Dhanteras estimated to record Rs 1 lakh crore worth of trade: Praveen Khandelwal

New Delhi, Oct 18 (IANS) Massive shopping was witnessed across India this year on Dhanteras, with total trade estimated to have crossed Rs 1 lakh crore, marking one of the strongest festive seasons in recent years, according to the authorities.  

Gold and silver alone accounted for more than Rs 60,000 crore in sales, while Delhi markets registered transactions exceeding Rs 10,000 crore as demand for indigenous products surged.

The festival, celebrated on the 13th day of the Krishna Paksha of Kartik month, holds special significance for buyers. On this day, people purchase gold, silver, utensils, vehicles, electronic goods, idols of Lakshmi and Ganesha, and other auspicious items.

It is believed that anything bought on Dhanteras multiplies in value thirteenfold.

Praveen Khandelwal, National General Secretary of the Confederation of All India Traders (CAIT) and Member of Parliament from Chandni Chowk, said that Dhanteras marks the appearance of Lord Dhanvantari with a pot of nectar during the churning of the ocean, symbolising health and prosperity.

"The total trade in gold, silver, and other Dhanteras-related items across the country is estimated to be worth Rs 1 lakh crore," Khandelwal said.

Pankaj Arora, National President of CAIT and the All India Jewellers and Goldsmiths Federation (AIJGF), stated that based on the heavy customer turnout over the past two days, the turnover of gold and silver jewellery, coins, and related items nationwide crossed Rs 60,000 crore.

"In Delhi alone, trade exceeded Rs 10,000 crore, marking a 25 per cent rise compared to last year," he said.

Last Diwali, gold prices were around Rs 80,000 per 10 grams, while this year they surged to over Rs 1,30,000 -- an increase of nearly 60 per cent.

Silver prices also rose sharply from Rs 98,000 per kilogram in 2024 to more than Rs 1,80,000, an increase of about 55 per cent.

Despite the steep prices, investors continued to buy gold and silver as safe assets, while regular buyers preferred lightweight jewellery.

Khandelwal noted that buying new utensils made of copper, silver, or steel and other kitchen items is considered auspicious, symbolising prosperity and purity.

He added that according to Vastu Shastra, purchasing a broom on Dhanteras is believed to drive away poverty and bring positive energy and the blessings of Goddess Lakshmi.

"In today's times, people also buy mobile phones, laptops, and other electronic gadgets as symbols of progress and prosperity," he said.

He added that this year's Dhanteras sales were record-breaking, with gold and silver items, kitchenware, and appliances valued at Rs 15,000 crore; electronic and electrical goods at Rs 10,000 crore; decorations, lamps, and puja materials at Rs 3,000 crore; and dry fruits, sweets, clothing, and vehicles estimated at Rs 12,000 crore.

"Overall, the nationwide trade is pegged at Rs 1 lakh crore," he said.

Khandelwal attributed the strong market performance to reduced GST rates and the growing acceptance of Prime Minister Narendra Modi's 'Vocal for Local' campaign.

He said consumers increasingly prefer Indian-made products, benefiting small traders and manufacturers across the country.

"This festive season witnessed exceptional enthusiasm not just in malls but also in local markets, bullion markets, utensil and electronics bazaars, and retail stores," he said, adding that "Dhanteras and Diwali have become not only festivals of faith and prosperity but also symbols of economic vitality and Swadeshi resolve, giving new energy to India's retail economy."

--IANS

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