Rakhi Business In India Set To Grow 20% In 2024 To Rs 12,000 Crore
This time, locally-made rakhis denoting various Indian art forms are in demand.
The Raksha Bandhan festival is expected to garner a business of approximately Rs 12,000 crore in 2024, according to the Confederation of All India Traders. A prominent reason for the business growth is due to the significant rise in the demand for indigenous rakhis versus the ones made in China.
The business during festival will reach Rs 12,000 crore as compared to last year's trade of Rs 10,000 crore given the increased demand for rakhis, said Praveen Khandelwal, national general secretary of CAIT. This translates to a 20% increase in a year's period.
The rakhi business was around Rs 7,000 crore in 2022 while it was 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.
The Indian Push
Raksha Bandhan is a festival where sisters tie a talisman called 'rakhi' around the wrists of their brothers.
This time around, locally-made rakhis are available in the market which denote various art forms in cities across the country. These include, khadi rakhis 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 among others.
This festive season, CAIT expects sales to Indian origin products to reach around Rs four lakh crore.
"Traders across the country are only selling Indian goods, as consumers are also now demanding Indian products," the association said in a press release.
