The trade body said that the markets are witnessing a massive rush for
Observing the demands for
"For several years now, only indigenous Rakhis have been sold in the country, and this year too, there was neither demand for nor any presence of Chinese Rakhis in the market," the CAIT said in a note.
Praveen Khandelwal, CAIT's National General Secretary and Member of Parliament from Chandni Chowk stated that the business during the Rakhi festival will reach Rs 12,000 crore, compared to last year's trade of approximately Rs 10,000 crore.
In 2022, the business was around Rs 7,000 crore, in 2021 it was Rs 6,000 crore, in 2020 it was Rs 5,000 crore, in 2019 it was Rs 3,500 crore, and in 2018 it was Rs 3,000 crore, as per Khandelwal.
Khandelwal and CAIT's National President, B.C. Bhartia, mentioned that this year, a special feature of the Rakhis is that special types of Rakhis have been made from famous products of various cities across the country.
According to the CAIT representatives, the customers are also demanding Khadi Rakhi made in Nagpur, Sanganeri Art Rakhi from Jaipur, Seed Rakhi from Pune, Woolen Rakhi from Satna in Madhya Pradesh, Bamboo Rakhi made from tribal items, Tea Leaf Rakhi from Assam, Jute Rakhi from Kolkata, Silk Rakhi from Mumbai, Date Rakhi from Kerala, Pearl Rakhi from Kanpur, Madhuband Maithili Art Rakhi from Bihar, Soft Stone Rakhi from Pondicherry, Flower Rakhi from Bangalore, and more.
There is also high demand for Rakhis that display national pride, such as Tricolor Rakhi, Vasudhaiva Kutumbakam Rakhi, Bharat Mata Rakhi, as per the CAIT representatives.
They added that the designer Rakhis and silver Rakhis are also selling well in the market.
The CAIT representatives expected festive sales of over 4 lakh crore due to the extended period of the festival this year which will be celebrated from August 19 to November 15 on the day of Tulsi Vivah.
"This year's festive series will begin with