Dhanteras festivities spark Rs 60,000 cr sales; China faces Rs 1.25 tn loss

As Dhanteras ushers in the festive season, India's retail sector is experiencing a significant sales boom, with extensive preparations by traders to meet surging demand. The Confederation of All India Traders (CAIT) has projected nationwide retail trade during Dhanteras to reach approximately Rs 60,000 crore, emphasising a strong shift towards local goods.

Praveen Khandelwal, Secretary General of CAIT and Chandni Chowk MP, highlighted the vibrant impact of the “Vocal for Local” movement, with the majority of purchases concentrated on Indian-made items. “The decline in Diwali-related Chinese product sales will likely translate to a Rs 1.25 trillion loss for China this season,” Khandelwal said.

Vocal for local

In alignment with Prime Minister Narendra Modi’s call to support local artisans, CAIT has encouraged trade associations to boost sales for local women, potters, and craftsmen, ensuring they too celebrate Diwali with prosperity. Tomorrow (October 30), MP Khandelwal, joined by BJP workers and trade leaders, will purchase clay diyas and other decorations from local potters in Chandni Chowk to promote the campaign. Similarly, CAIT trade leaders across Delhi and other states are set to buy locally crafted items, reinforcing the commitment to home-grown products.

Dhanteras is traditionally celebrated with the worship of Lord Ganesha, Goddess Lakshmi, and Lord Kuber, and by purchasing new items to invite prosperity. Gold and silver jewellery, utensils, vehicles, electronics, business equipment, and household items remain popular buys. Today (October 29) alone, gold sales reached an estimated Rs 20,000 crore, while silver sales were valued at around Rs 2,500 crore, according to CAIT’s All India Jewelers and Goldsmith Federation (AIJGF) National President Shri Pankaj Arora.

“While fewer items were sold in weight due to rising prices, monetary sales have surged,” Arora said, adding that 25 tonnes of gold and 250 tonnes of silver were sold nationwide. Additionally, old silver coins saw a resurgence in demand, fetching prices between Rs 1,200 and Rs 1,300 per coin.

Bustling retail hubs

Delhi’s bustling retail hubs, including Chandni Chowk, Dariba Kalan, Sadar Bazaar, and Lajpat Nagar, also witnessed an upturn in sales as shoppers thronged markets in celebration of the auspicious day.

Acharya Durgesh Tare, convenor of CAIT’s Vedic and Astrology Committee, emphasised Dhanteras as the day of Lord Dhanvantari’s appearance, symbolising health and wellness. “It’s customary to buy brass utensils on this day,” he noted, explaining its significance in catering and hospitality. Additionally, the worship of Lord Yama, the god of death, is observed by lighting a ‘Yam Deepak’ in the south direction, an age-old practice considered auspicious during Dhanteras.