As people prepare to celebrate Raksha Bandhan on Monday, sales across the country are expected to surpass Rs 12,000 crore, marking a Rs 2,000 crore increase from last year.
This year, Rakhi sales are expected to generate over Rs 12,000 crore in revenue nationwide, with markets experiencing a surge in demand for “Made in India” Rakhis.
Confederation of All India Traders (CAIT) national general secretary and Chandni Chowk BJP MP, Praveen Khandelwal, said the demand for Rakhis has surged in recent days, with sales setting new records in 2023.
“It is expected that this year, 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,” he said.
Buyers who previously purchased cheaper Chinese Rakhis are now turning to local made Rakhis. These include Khadi Rakhis from Nagpur, Sanganeri Art Rakhis from Jaipur, Seed Rakhis from Pune, Woolen Rakhis from Satna in Madhya Pradesh, Bamboo Rakhis made from tribal materials, Tea Leaf Rakhis from Assam, Jute Rakhis from Kolkata, Silk Rakhis from Mumbai, Date Rakhis from Kerala, Pearl Rakhis from Kanpur, Madhubani and Maithili Art Rakhis from Bihar, Soft Stone Rakhis from Pondicherry, and Flower Rakhis from Bangalore.
CAIT’s national president BC Bhartia said a unique aspect of this year’s festival is the wide variety of Rakhis made from famous products of various cities across the country. Additionally, there is a high demand for Rakhis that showcase national pride, such as Tricolour Rakhis, Vasudhaiva Kutumbakam Rakhis, and Bharat Mata Rakhis. Designer and silver Rakhis are also selling well in the market.
He said from Raksha Bandhan on August 19 until the festival period concludes with Tulsi Vivah on November 15, festive sales in the country’s markets are expected to surpass Rs 4 lakh crore, predominantly through the sale of Indian-origin goods.
This festive series begins with Raksha Bandhan and continues through Janmashtami, the 10-day Ganesh Utsav, Navratri, Durga Puja, Dussehra, Karva Chauth, Dhanteras, Diwali, Govardhan Puja, Bhai Dooj, Chhath Puja, and other festivals, culminating with Tulsi Vivah. During this time, the business community is fully prepared to meet consumer demands, with traders across all States stocking up adequately on Indian products.
For the past four years, CAIT has successfully promoted a campaign encouraging the purchase of Indian products and the boycott of Chinese goods, especially during festivals. While Chinese products used to dominate the market due to their lower prices, indigenous Rakhis have been the sole focus for several years. This year, too, there was neither demand for nor presence of Chinese Rakhis in the market.
The chairman of CAIT’s Vedic Committee and Vedic scholar from Ujjain, Acharya Durgesh Tare, said on August 19, there is a ‘Bhadra’ period lasting until 1:30 pm, during which no auspicious activities should be performed. As a result, the sacred festival of Raksha Bandhan will be celebrated across the country starting from 1:31 pm onwards. CAIT has issued this advisory to all trader organisations across the country, recommending that all traders celebrate Raksha Bandhan during the auspicious time.
