The trade organization Confederation of All India Traders estimates that China has lost Rs 4,000 crore in this rakhi season. Because people are preferring local Rakhi for Raksha Bandhan. CAIT made this estimate because of the campaign to boycott Chinese products in India. The trade body has said that about Rs 6,000 crore worth of rakhi products are sold during the Raksha Bandhan festival. Of which China alone contributed Rs 4,000 crore.
CAIT said in the statement that in the past few years, products made in China such as rakhi and ashes, such as foams, beads, drapes, threads and decorative plates have made a deep inroads into the Indian market.
The conflict between China and India in the Galvani Valley has led to increased anti-China sentiment among buyers and sellers. Leading to increased demand for local rakhi products. Buyers are now beginning to show interest in local products. Not only this, They are now ready to pay a higher price for Rakhi made in India instead of Rakhi made from products sourced from China.
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CAIT said that according to an estimate, 50 crore rakhi is sold in India every year. The cost of which is around 6,000 crores. Out of this, China alone exports goods worth Rs 4000 crore. According to the statement this year, China will surely suffer a loss of Rs 4,000 crore.
Source – Google
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