This festive season of Raksha Bandhan, the Confederation of All India Traders (CAIT) has forecasted a substantial festive trade exceeding ₹12,000 crore across the country.
CAIT’s National General Secretary and MP from Chandni Chowk Praveen Khandelwal, he projected that Rakhi festival business will reach ₹12,000 crore, up from approximately ₹10,000 crore last year.
As per Khandelwal, the trade was around ₹7,000 crore in 2022, ₹6,000 crore in 2021, ₹5,000 crore in 2020, ₹3,500 crore in 2019, and ₹3,000 crore in 2018 respectively.
Further, National president B.C. Bhartia also highlighted, that this year, Rakhis will be crafted from renowned products of various cities.
Customers are also demanding specialty Rakhis such as Khadi Rakhi from Nagpur, Sanganeri Art Rakhi from Jaipur, Seed Rakhi from Pune, Woolen Rakhi from Satna, Bamboo Rakhi from tribal items, Tea Leaf Rakhi from Assam, Jute Rakhi from Kolkata, Silk Rakhi from Mumbai, Date Rakhi from Kerala, Pearl Rakhi from Kanpur, Madhubani & Maithili Art Rakhi from Bihar, Soft Stone Rakhi from Pondicherry, Flower Rakhi from Bangalore, and more.
Moreover, there is a huge demand for those Rakhis, which symbolize national pride, like Tricolor Rakhi, Vasudhaiva Kutumbakam Rakhi, and Bharat Mata Rakhi. Additionally, designer Rakhis and silver Rakhis are also seeing strong sales.
The CAIT also anticipates festive sales of over ₹4 lakh crore due to the extended festival season, which spans from August 19 to November 15, culminating on Tulsi Vivah.
‘This year’s festive series will begin with Raksha Bandhan and continue through Janmashtami, the 10-day Ganesh Utsav, Navratri, Durga Puja, Dussehra, Karva Chauth, Dhanteras, Diwali, Govardhan Puja, Bhai Dooj, Chhath Puja, and other festivals, culminating with Tulsi Vivah. During this festive period, the business community across the country is fully prepared to meet consumer demands, and traders have stocked up adequately on all products.’ said CAIT
Also Read: India’s July Exports Increase By 2.8% To USD 62.4 Billion; Trade Deficit Grows To USD 9.6 Billion
Popularity Of Made-In-China Rakhis
Meanwhile, while talking about anticipated increased festive sales, the organization noted a strong preference for indigenous Rakhis over Chinese alternatives this year.
‘For several years now, only indigenous Rakhis have been sold in the country, and this year too, there was neither demand for nor any presence of Chinese Rakhis in the market.’ said CAIT
Must Read: Indian Origin Starbucks CEO Laxman Narasimhan Replaced With Brian Niccol
The Trade body also encouraged customers to celebrate with Indian-made goods.
(With Inputs From ANI)
