Holi 2024: 'Vocal for Local' to drive biz over Rs 80,000 crore

The upcoming Holi festival is poised to generate business over Rs 80,000 crore, a 25% increase from last year. CAIT attributes this growth to the 'Vocal for Local' campaign, which has boosted demand for Indian-made goods over Chinese products.

The Confederation of All India Traders (CAIT) Secretary General and Member of Parliament from Chandni Chowk, Praveen Khandelwal said that the upcoming Holi festival is expected to generate business exceeding Rs 80,000 crore across India this year, reflecting a growth of nearly 25 per cent compared to last year's estimated Rs 60,000 crore.

Vocal for Local Boosts Indian-Made Goods

He noted that due to the appeal of Prime Minister Narendra Modi to promote "Vocal for Local", Indian-made products are dominating the markets this Holi. Herbal gulal, natural colours, pichkaris, balloons, pooja materials, sandalwood, apparel and various festive items manufactured in India are witnessing strong demand, whereas Chinese goods have significantly declined in the market since 2021.

High Demand Across Various Sectors

Along with Holi-specific items, markets are witnessing high demand for sweets, dry fruits, gift items, flowers, fruits, clothing, furnishing fabrics, groceries, FMCG products and consumer durables. White T-shirts, kurta-pyjamas and salwar suits for playing Holi, along with "Happy Holi" printed T-shirts, are also selling rapidly.

Delhi's Festive Market Booms

According to CAIT estimates, festive trade in Delhi alone is expected to cross Rs 15,000 crore. Markets across the city are witnessing heavy footfall as shops display colourful gulal, innovative pichkaris, gujiya, garlands and festive gift packs. Sweet shops are also experiencing a major surge in demand, particularly for traditional Holi delicacies like Gujiya.

Large-Scale Celebrations Planned

Khandelwal said that Holi celebrations are being organised on a large scale across the country. In Delhi alone, more than 3,000 Holi Milan programmes are being organised by trade bodies, social, cultural and religious organisations. Banquet halls, farmhouses, hotels, restaurants and public parks are almost fully booked for Holi celebrations.

Consumer Preferences and Key Dates

He further informed that in Delhi, Holika Dahan will be observed on 3rd March and the festival of colours will be celebrated on 4th March. Consumers are increasingly preferring herbal and natural colours, while children are particularly attracted to pichkaris featuring characters like Spider-Man and Chhota Bheem.

Strengthening the Swadeshi Spirit

Khandelwal emphasised that festivals in India significantly boost economic activity and generate large-scale business opportunities. This Holi is expected to bring substantial benefits to traders, retailers, small businesses, cottage industries and the MSME sector across the country while strengthening the spirit of Swadeshi trade.

(Except for the headline, this story has not been edited by Asianet Newsable English staff and is published from a syndicated feed.)