Anticipated Losses of Rs 1 Lakh Crore
As the much-awaited festival of Diwali approaches, consumer spending is on the rise, and one noticeable trend is a significant preference for Made in India products. This shift in consumer behavior is expected to lead to substantial losses for China, estimated to be around Rs 1 lakh crore, according to a report by ANI.
Dhanteras, a day dedicated to worshipping the goddess of wealth, holds particular significance for traders across the nation. It is considered an auspicious time for purchasing metals, gold, and silver jewelry. The National President of the Confederation of All India Traders (CAIT), BC Bhartia, and Secretary General Praveen Khandelwal predict a trade volume of approximately Rs 50 thousand crore on Dhanteras.
In a Twitter post, Khandelwal urged people to support women entrepreneurs. He stated, “Full support of 9 crore businessmen @CAITIndia of the country in the call of Prime Minister Shri @narendramodi ji this Diwali #VocalForLocal and the appeal #NaariSeKharidaari of Union Minister Smt @smritiirani ji. We are providing the country’s market to all the women entrepreneurs, from small diyas to those running boutiques. You too should shop from women and visit their homes too #Diwali2023.”
प्रधानमंत्री श्री @narendramodi जी के इस दिवाली #VocalForLocal के आह्वान में केंद्रीय मंत्री श्रीमती @smritiirani जी की अपील #NaariSeKharidaari का देश के 9 करोड़ व्यापारी @CAITIndia का पूर्ण समर्थन।
छोटे दीयों से लेकर बुटीक चलाने वाली सभी महिला उद्यमियों को हम दे रहें है देश का… pic.twitter.com/sX65RjX86Q
— Praveen Khandelwal (@praveendel) November 9, 2023
Prime Minister Narendra Modi also emphasized celebrating India’s entrepreneurial and creative spirit. He encouraged the purchase of locally made products and suggested sharing selfies with the products or makers on the NaMo App. Modi urged people to leverage digital media to support local talent, encourage fellow Indians’ creativity, and preserve the country’s traditions.
In the fiscal year 2022-23, India’s two-way commerce with China witnessed a decline of approximately 1.5%, totaling $113.83 billion compared to $115.42 billion in 2021-22. During the same period, exports to China experienced a drop of around 28% to $15.32 billion, while imports increased by 4.16% to $98.51 billion. This resulted in a widened trade gap of $83.2 billion, up from $72.91 billion in 2021-22.
DIWALI CELEBRATION: “Vocal for Local” Echoes in PM’s Message
PM Modi’s Call to Support Local Businesses
Prime Minister Narendra Modi has called on citizens to celebrate India’s entrepreneurial and creative spirit during Diwali by supporting locally made products. Modi encouraged individuals to purchase items manufactured in India and share selfies with the products or their makers on the NaMo App.
In his message, the Prime Minister highlighted the importance of using digital media to back local talent, foster the creativity of fellow Indians, and ensure the continuation of the country’s traditions. The emphasis on “Vocal for Local” aligns with the broader push for promoting indigenous businesses and products.
TRADE FIGURES BETWEEN INDIA AND CHINA
Decline in Two-Way Commerce
The fiscal year 2022-23 witnessed a decrease of about 1.5% in two-way commerce between India and China, amounting to $113.83 billion compared to $115.42 billion in 2021-22. The export figures to China saw a significant dip of approximately 28%, totaling $15.32 billion. In contrast, imports from China increased by 4.16%, reaching $98.51 billion.
The widening trade gap has raised concerns, reaching $83.2 billion in the last fiscal year, up from $72.91 billion in 2021-22. This scenario reflects the evolving dynamics of economic interactions between the two nations.
