Chinese language exporters might endure a lack of 40,000 rupees this Diwali season below the boycott of native sellers
Trade, import and export for MSMEs: Chinese companies exporting goods to India could suffer a business loss of 40,000 rupees this Diwali season as the Indian trading community is geared to boycott the sale of goods from China. In a statement from the Confederation of All India Traders (CAIT) trade association, National President BC Bhartia and Secretary General Praveen Khandelwal said that of the roughly 70,000 rupees traded by traders in India each year during the Diwali season, goods are worth of around 40,000 rupees have been imported from China in recent years. "But because of the brutal massacre by China in which 20 Indian soldiers were mercilessly killed, there is great anger and resentment towards China among the people of the country, which has led people to refrain from buying Chinese goods."
According to Bhartia and Khandelwal, the traders are preparing with sufficient stocks. Particularly mobile, electronics, electrical appliances, toys, home furnishings, kitchen accessories, gifts, watches, ready-made clothing, shoes, cosmetics, beauty products, furniture, FMCG products, consumer goods, stationery, Diwali puja and decorative items for the home, shops, offices, etc. are likely to be sold in bulk. The panel has also urged small industries as well as local artisans and artisans in its country-level chapters to make Diwali-related goods. These sellers would be encouraged to sell their wares in the markets through trading organizations across India.
According to a RedSeer report, October celebratory sales among online shoppers would jump around 70 percent from 28 million in October last year to 45-50 million. The gross value of merchandise for marketplaces that go on festive sale in October would also rise by over 50 percent from $ 2.7 billion last year to $ 4 billion this year.
Also read: Kunal Bahl Interview | We added 6 million new buyers during the Covid pandemic, according to Snapdeal co-founder
In a message to Amazon and Flipkart on Friday, the Department of Consumer Affairs asked for clarification as to why binding declarations including the country of origin are displayed on goods sold on their platforms. The two companies were asked to "explain" within 15 days of receiving the notice. "Otherwise, the lawsuit against you should be commenced with the documents available in accordance with the provisions of the law and the rules." The notice was signed by Legal Metrology's Assistant Director Ashutosh Agarwal read. Earlier this year, the government asked sellers on its public procurement portal Government e-Marketplace (GeM), followed by private marketplaces, to indicate the country of origin for the products listed. The decision was made in the face of growing consumer urges to boycott the import and use of Chinese goods following the border dispute between the two countries' armed forces.
Get live stock quotes from BSE, NSE, the US market and the latest in net asset value, portfolio of mutual funds, calculate your tax with the Income Tax Calculator and know the top gainers, top losers and best equity funds in the market. Like us on Facebook and follow us on Twitter.
Financial Express is now in the telegram. Click here to join our channel and stay up to date with the latest news and updates from Biz.