Industry executives from all around India hailed the nation’s record-breaking Diwali commerce this year on Wednesday, claiming that recent economic changes and Prime Minister Narendra Modi’s “Made in India” strategy are having a significant impact locally.
India had its largest-ever Diwali trading, with total sales estimated at Rs 6.05 lakh crore, according to a countrywide study by the Confederation of All India Traders (CAIT).
For Indian-made items, this record amount is a powerful boost and a clear indication of rising customer trust.
Harvansh Chawla, the chairman of the BRICS Chamber of Commerce & Industry, told IANS: “I have previously declared that this Diwali would be a bumper Diwali. Sales and excitement in our economy have never been this high in our history. The Prime Minister Narendra Modi deserves all the praise.
He continued by saying that the ‘Made in India’ tagline is gaining traction and that during the next six months to a year, its effects would be more apparent.
PHDCCI CEO and Secretary General Ranjeet Mehta echoed these views, pointing out that the GST adjustments implemented before to Diwali had a highly favorable effect on commerce.
“The Prime Minister encouraged people to adopt Swadeshi products, which was an important move, particularly in the current atmosphere of fragmented global commerce. “It is extremely encouraging because 80 percent of the commodities sold were Indian products,” he told IANS.
Naresh Pachisia, the state president of the Bharat Chamber of Commerce in Kolkata, also praised the holiday season’s success. “We have not seen this level of customer demand in a very long time. One important factor was the GST cut on consumption-related items.
He said, “This enormous spike in Diwali trading was fueled by pent-up demand produced by a gap in sales after the September 22nd announcement.”
In keeping with the “Viksit Bharat” mission, PHDCCI President Rajeev Juneja emphasized the need of continuing to promote smaller enterprises.
It is our duty to establish connections between government agencies and small and medium-sized businesses. By offering whatever assistance we can, we want to assist small businesses in becoming larger ones,” he said.