(Photo : X.com)

• The 'vocal for local' initiative in India has led to Chinese businesses facing a loss of Rs 1.25 lakh crore this Diwali.
• The initiative has resulted in a significant decrease in the sale of Chinese goods related to Diwali.
• The first day of the festival, Dhanteras, saw retail trade estimated to reach Rs 60,000 crore.
• The shift towards local goods has boosted the Indian economy and dealt a significant blow to Chinese businesses.

The Indian government's 'vocal for local' initiative has led to Chinese businesses facing a significant loss of at least Rs 1.25 lakh crore this Diwali. This substantial financial setback is due to the considerable reduction in the sales of Chinese goods associated with the five-day festival, as reported by the Confederation of All India Traders (CAIT) on Tuesday.

The 'vocal for local' initiative, a campaign encouraging the consumption of locally produced goods, has been visibly effective during this year's Diwali celebrations. The markets are predominantly filled with Indian goods, reflecting the consumers' preference for local products over imported ones. This shift in consumer behavior has led to a significant decrease in the sale of Chinese goods related to Diwali, resulting in a substantial financial loss for China.

As the Diwali festivities commenced on a positive note, the retail trade on Dhanteras, the first day of the festival, was estimated to reach Rs 60,000 crore. This figure was provided by Praveen Khandelwal, the General Secretary of CAIT and the Member of Parliament from Chandni Chowk.

Impact of 'Vocal for Local' Initiative

Khandelwal stated, This Diwali, the 'vocal for local' initiative is fully visible in the markets because almost all the purchases being done are Indian goods. According to an estimate, due to the non-sale of Chinese goods related to Diwali, China is facing a loss of about Rs 1.25 lakh crore.

In addition to promoting local goods, CAIT has also urged businesses across the country to support women, potters, artisans, and others involved in the production of Diwali-related items. This call to action is aimed at boosting their sales and contributing to the local economy.

The festival of Dhanteras also witnessed a significant sale of gold and silver. Pankaj Arora, the national president of the All India Jewellers and Goldsmith Federation (AIJGF), reported that gold worth about Rs 20,000 crore and silver worth about Rs 2,500 crore were purchased across the country on Dhanteras.

Gold and Silver Sales during Dhanteras

This substantial sale was facilitated by approximately 2 lakh jewellers registered with the Bureau of Indian Standards (BIS), who sold about 25 tonnes of gold worth Rs 20,000 crore and 250 tonnes of silver. Interestingly, despite the increase in the prices of gold and silver compared to the previous year, the sales in currency terms have increased.

Last year, the price of gold was Rs 60,000 per 10 grams, which has now escalated to more than Rs 80,000. Similarly, the price of silver, which was Rs 70,000 last year, has now crossed Rs 1 lakh. This increase in prices did not deter consumers, and there was a significant demand for old silver coins, which were sold at Rs 1,200 to Rs 1,300 per piece almost across the country.

According to the India Bullion and Jewellers Association Ltd. (IBJA), the price of 24 carat gold remains at Rs 78,850 per 10 grams.

The shift towards local goods is reminiscent of the Swadeshi movement during the Indian independence struggle, where Indians were encouraged to use goods produced within the country and boycott British products. This historical event had a significant impact on the Indian economy and played a crucial role in the country's fight for independence.