Traders do brisk business, Diwali sales up 20 percent to Rs 30,000 crore
today Nov 9, 2018
The Confederation of All India Traders (CAIT), a body representing Indian traders, has said that there was a 20 percent surge in volume growth to Rs 30,000 crore ($4.14 billion) during the Diwali sales across the country.
Last year, the total sales reported by the traders during the festive season were Rs 25,000 crore.
"During last four years, there was a slump during Diwali sales. However, this year traders did good business compared to last year. In Delhi alone, sales volume crossed over Rs 5,000 crore,” CAIT secretary general Praveen Khandelwal said in a statement.
Traders across the country did brisk business with FMCG products and readymade garments the bestselling products during the sale period.
Despite the rise in sales, online retailers like Amazon and Walmart-owned Flipkart, who both reported robust sales this season, are still causing loss to offline trade.
CAIT has demanded a proper e-commerce policy to regulate the e-commerce giants citing losses to traders.
"Widening e-commerce without any regulations is causing loss to offline trade. In absence of a proper e-commerce policy, online companies are doing business without any checks and balances. The government should frame an e-commerce policy immediately and set up a regulatory authority to regulate and monitor them," he added.
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