New Delhi, Nov 6 (IANS) Business worth more than Rs 1 lakh crore is expected to be generated across India on Dhanteras on Friday with sales of gold and silver alone likely to exceed Rs 60,000 crore despite elevated bullion prices, according to the Confederation of All India Traders (CAIT).
CAIT said festive buying sentiment remains strong with consumers continuing to make purchases traditionally associated with Dhanteras, one of the most important shopping days in the Diwali season.
Meanwhile, the All India Jewellers and Goldsmith Federation (AIJGF) said demand has remained resilient despite high gold and silver prices with buyers increasingly opting for lightweight jewellery and traditional investment products.
According to traders, 14-carat and 18-carat lightweight gold jewellery, silver coins, decorative items and auspicious figurines such as fish, tortoise and elephant are witnessing strong demand across markets.
However, CAIT said it will release detailed estimates later in the day after assessing nationwide sales trends and consumer response.
The strong Dhanteras outlook comes after CAIT earlier projected that India’s festive trade during the Navratri-to-Diwali period would cross Rs 7 lakh crore this year, reflecting estimated growth of 15-18 per cent over the previous year.
CAIT projections were based on inputs from trade associations across states, consumer demand patterns and increased commercial activity in rural and semi-urban markets.
According to the traders’ body, festive trade stood at around Rs 6.05 lakh crore last year, including Rs 5.40 lakh crore from goods and about Rs 65,000 crore from services.
CAIT had estimated that the services sector could generate between Rs 80,000 crore and Rs 1 lakh crore during the current festive season, supported by transportation, logistics, hospitality, tourism, catering, event management and related activities.
It attributed the expected growth partly to rising consumer preference for locally manufactured products and increasing support for the ‘Vocal for Local’, ‘Made in India’ and ‘Aatmanirbhar Bharat’ initiatives.
–IANS
ag/
