese-made goods, now ensure that they do not buy Chinese goods while shopping," the trade leaders added. 

The trade of Rs 8.5 lakh crore comprises about Rs 3 lakh crore in the festive season starting with Raksha Bandhan, followed by about Rs 4.25 lakh crore in the wedding season and then directly on Christmas and New Year, about Rs 1.25 lakh crore of business across the country. 

This will boost India's retail trade, boost the morale of traders and market sentiments in cash-strapped markets and strengthen the economy, they added.

Bhartia and Khandelwal said that in this vast figure, about eight per cent is in gold and silver, ten per cent in gift items, six per cent in decorative items, 30 per cent in food and catering and ten per cent in electronics and mobiles. 

About ten per cent is expected to be spent on clothes and garments, five per cent on furniture and furnishing, five per cent on sweets and snacks, six per cent on event management and the remaining ten per cent is expected to be spent on purchasing other various items.

Bhartia and Khandelwal said, "A big business of Rs. 8.5 lakh crores will be happening at a time when foreign ecommerce companies in the country are trying hard to grab the business of traders, but such a huge business will be accrued due to the hard work of the traders themselves and the trust of the customers on the traditional shopkeepers."