NEW DELHI: Diwali is here, but retail traders are not smiling. The reason is obvious. While last year retail trades had a business of around Rs 6 lakh crore in the country, it is down to nearly Rs 3 lakh crore this year.
Traders say there is a gloomy atmosphere in sales outlets, a fact concurred by market observers who claim that perhaps it was the most disappointing festival and Dhanteras in over 10 years. Regarding Dhanteras, traders say the festival lacked the fervour and spirit in markets across and business of gold and silver registered a great decline of about 35 per cent to 40 per cent.
Gold and Jewellery Committee of the Confederation of All India Traders (CAIT) chairman Pankaj Arora says inputs suggest that trade was a record low and as per an estimate, there is a decline of business ranging from 35 to 40 per cent. “The bare minimal footfall of customers was primarily to purchase gold or silver just for the occasion of Dhanteras.”
Last year, about 17,000 kg gold worth about Rs 5,500 crore was sold on Dhanteras — much more than this year’s about 6,000 kg worth about Rs 2,500 crore. CAIT secretary general Praveen Khandelwal says that the same situation happened in the business of utensils, kitchen equipment and electronics.
“E-commerce companies are snatching the business of offline traders by unethical business practices.” If the government does not pay attention to retail trade, retail business will be badly affected, he asserts.