Rakhi 2024: Industry body pegs festival-related trade at more than Rs 12,000 crore

Rakshabandhan (Rakhi) 2024: As India prepares to celebrate Rakshabandhan, or Rakhi, on August 19 this year, businesses and traders are focusing on festival-related footfalls and sales. The Rakhi festival, which celebrates the bond between brothers and sisters, involves exchanging gifts, sweets, and traditional rakhi threads. Beyond its cultural impact, Rakhi plays a crucial role in the commercial sector. Industry experts estimate that the trade related to Rakhi festivities will reach approximately Rs 12,000 crore this year, with the projected figure reflecting the widespread consumer spending on various products, including clothing, jewellery, gifts, and decorations.

This year, Rakhi-related sales are expected to amount to more than Rs 12,000 crore, according to the Confederation of All India Traders, an industry body that represents traders and small businesses across the country. With the markets packed with customers excited about festivities, indigenous Rakhis are in demand this year as well with no Chinese supplies in sight, according to the trade body.

Looking at the rise of Rakhi demand over the past few days, trade to the tune of Rs 12,000 crore can be expected this year, sharply higher than Rs 10,000 crore last year, and Rs 7,000 crore in 2022, according to Praveen Khandelwal, MP from Chandni Chowk and National General Secretary of CAIT.

In 2021, the figure had stood at Rs 6,000 crore, and Rs 5 crore the previous year, he said. 

Varieties of Rakhis available in the market

"Several special types of Rakhis have also been made from famous products of different cities of the country, including khadi Rakhi made in Nagpur, Sanganeri Art Rakhi in Jaipur, seed Rakhi in Pune, woolen Rakhi in Satna, Madhya Pradesh, bamboo Rakhi made from tribal items... Tricolor Rakhi, which shows the pride of the country, rakhi of Vasudhaiva Kutumbakam, Rakhi of Bharat Mata etc. are in high demand. Besides, designer rakhis and silver rakhis are also being sold in the market," added Khandelwal.

Rakhi Muhurat timings

It will be auspicious to celebrate the Rakhi festival after 1:31 pm on Monday this year, according to Acharya Durgesh Tare, Chairman of the Vedic Committee of CAIT and an eminent Vedic expert. "The Bhadra kal will last till 1:30 pm on August 19. It will be inauspicious to celebrate the festival till then," he said.

Retailers and businesses across sectors anticipate a significant boost in sales as families come together to mark the occasion with celebrations and shopping. The economic influence of Rakhi highlights its importance not only in fostering familial bonds but also in driving substantial commercial activity.