New Delhi: Due to a slump in the businesses and absence of festive spirit this year, trade leaders across the country have decided to not decorate the markets this Diwali in order to mark their protest against "unethical business practices of e-commerce companies".
The Confederation of All India Traders (CAIT) said the prime reason for this gloomy market scenario is highly surging sales in the ecommerce market, which offer huge discounts on various products.
The CAIT, an apex organisation of traders in the country, also claimed that predatory pricing and 'unfair business practices' have led to most customers shifting to online shopping.
Diwali is considered to be the biggest festival in the country and for the business community and about 30 percent of the total value of the business in a year comes from this festive season. However, this year has been different.
With barely one week left for the festival, commercial markets across the country are in deep slump and the traders, disappointed with sales, seem to have lost all hopes this festive season.
As part of a big festival sale put up by e-commerce sites Amazon and Flipkart sold goods worth Rs 19,000 crore in just four days.
CAIT president BC Bhartia said that the retail trade in India generates a yearly business of about Rs 45 lakh crore, out of which, about Rs 6 lakh crore worth of sales take place during Diwali season. He further said that traders hope for good business during the festive season and hence, have a huge stock of goods. However, despite the festivals, all the major retail and wholesale markets in Delhi and across the country are completely deserted.
Bhartia added that about 30 per cent business of the commercial market has suffered this time due to online business and traders across the country fear its deep increase in near future.
If the government does not curb online sales and does not infuse capital in the market, the situation will worsen, CAIT said.
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