Dhanteras sparks nationwide trade surge of Rs 60,000 cr, gold worth Rs 20,000 cr sold nationwide
This surge was largely fueled by the "Vocal for Local" initiative, as consumers flocked to purchase traditional items such as gold, silver, household goods, vehicles, and even brooms, marking a significant sales milestone
- Oct 30, 2024,
- Updated Oct 30, 2024 1:44 PM IST
Dhanteras brought a vibrant wave of commerce across India, with an estimated trade volume of Rs 60,000 crore. This surge was largely fueled by the "Vocal for Local" initiative, as consumers flocked to purchase traditional items such as gold, silver, household goods, vehicles, and even brooms, marking a significant sales milestone.
Support for local goods grows stronger
Praveen Khandelwal, national secretary of the Confederation of All India Traders (CAIT) and MP from Chandni Chowk, estimated that retail trade reached around Rs 50,000 crore on Dhanteras. He emphasized that the growing preference for locally made products demonstrates robust support for the "Vocal for Local" campaign.
This shift away from Chinese imports has reportedly resulted in a staggering loss of approximately Rs 1.25 lakh crore for Chinese businesses during this Diwali season.
CAIT has called on trade associations to champion locally produced items, particularly those crafted by women, artisans, and potters, to ensure a joyous Diwali celebration for all. Khandelwal, alongside BJP workers and business leaders, actively participated in the initiative by purchasing earthen lamps and festive decorations from local artisans in Chandni Chowk.
Jewellery sector sees remarkable sales
The jewellery industry also experienced a significant uptick in sales. Pankaj Arora, president of the All India Jewellers and Goldsmith Federation (AIJGF), reported that approximately 25 tons of gold, valued at around Rs 20,000 crore, and 250 tons of silver, worth Rs 2,500 crore, were sold nationwide.
Despite a slight decrease in the volume of gold and silver sold due to rising prices—gold now exceeding Rs 80,000 per 10 grams and silver surpassing Rs 1 lakh per kg—the revenue generated from these sales increased.
Retail activity thrives in major cities
In Delhi, key retail areas such as Chandni Chowk, Dariba Kalan, Kamla Nagar, South Extension, Rajouri Garden, and Greater Kailash experienced a notable rise in foot traffic and sales. Shoppers were eager to buy auspicious items, including kitchen utensils, electronics, clothing, and furniture, all of which were traditionally favoured during Dhanteras.
Religious traditions and popular brass items
According to Acharya Durgesh Tare, CAIT's Vedic and Astrology Committee convener, Dhanteras commemorates Lord Dhanvantari's appearance as the deity of health and medicine. Brass utensils, linked to Lord Dhanvantari, were particularly sought after during this period, especially by caterers, restaurants, and hoteliers.
Many households also engaged in traditional rituals, lighting clay lamps known as "Yam Deepak," which were placed facing south to pay homage to Lord Yama.
Dhanteras brought a vibrant wave of commerce across India, with an estimated trade volume of Rs 60,000 crore. This surge was largely fueled by the "Vocal for Local" initiative, as consumers flocked to purchase traditional items such as gold, silver, household goods, vehicles, and even brooms, marking a significant sales milestone.
Support for local goods grows stronger
Praveen Khandelwal, national secretary of the Confederation of All India Traders (CAIT) and MP from Chandni Chowk, estimated that retail trade reached around Rs 50,000 crore on Dhanteras. He emphasized that the growing preference for locally made products demonstrates robust support for the "Vocal for Local" campaign.
This shift away from Chinese imports has reportedly resulted in a staggering loss of approximately Rs 1.25 lakh crore for Chinese businesses during this Diwali season.
CAIT has called on trade associations to champion locally produced items, particularly those crafted by women, artisans, and potters, to ensure a joyous Diwali celebration for all. Khandelwal, alongside BJP workers and business leaders, actively participated in the initiative by purchasing earthen lamps and festive decorations from local artisans in Chandni Chowk.
Jewellery sector sees remarkable sales
The jewellery industry also experienced a significant uptick in sales. Pankaj Arora, president of the All India Jewellers and Goldsmith Federation (AIJGF), reported that approximately 25 tons of gold, valued at around Rs 20,000 crore, and 250 tons of silver, worth Rs 2,500 crore, were sold nationwide.
Despite a slight decrease in the volume of gold and silver sold due to rising prices—gold now exceeding Rs 80,000 per 10 grams and silver surpassing Rs 1 lakh per kg—the revenue generated from these sales increased.
Retail activity thrives in major cities
In Delhi, key retail areas such as Chandni Chowk, Dariba Kalan, Kamla Nagar, South Extension, Rajouri Garden, and Greater Kailash experienced a notable rise in foot traffic and sales. Shoppers were eager to buy auspicious items, including kitchen utensils, electronics, clothing, and furniture, all of which were traditionally favoured during Dhanteras.
Religious traditions and popular brass items
According to Acharya Durgesh Tare, CAIT's Vedic and Astrology Committee convener, Dhanteras commemorates Lord Dhanvantari's appearance as the deity of health and medicine. Brass utensils, linked to Lord Dhanvantari, were particularly sought after during this period, especially by caterers, restaurants, and hoteliers.
Many households also engaged in traditional rituals, lighting clay lamps known as "Yam Deepak," which were placed facing south to pay homage to Lord Yama.