More than 100 trade associations pledge to promote local goods
This commitment emerged as part of the 'Vocal for Local' campaign, which culminated in a ceremonial oath-taking event on Sunday, hosted by the Ahilya Chambers of Commerce.
A total of 125 trade organisations participated, promising to bolster the local economy by promoting indigenous products.
Ramesh Khandelwal, president of the Ahilya Chambers of Commerce Industries, said, "The aim is to transform this into a mass movement, engaging citizens and businesses alike in support of local enterprises. This is not just a campaign, it is a movement for self-reliance and unity. By choosing local products, we are investing in our communities and our nation's future."
Sunil Jeevrajji Singhi, chairman of National Traders Welfare Board, urged a collective boycott of imports from nations considered adversarial to India. "We must provide a robust platform for local products to thrive and expand their market reach," he said.
Members of the Indore Retail Garments Association were also part of the campaign. The association announced a boycott of clothing items sourced from China and Bangladesh, citing these countries' support for Pakistan amidst ongoing conflicts.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
5 Books Warren Buffett Wants You to Read In 2025
Blinkist: Warren Buffett's Reading List
Undo
In a bold move, the association reported returning stocks valued at Rs 20 crore that were originally procured from stockists dealing in these imports. Furthermore, they instituted a fine of Rs 1.11 lakh against member shopkeepers who continue to sell garments from these countries.
Akshay Jain, co-secretary of Ahilya Chambers of Commerce Industries, welcomed the initiative as a means to not only strengthen local businesses but also to fulfil their patriotic duty by supporting the nation's economy.
The 'Vocal for Local' campaign is poised to enhance awareness and appreciation for domestic products, encouraging shoppers to make more informed choices.
Indore: Over 100 trade associations in Indore pledged to prioritise local products and refrain from selling imported goods.
This commitment emerged as part of the 'Vocal for Local' campaign, which culminated in a ceremonial oath-taking event on Sunday, hosted by the Ahilya Chambers of Commerce.
A total of 125 trade organisations participated, promising to bolster the local economy by promoting indigenous products.
Ramesh Khandelwal, president of the Ahilya Chambers of Commerce Industries, said, "The aim is to transform this into a mass movement, engaging citizens and businesses alike in support of local enterprises. This is not just a campaign, it is a movement for self-reliance and unity. By choosing local products, we are investing in our communities and our nation's future."
Sunil Jeevrajji Singhi, chairman of National Traders Welfare Board, urged a collective boycott of imports from nations considered adversarial to India. "We must provide a robust platform for local products to thrive and expand their market reach," he said.
Members of the Indore Retail Garments Association were also part of the campaign. The association announced a boycott of clothing items sourced from China and Bangladesh, citing these countries' support for Pakistan amidst ongoing conflicts.
In a bold move, the association reported returning stocks valued at Rs 20 crore that were originally procured from stockists dealing in these imports. Furthermore, they instituted a fine of Rs 1.11 lakh against member shopkeepers who continue to sell garments from these countries.
Akshay Jain, co-secretary of Ahilya Chambers of Commerce Industries, welcomed the initiative as a means to not only strengthen local businesses but also to fulfil their patriotic duty by supporting the nation's economy.
The 'Vocal for Local' campaign is poised to enhance awareness and appreciation for domestic products, encouraging shoppers to make more informed choices.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
4 minutes ago
- Economic Times
Stock Radar: NYKAA stock breaks out from 4-week consolidation; likely to hit fresh 52-week highs – what should investors do?
