CAIT, which represents about 7 crore, said it has also awakened the spark of better business prospects among the business community in the near future.

Earlier, the trade body estimated that overall this year, Diwali will have a business of about ₹1 lakh crore in all streams of business. By the end of this year, there will be an infusion of about 3 lakh crore by way of spending by consumers.

“After a gap of last two years, this year Diwali festival across the country including Delhi has brought a lot of new zeal and freshness which can be well felt from the fact that since last one week the rush of consumers in the markets across the country is tremendous and it appears that they are making up the gap of their two years of purchases,” CAIT had said in a statement.

However, just days ahead of the festival, CAIT had said it estimated Chinese exporters to suffer business losses worth ₹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 ₹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 ₹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.