Diwali shopping helped generate ₹1.25 lakh crore, breaks 10-year record, says trade body CAIT

The trade figures come as a major boost to businesses reeling under the restrictions imposed by governments owing to the coronavirus disease (Covid-19) pandemic.

This year's Diwali generated business to the tune of ₹1.25 lakh crore, a record trade figure in the last 10 years during the festival, Confederation of All India Traders (CAIT) said on Friday. The traders' body said that people thronged to the markets which helped the businesses and sparked the expectation of better business prospects in the near future.

The trader's body said that people thronged to the markets which sparked the expectation of better business prospects in the near future.(Vipin Kumar /HT Photo)

“For #Diwali festival sales, people thronged the markets and helped in generating huge business to the tune of ₹1.25 lakh crores which is record trade figure in last 10 years on the occasion of Diwali,” news agency ANI quoted CAIT as saying.

The trade figures come as a major boost to businesses reeling under the restrictions imposed by governments owing to the coronavirus disease (Covid-19) pandemic.

CIAT had earlier estimated a business of about ₹1 lakh crore in all streams of business during the Diwali season. The trade body had expected an infusion of about ₹3 lakh crore by the year-end the way consumers were spending. They felt a “new zeal and freshness” among consumers as if they were compensating for the lull of almost two years.

"After a gap of last two years, this year Diwali festival across the country including Delhi has brought a lot of new zeal and freshness which can be well felt from the fact that since last one week the rush of consumers in the markets across the country is tremendous and it appears that they are making up the gap of their two years of purchases," CAIT had said in a statement.