Traders across the country have been asked to support a call for complete boycott of Chinese goods ahead of the upcoming festival season given by traders’ body Confederation of All India Traders (CAIT).
“The boycott is expected to result in a loss of trade of about ₹1-lakh crore to China in terms of non-import of festive and other goods by traders & importers,” according to a press statement issued by CAIT on Wednesday.
Festival season
The festival season, beginning from Raksha Bandhan on August 30 to Diwali festival which will be celebrated till November 24, may result in a spending of about ₹3-lakh crore by consumers, per estimates made by the body.
“Last year China suffered a loss of festive business of about ₹75 crore (because of the boycott call),” the release added. It added that the ongoing `Make in India’ and ‘Aatmanirbhar Bharat’ campaigns had motivated traders not to sell Chinese goods.
CAIT will launch the “boycott Chinese goods” campaign on September 1 all over the country. “CAIT has already advised traders across the Country to sell rakhi’s made in the country,” the release added.
India’s trade deficit with China touched a record high of $83 billion in 2022-23 with imports from the country at $98.51 billion and exports to the country at $ 15.32 billion.