China may take a hit of up to Rs 40,000 crore this Diwali

New Delhi: – It is predicted that China will suffer a loss of ₹400 billion in the Indian market, during Diwali. Indian traders have decided not to sell Chinese products. The Indian trade organisations are running a campaign of boycotting the Chinese goods, after the martyrdom of 20 Indian soldiers, in the Galwan valley, because of Chinese betrayal. This campaign started by Confederation of All India Traders (CAIT) the apex body of all trade associations, is receiving an excellent response. In July, China suffered a loss of ₹40 billion as the Indian traders refused to buy Chinese Rakhis. Now the Chinese trades will be having a bad Diwali.  

₹400 billion

Since the last few years, large quantities of Chinese goods are imported during festivities. The traders import cheap Chinese goods, as they have a huge demand in the Indian market. Every year, there is a turnover of ₹7 billion, during Diwali and goods worth nearly ₹4 billion are imported from China. But the Indian traders have taken a decision not to import any goods from China, this year.   

CAIT which represents more than 40,000 trade organisations and 60 million traders, has initiated this campaign. CAIT is encouraging traders to prioritise purchase of Indian goods, instead of Chinese goods. The traders too are building stocks for sales in Diwali. The goods imported from China for Diwali are ordered six months in advance. But in view of the tension between India and China, in Ladakh, no goods have been imported so far. Therefore, there are clear indications that China will have to suffer a loss of ₹400 billion, during this Diwali season.  

₹400 billion

There has been a significant increase in the online shopping, in India. As per a report there has been an increase of 70% in online shopping. The government has also implemented the E-commerce policy and has made in mandatory for the E-commerce companies to display the country of origin of each product. As per reports, Amazon and Flipkart, who have not complied with the government policy, have been issued notices by the Ministry of Consumer Affairs. This will assist the consumer to identify Chinese products being sold online. Therefore, it is predicted that China will be facing huge losses, in the Indian markets, in the times to come. 

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