China lost Rs 40, 000 Cr in Indian festive businesses
CAIT’s admirable action by calling for a boycott of over 3000 Chinese products led to a loss of Rs 40,000 crore businesses to China in the festive season. This is an opportunity for Indian manufacturers to consolidate their position.
Confederation of All India Traders (CAIT), an apex body of India’s trading community with wings all over the country, called for boycotting 450 categories of products made in China, after China’s betrayal on the Indian border. The 450 categories cover over 3000 Chinese products. CAIT stepped up its campaign aggressively to boycott the Chinese goods. On 15th June 2020, China killed 20 brave Indian soldiers in Galwan valley. The entire country was furious against China, compelling every Indian citizen to call for a boycott. CAIT did the best by calling its members for boycotting specified categories of Chinese products. The result was spectacular.
China lost the massive Indian market worth Rs 40,000 crore in the Diwali season. No trader demanded or collected fresh Chinese stocks, after disposing of their earlier stock. Customers also haven’t demanded low-cost Chinese goods for filling their stores during the festive season.
Incidentally, consumer demands also have soared sharply, much to the surprise of traders. The overall value of the Diwali festive season demands has crossed Rs 70,000 crore.
The revengeful embargo imposed by Indian traders and customers on Chinese products would help many domestic enterprises find their due market share, which they had lost after the aggressive Chinese imports. With new technology in place, rising demands, and prospects for higher volume, Indian manufacturers would be able to replace the Chinese products from the Indian market. Indian manufacturers can even look for opportunities in the global market after all many countries in the world are keen to reduce their dependence on Chinese products.