Urban Indian households hold Rs 56,200 crore of unused goods: OLX survey

New Delhi, Feb 18: Urban Indian households are holding Rs.56,200 crore worth of unused goods, revealed a survey by horizontal classifieds platform OLX.in Wednesday

OLX CRUST (Consumer Research on Used-Goods and Selling Trends) Survey for 2014-15 was conducted across 16 cities in urban India and discovered that one-fifth of the goods being stocked in urban homes have ceased to be relevant to them. Last year CRUST estimated the market for used goods to be Rs.22,000 crore, the survey said here.

"At least Rs.56,200 crore is simply lying locked at home in the form of items which are no longer being used across urban India," the report said.

"This amount is so huge that it is enough to launch the Mars Orbiter Mission Mangalyaan 125 times over, can clear entire arrears of the Food Corporation of India, and is one and a half times the annual budget allocation for the Mahatma Gandhi National Rural Guarantee Scheme," the report claimed.

"At OLX, we are committed to helping people unlock the money hidden in used items. From a country of scarcity, we are moving towards a country of abundance for at least some people. People are buying more, consuming more, and in the process wasting more. OLX helps people waste less through collaborative consumption and extending the life-cycle of the products," said OLX India CEO Amarjit Singh Batra.

IANS