Diwali may bring bonanza of Rs 2.5 lakh cr worth business: CAIT

New Delhi, Oct 14 (KNN) The Confederation of All India Traders (CAIT) said that the trading community of the India is expected to witness Rs. 2.5 lakh crore in the markets with regard to shopping and sale of goods and usage of services. 

This substantial inflow of money is also expected to liberate the business community from financial crunch, said the trader's body.

After two years, the current Diwali festivity will be celebrated with no covid restrictions which is prompting the consumers to throng the commercial markets in every city of the country for making purchases for Diwali. 

B.C. Bhartia, National President & Praveen Khandelwal, Secretary General of CAIT said that the hike in DA by the Central Government of 4 per cent and another announcement of the Government about Productivity-Linked Bonus equivalent to 78 days of wages to non gazetted railway employees for financial year 2021-22 is going to help the consumers in their spending during Diwali festivity season. 

It will certainly trigger the market and the economy as these two decisions of the Government will pump thousands of crore of rupees into the economy, they said. 

The increasing urbanisation will boost demand for vehicles & real estate and will increase economic activity in urban areas.

The bumper agriculture crop is expected to bring money in rural India and it is expected that much of the liquidity accrued to these sectors will in turn boost Diwali festivity sales.

CAIT Research & Trade Development Society, a research arm of CAIT has conducted a second spell of a survey in 25 Cities of different States which CAIT term as 'distribution cities', for the trend of sales & visits of consumers in the markets and their preferential buying of goods, which has shown the changing pattern of consumer buying across the Country.   (KNN Bureau)