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The stock sold on Independence Day in Karachi generated sales worth Rs. 25 billion. The figure was revealed on Saturday after the holiday was celebrated on Friday.

However, according to the reports, most of the citizens boycotted Indian imported commodities on the occasion. This was because of the atrocities imposed by the Indian government in the occupied Jammu and Kashmir.

All Karachi Tajir Ittehad Chairperson Atiq Meer responded on the matter by saying,

The citizens of Karachi have written a new chapter of love, faith and solidarity with the nation and armed forces in history.

Moreover, Chairman Atiq Meer said that people were very enthusiastic regarding the Independence Day celebration. They started preparing way before August 14 and on the day, the whole region was flooded in green. Flags were hoisted all over, national songs filled the air and several decorated the city.

He remarked that,

The celebrations this year were more jubilant than those witnessed in previous years

Booming Sales on the Festive Day!

According to the data collected by Meer, Karachi’s population of 2.5 million has nearly 400,000 households. Hence,  if approximately Rs.5000 is spent by one household on the festive occasion than that accumulates to Rs 2 billion by all households.

He further added that sweets and other food items related to Independence Day could be included in the figure. This sales figure was however unexpected due to the uncertainty because of the pandemic prevailing in the country.

Meer added,

Keeping in view the sluggish economic situation in the aftermath of coronavirus outbreak in the country and subsequent lockdowns, sales related to August 14 celebration were extraordinarily high

Currently, the government is operating on an import-substitution policy. However, imported items were mainly bought by the people on the occasion. Chinese products were purchased majorly which has imposed a threat on the domestic producers. According to the sales figure, around 30% of the products bought were local while the rest 70% comprised of imported goods.

Meer said regarding this,

The current government’s policy is import substitution but still the country celebrated its independence day with a majority of imported goods. Products imported from China are priced unusually lower, which poses tough competition for local producers.

Read also: President Arif Alvi Gives a Speech on August 14

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