Categories: Business

China will lose Rs 4 thousand crore in this rakhi season: CAIT. China will lose Rs 4 thousand crore in this rakhi season: CAIT

Photo: PTI

China will lose Rs 4 thousand crore in this rakhi season: CAIT

new Delhi. The Confederation of All India Traders (CAIT), a trade body, estimates that China may lose Rs 4,000 crore this rakhi season, as people prefer local rakhi for the upcoming August 3 Raksha Bandhan. CAIT made this estimate because of the campaign to boycott Chinese products in India.

The trade body said that about Rs 6,000 crore worth of rakhi products are sold during the Rakshabandhan festival, of which China alone contributed Rs 4,000 crore. CAIT said in a statement, "In the past few years, products made in China such as rakhi and rakhi, such as foams, beads, drapes, threads and decorative plates have made a deep inroads into the Indian market."

"Due to the conflict between China and India in the Galvani Valley, anti-China sentiment among buyers and sellers has now increased the demand for local rakhi products," the association said. Buyers are now beginning to show interest in local products. Not only this, they are now ready to pay a higher price for Rakhi made in India instead of Rakhi made from products sourced from China.

CAIT said that according to an estimate, 50 crore rakhi is sold in India every year, which is worth about 6,000 crores. Out of this, China alone exports goods worth Rs 4000 crore. According to the statement, "This year, China will definitely suffer a loss of Rs 4,000 crore." (Input- IANS)

This post was published on July 22, 2020 8:46 pm

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