Chinese exporters to suffer Rs 50K-crore losses this Diwali

Trader's body CAIT on Friday said it estimates Chinese exporters to suffer business losses worth Rs 50,000 crore this Diwali season due to its boycott call.

The Confederation of All India Traders (CAIT) also expects that consumers may spend about Rs 2 lakh crore during the Diwali festival sale period.

"Like previous year, this year too CAIT has given a call of 'boycott Chinese goods' and it is certain that 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," CAIT stated.

CAIT Secretary General Praveen Khandelwal said a recent survey conducted by the body's research arm in 20 'distribution cities' showed that so far no orders for  Diwali goods, firecrackers or other items have been placed with Chinese exporters by Indian traders or importers.

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.

Photograph: Amit Dave/Reuters