No takers for Chinese goods this Holi: CAIT

Coronavirus fear is keeping away both traders as well as consumers from buying Chinese goods this Holi, traders body CAIT said on Thursday. Holi related chinese goods worth about Rs 500 crore are lying with importers across the country, while consignment worth Rs 3,000 crore are lying in supply chain pan India, it added.

The festival of colours will be celebrated on March 10. "As per our estimate Holi related Chinese goods worth about Rs 500 crore are lying with importers of Delhi, Mumbai, Bengaluru and Chennai while goods worth about Rs 3,000 crore are lying in supply chain across the country," CAIT Secretary General Praveen Khandelwal said in a statement.

Confederation of All India Traders (CAIT) urged the government to take precautionary measures in ensuring effective and sustainable supply chain across the country. The hype on NCOV in the country has generated an unnecessary panic, which has badly impacted Indian market as slowly consumers are refraining from visiting markets resulting in gradual loss in business, he added.

In a normal business practice, importers keep a buffer stock from 45-60 days and in proportion to that procure Chinese goods shipments at regular intervals. "The coronavirus broke in late December 2019 and came into limelight in 1st week of January when China locked down its industries and about 18 cities were completely closed bring a complete lockdown in production of goods.

"So far the buffer stock of 45-60 days has kept the supply chain interrupted. However, such buffer stock is now going to be finished and thereafter the supply chain may get affected," Khandelwal said..