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Indian consumers are back, pent up demand set to push Diwali sales

Diwali smiles for India's traders

As the fresh cases of Covid 19 continues to remain low aided by a rapid pace of vaccination, a large number of consumers are thronging the markets across the country including Delhi, a statement by the Confederation of All India Traders (CAIT) said. Traders are hoping that the pent up demand would bring Diwali sales to pre-Covid levels.

Also, the statement said that consumers continue to be averse to buying Chinese products while traders have continued to shun Chinese made finished products though imports of other raw materials including active pharmaceutical ingredients (API) and essential items have continued.

Also read: India 's October GST collection acales Rs.1.30 lakh crore as post-Covid economy begins to roar

The nationwide restrictions and lockdowns in April-June owing to the Covid 19 second wave caused a loss of about Rs 15 lakh crore to India’s domestic traders and retailers. Of this Rs 9 lakh crore loss has been borne by retail traders and about Rs 6 lakh crore by the wholesale segment.

Sources said that demand for FMCG goods, consumer durables, electrical appliances and goods, electronic appliances and white goods, kitchen articles and accessories, gift items, utensils, gold and jewellery has increased considerably.

Meanwhile, India has already administered 106 crore Covid 19 vaccines. More than 32 crore people in India are now fully vaccinated.