Indian businessmen face falling profits this Diwali as cheaper Chinese imports undercut profits for a traditionally buoyant period.
Diwali, whose literal translation is ‘row of lighted lamps’, is a five-day festival of lights celebrated every year and one of the biggest holidays for Indians.
But while Indians previously would celebrate with earthen lamps, many are now celebrating using cheaper, imported Chinese lamps – seriously affecting the income of traditional artisans who have relied on the festival as a source of income for generations.
"We are unable to sell our goods,” potter Nomita Saha told Channel News Asia. “Our wholesale buyers say the market is down, profit is down, everything is down. What to do?"
The impact of Chinese trade with its southern neighbour has been noted by the Indian government. Prime Minister Narendra Modi has pledged to transform his country into a manufacturing hub.
China is now India’s largest trading partner, increasing its exports to India by almost 10 per cent last year alone, NDTV reported.
“The policies of Chinese government are such that they lower the cost of production, whereas you know well how different the situation in India is,” Businessman Rohit Kohli added.
