NEW DELHI: Despite widespread apprehension about the impact of the recent series of protests in the national capital on local businesses, markets around the city are projected to register a whooping `1.5 lakh crore worth of business by the end of the ongoing festive season.
A traders’ body has claimed that business reached `35,000 crore by the afternoon on Diwali in the city, with total sales likely to hit `1.5 lakh crore across three upcoming festivals, including Guru Nanak Jayanti, which falls on November 24 this year.
Praveen Khandelwal, Secretary General of the Confederation of All India Traders (CAIT) and Member of Parliament from Chandni Chowk, stated that festive business across the city is expected to touch around `1.5 lakh crore this year, representing an estimated growth of approximately 15–18% over the last year’s record turnover.
The preliminary estimate is based on feedback from leading trade associations and markets across various states. It also factors in consumer demand, festive shopping trends, rural & semi-urban growth, rising demand for local products and the wide-ranging economic activity generated across different sectors.
A string of major festivals—from Dussehra and Diwali to Chhath Puja and Guru Nanak Jayanti—sparks massive commercial activity across the country. Dhanteras this year also brought a surge in business, with India’s total festive trade estimated to have crossed `1.25 lakh crore, reflecting robust consumer confidence, growing purchasing power and renewed momentum in the domestic retail economy.
According to an estimate, the All India Jewellers and Goldsmith Federation (AIJGF), jewellery markets across the country have witnessed an exceptional rush of customers over the past several days.
Gold and silver sales alone are estimated to have exceeded Rs 66,000 crore nationwide, while Delhi’s bullion markets recorded business worth more than `10,000 crore. Despite the elevated prices of precious metals, consumers have continued to demonstrate a strong interest in gold and silver purchases.
Preliminary estimate
The preliminary estimate is based on feedback from leading trade associations and markets across various states. It also factors in consumer demand, festive shopping trends, rural & semi-urban growth and rising demand for local products
