This Diwali, China is expected to lose one lakh crore rupees. This is why

 This Diwali, China is expected to lose one lakh crore rupees. This is why

As the campaign for "Vocal For Local" gains momentum, China is expected to lose over Rs 1 lakh crore in revenue from Diwali holiday merchandise.

The general secretary of CAIT requests that consumers assist women-owned and small enterprises.

The "vocal for local" sentiment is becoming more and more prevalent in the country, indicating a strong preference among consumers for things made in India. According to an ANI report, this is probably going to be a factor in China losing Rs 1 lakh crore this Diwali. According to the report, China is expected to lose around Rs 1 lakh crore in sales of Diwali holiday merchandise.

Dhanteras is a significant day for merchants nationwide since it is seen as an auspicious day for acquiring new purchases, particularly metals. It is also an integral element of Diwali festivities devoted to celebrating the gods and goddesses of riches. An estimated Rs 50,000 crore worth of commerce is expected on Dhanteras, according to Secretary General Praveen Khandelwal and National President BC Bhartia of the Confederation of All India Traders (CAIT).

Khandelwal said on social networking site X, "We unconditionally endorse Prime Minister Narendra Modi's call for 'Vocal For Domestic' this Diwali, along with the campaign 'Naari Se Kharidaari' by Union Minister Smriti Irani,' to ensure that local women entrepreneurs also benefit from this time." All women entrepreneurs, from those who make little diyas (earthen lamps) to those who own shops, are welcome to enter the country's market. We strongly advise you to visit and shop at the businesses owned by women entrepreneurs.

It is important to remember that India has been outpacing China in terms of trade volume in other areas as well. Mexico, Southeast Asia, and India are swiftly emerging as potential export manufacturing powerhouses, according to the Boston Consulting Group's most recent research on global manufacturing trends. All three provide deep labor pools, attractive pricing structures, and expanding size and capabilities across a range of sectors. An further advantage for India is that it has a sizable local market.

It continued, "Even though India is only now beginning to become a significant exporter, it has a wide manufacturing base that supplies ranging from chemicals and electronics to electric vehicles and enormous machinery for its domestic market."

The 2023 BCG research states that over the same time, exports of materials and semiconductors from India to the United States increased by 143%, while shipments from China fell by 29%.