India becomes “Aatmanirbhar’, this Diwali, and China suffer a loss of RS50 K crore.

China suffer a loss of RS50 K crore due manufacturing in india

China suffer a loss of RS50 K crore due manufacturing in india

India becomes “Atma Nirbhar’, this Diwali, and China suffer a loss of RS50 K crore.
The ban of the Chinese crackers along with the other cheap festive products will result in great damage and losses. The banning of the Chinese crackers will directly fetch more profit to India’s homegrown industries. The Confederation of All India Traders (CAIT) even mentioned that it will cause a loss of Rs 50,000 Crore for the Chinese exporters due to the boycotting of the products from China in the domestic markets. The banning and the boycotting by the Indians, regarding the crackers and the other festive products belonging from China, are directly going to impose more profit on the homegrown industries. On Friday, the Trader’s body had issued a statement that India's domestic sales are expected to receive a major boost this Diwali in view of a surge in the number of customers in markets across the country ahead of the festive season. The Indian economy may see an inflow to the tune of ₹2 lakh crore through consumer spending during Diwali sales. 
Even the CAIT said in a statement that India's domestic sales are expected to receive a major boost this Diwali in view of a surge in the number of customers in markets across the country ahead of the festive season. The Indian economy may see an inflow to the tune of ₹2 lakh crore through consumer spending during Diwali sales.
Another important change that has been noticed is that consumers across the country are preferring Indian goods and are not willing to spend their money on Indian goods instead. CAIT secretary general Praveen Khandelwal said a recent survey conducted by the body's research arm in 20 ‘distribution cities’ showed that so far no orders for Diwali goods, firecrackers, or other items have been placed with Chinese exporters by Indian traders or importers.
These 20 cities are – New Delhi, Ahmedabad, Mumbai, Nagpur Jaipur, Lucknow, Chandigarh, Raipur, Bhubaneswar, Kolkata, Ranchi, Guwahati, Patna, Chennai, Bengaluru, Hyderabad, Madurai, Pondicherry, Bhopal, and Jammu.

During the five months long festive season from Rakhi to New Year’s eve, every year the Indian traders spend around rs 70,000 crore from China, but this time according to the reports to was seen that the Chinese market had suffered a loss of 5,000 crore rupees in Rakhi and a loss of 500 crore on Ganesh Chaturthi. 
Source: HT

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