A confederation of all Indian traders, CAIT, stated on Sunday that it expects trade during the Rakhi festival this year to exceed Rs 12000 crore in the country. The trade body pointed to crowded markets across the country and a tremendous increase in the sale of Rakhis as people get ready to celebrate the occasion. CAIT also gave the call to consume Indian products; this was backed by the ‘Make in India’ campaign, which advocated for domestic products rather than importing those from other countries.
There has been an especially high demand for indigenous Rakhis, and through its Chamber of Associations of Indian Trade establishment, it has been noted that customers have rejected Chinese Rakhis. The trade body pointed out that for the past few years, only indigenous Rakhis have been marketed, and this is also seen in the year 2024. The National General Secretary of CAIT and MP from Chandni Chowk said that the Rakhi industry this year will hit approximately Rs 12,000 crore, up from a business of nearly Rs 10,000 crore in 2023.
In the course of the years, the Rakhi festival has been observed to have tremendous business potential. According to Khandelwal, in 2022, the sales were approximately Rs 7,000 crore from Rs 6,000 crore in 2021, Rs 5,000 crore in 2020, Rs 3,500 crore in 2019, and Rs 3,000 crore in 2018.
A specialty of the Rakhi market this year is the special Rakhis that have been made using famous products from different cities in India. CAIT also demonstrated Khadi Rakhis made from Nagpur, Sanganeri Art Rakhis from Jaipur, Seed Rakhis from Pune, Woolen Rakhis from Satna in Madhya Pradesh, Tribal Bamboo Rakhis, Tea leaf Rakhis from Assam, Jute Rakhis from Kolkata, Silk Rakhis from Mumbai, Organic Date Rakhis from Kerala, Pendant Pearl Rakhis from Kan Further adding the rakhis being portrayed in extrinsic to national identity.
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