Sunday coupled with bumper crop in Chhattisgarh brought cheers for the traders as market recorded excellent business on Dhanteras — the first day of Diwali festival.
The traders in the state were expecting a good business on Dhanteras. For, the festival timing suited all the parameters of their calculation for a good flow of people in the market. However, the customers did not disappoint their sentiments. “It was Sunday today and hence flow of people started in the market right from the morning that helped the traders in a big way,” Chhattisgarh Chamber of Commerce and Industry General Secretary Jitendra Barlota told Business Standard.
More so, Dhanteras fell on the first fortnight of the month that had important market significance.
Normally, the salary received in the first week of the month flows into the Diwali market if the festival comes within first 15 days of the month, Barlota explained. “We were expecting a good business this season and had succeeded,” Barlota said, adding that record buying was registered in all sectors.
The jewellery sector had some apprehension how the market would react following escalating price of gold. But the onset of festival of lights however did not disappoint them. “People preferred to purchase hard gold like coins, and bars instead of buying ornaments,” one of the jewellers in the city said.
The jewellers had predicted that the money flow into their sector would be diverted to home appliances sector. The business was satisfactory and beyond their expectation though the exact size of business could not be known immediately, the jewellers added. The most important factor that brought smile for the traders this year was the bumper paddy production that the state had recorded this year. “Normally, our prediction for the Diwali market comes from the sentiments and situation in the village,” Barlota said. Since the economy of villages was strong following bumper crop, the Diwali market was supposed to get the dividends, he added.
The state government is expecting paddy arrival of about seven million tonnes this year in its societies procuring produce at minimum support price. The paddy inflow will be about 15 per cent more than previous year.
