Rakhi festive sales expected to surge over Rs 12,000 crore: Confederation of All India Traders
Confederation of All India Traders (CAIT) on Sunday anticipated a festive trade of over Rs 12,000 crore across the country during the Rakhi festival.
The trade body said that the markets are witnessing a massive rush for Rakhi shopping, and people are very enthusiastic about the festival. It urged customers to celebrate the festival with Indian goods.
Observing the demands for indigenous Rakhis, the trade body stated that customers prefer indigenous Rakhis over Chinese Rakhis during this year's festive season.
«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,» the CAIT said in a note.
Praveen Khandelwal, CAIT's National General Secretary and Member of Parliament from Chandni Chowk stated that the business during the Rakhi festival will reach Rs 12,000 crore, compared to last year's trade of approximately Rs 10,000 crore.
In 2022, the business was around Rs 7,000 crore, in 2021 it was Rs 6,000 crore, in 2020 it was Rs 5,000 crore, in 2019 it was Rs 3,500 crore, and in 2018 it was Rs 3,000 crore, as per Khandelwal.
Khandelwal and CAIT's National President, B.C. Bhartia, mentioned that this year, a special feature of the Rakhis is that special types of Rakhis have been made from famous products of various cities across the country.
According to the CAIT representatives, the customers are also demanding Khadi Rakhi made in Nagpur, Sanganeri Art Rakhi from Jaipur, Seed Rakhi from Pune,
