Chinese Exports To Suffer Losses Of ₹50k Crore This Diwali; Know Why

Chinese products are in for heavy losses in India ahead of Diwali and other festivals.

According to the Confederation of All India Traders (CAIT), estimated losses to the tune of ₹50,000 crore are expected on part of Chinese exporters this year. This is particularly due to Indians boycotting goods from China in the domestic markets.

India’s homegrown industries will earn more profits in a scenario where Indians are banning crackers and other cheap festive products from China this season.

The traders’ body said via a statement that India’s domestic sales are expected to receive a major boost this Diwali in view of a surge in the number of customers in markets across the country ahead of the festive season.

The Indian economy is expected to witness an inflow of ₹2 lakh crore via consumer spending during Diwali sales.

“Like previous year, this year too CAIT has given a call of ‘boycott Chinese goods’ and it is certain that China is going to suffer a business loss of about ₹50,000 crore in terms of stoppage of import of Chinese goods by Indian traders,” CAIT statement was quoted as saying by Hindustan Times

According to CAIT secretary general Praveen Khandelwal, a recent survey by the body’s research arm in 20 ‘distribution cities’ showed that no orders have been placed so far for Diwali goods, firecrackers, or other items with Chinese exporters by Indian traders or importers, the report said.

New Delhi, Ahmedabad, Mumbai, Nagpur Jaipur, Lucknow, Chandigarh, Raipur, Bhubaneswar, Kolkata, Ranchi, Guwahati, Patna, Chennai, Bengaluru, Hyderabad, Madurai, Pondicherry, Bhopal, and Jammu are the 20 cities where research was carried out.

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