Even before Diwali, Indians have bankrupted China. China has suffered a major setback ahead of Diwali and the boycott of Chinese goods has cost the dragon about Rs 50,000 crore. Confederation of All India Traders (CAT) say a boycott of Chinese goods is expected to cost China Rs 50 crore in trade this festive season, while rising domestic demand will boost the economy by Rs 2 lakh crore. .
“With the current Diwali festive season and the growing number of customers in markets across the country, the business community is expecting big business,” Kate said in a statement issued here today. During the Diwali sales period, about Rs 2 lakh crore of capital could come into the economy at the expense of consumers. The CAIT said that like last year, this year too, the CAIT has called for a “boycott of Chinese goods” and the country’s traders and importers have stopped importing from China, making it almost impossible to visit China this Diwali. The trade deficit is estimated at Rs 50,000 crore. Another important change is that since last year, consumers have also been reluctant to buy Chinese goods, which is likely to increase the demand for Indian goods.
CAT National President B.C. Bhartiya said a recent survey conducted by CAT’s research arm, CAT Research and Trade Development Society in 20 cities across several states, found that so far this year, many Indian traders or importers have visited Diwali in China. No firecrackers or other items have been ordered and this year Diwali will be celebrated as a purely Indian Diwali. The 20 cities are New Delhi, Ahmedabad, Mumbai, Nagpur, Jaipur, Lucknow, Chandigarh, Raipur, Bhubaneswar, Kolkata, Ranchi, Guwahati, Patna, Chennai, Bengaluru, Hyderabad, Madurai, Pondicherry, Bhopal and Jammu. Every year during the five-month festive season from Rakhri to New Year, Indian traders and exporters import goods worth about Rs 70,000 crore from China. Bhartiya said that China has lost about Rs 5,000 crore during the Rakhri festival this year and Rs 500 crore on the occasion of Ganesh Chaturthi and the same trend is being seen on the occasion of Diwali. The boycotting traders are not the only ones. Not only Chinese goods but also consumers are not ready to buy products made in China.
Click for video -: