Monday, August 8, 2022

CAIT estimates Rs 50,000 cr losses to China this Diwali

India’s apex traders’ body, Confederation of All India Traders(CAIT), has estimated a loss of nearly Rs 50,000 Cr to Chinese exporters due to the boycott of Chinese goods in Indian markets. It has also called for a boycott of Chinese goods by sellers this festive season. A statement was issued on Friday by CAIT’s Secretary-General, Praveen Khandelwal, which said, “Like last year, CAIT has given a ‘boycott Chinese goods’ call this year as well and it is certain that China is going to suffer a loss of about 50,000 Cr this Diwali.” 

The trend of boycotting Chinese goods picked pace last year after the Galwan valley clash, and the ‘vocal for local’ call by PM Modi shortly afterwards. According to CAIT, China suffered a loss of Rs 40,000 Cr during the Diwali season last year whereas the total sales jumped to as high as Rs 72,000 crore across major markets in the country. Earlier this year, Minister of State for Commerce and Industry Anupriya Patel said that India’s trade deficit with China has declined from USD 53.57 billion in 2018-19 to USD 44.02 billion in 2020-21. The imports from China have seen a steady decline over the past few years. Imports from China during 2018-19, 2019-20 and 2020-21 were worth USD 70.32 billion, USD 65.26 billion and USD 65.21 billion, respectively.

The boycott calls by CAIT has been largely successful because of the anti-China sentiments among Indian consumers. China has faced fierce criticism in India for the outbreak of the Covid-19 pandemic and its ongoing border dispute with the country.


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