Boycott: Chinese businesses may suffer Rs.50k losses this Diwali, says trade body
Virendra Pandit
New Delhi: Indians’ “Boycott Chinese products” sentiment, which surged last year after the suspected spread of Covid-19 from China and the subsequent attempt of the People’s Liberation Army (PLA) to invade Eastern Ladakh in mid-2020, continues this Diwali as well and the Dragon’s business may suffer a whopping loss of Rs. 50,000 crore this year as well.
India’s top traders’ body, The Confederation of All India Traders (CAIT) on Friday said China may suffer these estimated huge losses at a time Indian consumers are likely to spend around Rs. 2 lakh crore during the Diwali festival sale period.
“Like previous year, this year too CAIT has called for a boycott of Chinese goods and China is going to suffer a business loss of about Rs 50,000 crore in terms of stoppage of import of Chinese goods by Indian traders,” the trade body stated in a statement, according to a media report.
CAIT Secretary General Praveen Khandelwal said a recent survey conducted by the body’s research arm in 20 ‘distribution cities’ showed that so far Indian traders or importers have placed with Chinese exporters no orders for Diwali goods, firecrackers, or other items.
The 20 cities in the survey include New Delhi, Ahmedabad, Mumbai, Nagpur, Jaipur, Lucknow, Chandigarh, Raipur, Bhubaneswar, Kolkata, Ranchi, Guwahati, Patna, Chennai, Bengaluru, Hyderabad, Madurai, Puducherry, Bhopal, and Jammu.
