India Diwali sales up 10.8% in 2020: Confederation of All India Traders

The Confederation of All India Traders (CAIT) said sales during the country’s Diwali festive period rose by more than 10% year-on-year, indicating “good business prospects” for small businesses, Reuters reported.

The confederation said that sales of its members during the one-month festive season that ended on Saturday increased to more than 720 billion rupees ($9.7 billion).

The confederation claims to represent tens of millions of firms across the country.

“People didn’t purchase anything in the last eight months except essentials. Hence people had enough surplus money, and a portion was spent on Diwali festivities,” said Praveen Khandelwal, CAIT’s secretary general.

CAIT members include retailers who sell everything from electrical items to furniture and footwear.

The trade body said it gathered sales data from 20 cities.