India: Diwali sale crosses Rs1.25tln , breaks 10-year record

This year's Diwali business sales in India crossed Rs1.25 lakh crores, breaking a 10-year record, according to the Confederation of All India Traders (CAIT).

In a statement, the traders' body said that the high volume of sales has sparked the expectation of better business prospects in the near future.

CAIT had earlier estimated that the sales would bring in about Rs1 trillion during the Diwali season.

"After a gap of last two years, this year Diwali festival across the country including Delhi has brought a lot of new zeal and freshness which can be well felt from the fact that since last one week the rush of consumers in the markets across the country is tremendous and it appears that they are making up the gap of their two years of purchases," CAIT said in its statement.

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Traditional items for Diwali celebrations were in high demand this year, including earthen lamps, colourful diyas, earthen sticks, candles and paper-mache lamps, among others.

According to CAIT's data analysis, gold jewellery and silverware worth Rs90 billion were also sold during the festive season.