FSN E-Commerce Ventures (NYKAA), part of the e-retail industry, broke out from a 4-week consolidation on the weekly charts which has opened room for the stock to head higher and might even hit fresh 52-week traders can look to buy the stock for a target of Rs 238 in the next 3-4 weeks, suggest e-retail stock hit a high of Rs 229 on August 23, 2024. It closed at Rs 225 on August 20, stock got stuck in a range
Indian Express
36 minutes ago
- Indian Express
Online gaming companies move to shut paid operations as gaming Bill gets Rajya Sabha nod
The Rajya Sabha's approval of the online gaming Bill Thursday has drawn the final curtain on India's booming real-money gaming industry. What was once a bustling digital arena of wagers and winnings now stands eerily silent, as leading platforms suspend paid play and others fold entirely. Lawmakers hail the measure as a shield against harm, but to thousands of workers and millions of players, it feels like the lights have dimmed on a once-thriving stage. Opinion trading platform Probo, in a message displayed on its app, said that 'in light of recent developments, we have paused all recharge activities in your best interest,' while requesting users to withdraw funds. Dream11, the country's biggest fantasy sports app and the Indian cricket team's main jersey sponsor, also communicated to its employees that it will wind down its real money operations. Zupee, another gaming platform, said it was discontinuing paid games, with users able to play free titles. 'Everyone will shut down paid operations for now, as the industry prepares a legal roadmap to challenge the law,' a senior gaming industry executive said. The Promotion and Regulation of Online Gaming Bill, 2025, now passed by both houses of Parliament, outlaws online money gaming services and penalises their celebrity endorsers. The Bill has been drafted over national security concerns related to online gaming platforms, including the use of digital wallets and cryptocurrencies for money laundering and illicit fund transfers, these platforms serving as potential messaging and communication grounds for terror organisations, and offshore entities circumventing Indian tax and legal obligations, among others. The government will prohibit any person from offering online games in India, failing which they could be imprisoned for up to three years, and penalised Rs 1 crore. Those promoting such platforms, such as social media influencers, will also face jail time of two years, and a penalty of Rs 50 lakh. The government will also prohibit banks and financial institutions from facilitating financial transactions on such platforms. The Bill applies to all online money gaming platforms irrespective of whether they are games of skill or chance, a distinction the industry had lobbied hard for in the past. The Bill said that the unchecked expansion of online money gaming services has been linked to 'unlawful activities including financial fraud, money-laundering, tax evasion, and in some cases, the financing of terrorism, thereby posing threats to national security, public order and the integrity of the State'. The parallel proliferation of online money games accessible through mobile phones, computers and the internet, and offering monetary returns against user deposits has led to 'serious social, financial, psychological and public health harms, particularly among young individuals and economically disadvantaged groups,' it said.
Indian Express
36 minutes ago
- Indian Express
Can explore pilot on regulated platform for pre-IPO share trading, says Sebi Chairman
The Securities and Exchange Board of India (Sebi) is considering to launch a pilot programme for a regulated trading platform where companies can trade shares before their initial public offerings (IPO). 'Can we think of an initiative on a pilot basis for a regulated venue where pre-IPO companies can choose to trade subject to certain disclosures?' the regulator's Chairman Tuhin Kanta Pandey said. The new platform will help in reducing grey market activity in companies unlisted shares. The grey market refers to the unofficial trading of securities even before being listed on stock exchanges. This is an unregulated market and works on demand and supply, with investors purchasing or selling shares notionally in the grey market even before they get listed. The Sebi is also mulling ways to improve the tenor and maturity profiles of the derivative products, its Chairman Tuhin Kanta Pandey said on Thursday. The proposed measures would be aimed at introducing longer-term derivative products, he said. Derivative products derive their value from underlying assets that could include stocks, commodities and currencies. Derivatives or futures and options (F&O) markets assist in better price discovery, improve market liquidity and allow investors to manage their risks better. 'We have often stated that equity derivatives play a crucial role in capital formation, but we must ensure quality and balance. We will consult with stakeholders on ways to improve, in a calibrated manner, the tenor and maturity profiles of derivative products, so that they better serve hedging and long-term investing,' Pandey said at the annual capital markets conference organised by FICCI. Currently, most derivatives in the country have either weekly or monthly expiry. Extending the tenure would make these products suitable for hedging and long-term investing. The derivatives segment has been an exponential surge in trading volumes, with the majority of traders incurring losses. A Sebi study released last year found that close to 93 per cent, or 9 out of 10 individual traders, in the equity F&O segment incurred losses, with aggregate loss exceeding Rs 1.8 lakh crore between FY22 and FY24. In the recent past, the markets regulator has announced a raft of reforms to strengthen the derivatives market and to restrain speculative trading. These measures included recalibration of contract size for equity derivatives, rationalization of weekly index derivatives products and increase in tail risk coverage on the day of options expiry. Pandey said that SEBI's approach in relation to equity derivatives has been thoughtful and consultative. The regulator is also looking to deepen the cash equities market, which is the true foundation of capital formation. 'Volumes in the cash market have grown rapidly, doubling in terms of daily traded volumes over a period of just three years. However, much more needs to be done,' he said.
