'Vocal for Local' Boosts 'Made in India' Sales This Diwali, China Set To Face Rs 1.25 Lakh Cr Loss

New Delhi: Prime Minister Narendra Modi 's ‘Vocal for Local’ campaign has resulted in a significant shift in consumer behaviour this Diwali , which earlier used to hop around fancy Chinese lights and decoration products. According to trade analysts, Indians are increasingly opting for ‘Made in India’ products over Chinese goods this Diwali , and this trend is having a major impact on the economy. This in return has brought significant business loss to China, which has been estimated at around 1.25 lakh crore.

PM Modi’s ‘Vocal for Local’ campaign was aimed to promote domestic products and reduce dependence on imported goods. Following the prime minister’s push for ‘Made in India’ products, Indians have become more aware of the benefits of buying local goods and are actively seeking out domestic products.

How is China Affected

The trade experts say that as more preferences are being given to the ‘Made in India’ products by the consumers during diwali this year, China is likely to face a significant loss due to the decline in demand for its products. Estimates suggest that China is set to lose around Rs 1.25 lakh crore (approximately $17.5 billion) in business this Diwali season.

How Will This Impact India's Economy

Indians are opting for domestic products such as clay diyas (earthen lamps), decoration items, and electronic goods. There has been a significant increase in sales of indigenous goods, with estimates suggesting that domestic sales will cross Rs 1 lakh crore (approximately $14 billion) by Diwali.

This shift towards domestic products is a positive sign for India's economy. It indicates a growing awareness among consumers about the benefits of buying local and a willingness to support domestic industries. This trend is expected to continue beyond Diwali and could have a lasting impact on India's economy.

India's "Vocal for Local" campaign has been successful in promoting domestic products and reducing dependence on imported goods. This Diwali season has seen a significant shift towards domestic products, with China facing a major loss. As Indians continue to opt for domestic goods, this trend is likely to have a lasting impact on India's economy.

Dhanteras Business Was Estimated At Around Rs 60,000 Crores

Confederation of All India Traders (CAIT), an organization of traders, has appealed to traders to promote local products. One of the Chandni Chowk-based traders said that the philosophy of 'Vocal for Local' is clearly visible in the markets because almost all the purchases are being made for Indian goods.

CAT has urged trade organisations across the country to help increase the sales of women, potters, artisans and others in their area who are making Diwali-related items. This has increased awareness among people, and now they are preferring domestic products. Due to this, China has suffered a loss of about Rs 1.25 lakh crore.

According to the Confederation of All India Traders (CAIT), this year, a business of about 60 thousand crore rupees has been estimated on Dhanteras. By Diwali, this figure will cross 1 lakh crore rupees. During this time, apart from gold and silver, brass utensils have been purchased in huge quantities. This time, silver worth about Rs 2500 crore was purchased. While gold worth 20 thousand crores has been sold in a day.