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Correspondent

23 August 2024 at 4:29:04 pm

Festive Surge

India’s bazaars have glittered this Diwali with the unmistakable glow of consumer confidence. The country’s festive sales crossed a staggering Rs. 6 lakh crore with goods alone accounting for Rs. 5.4 lakh crore and services contributing Rs. 65,000 crore. More remarkable still, the bulk of this spending flowed through India’s traditional markets rather than e-commerce platforms. After years of economic caution and digital dominance, Indians are once again shopping in person and buying local....

Festive Surge

India’s bazaars have glittered this Diwali with the unmistakable glow of consumer confidence. The country’s festive sales crossed a staggering Rs. 6 lakh crore with goods alone accounting for Rs. 5.4 lakh crore and services contributing Rs. 65,000 crore. More remarkable still, the bulk of this spending flowed through India’s traditional markets rather than e-commerce platforms. After years of economic caution and digital dominance, Indians are once again shopping in person and buying local. This reversal owes much to policy. The recent rationalisation of the Goods and Services Tax (GST) which trimmed rates across categories from garments to home furnishings, has given consumption a timely push. Finance Minister Nirmala Sitharaman’s September rate cuts, combined with income tax relief and easing interest rates, have strengthened household budgets just as inflation softened. The middle class, long squeezed between rising costs and stagnant wages, has found reason to spend again. Retailers report that shoppers filled their bags with everything from lab-grown diamonds and casual wear to consumer durables and décor, blurring the line between necessity and indulgence. The effect has been broad-based. According to Crisil Ratings, 40 organised apparel retailers, who together generate roughly a third of the sector’s revenue, could see growth of 13–14 percent this financial year, aided by a 200-basis-point bump from GST cuts alone. Small traders too have flourished. The Confederation of All India Traders (CAIT) estimates that 85 percent of total festive trade came from non-corporate and traditional markets, a robust comeback for brick-and-mortar retail that had been under siege from online rivals. This surge signals a subtle but significant cultural shift. The “Vocal for Local” and “Swadeshi Diwali” campaigns struck a patriotic chord, with consumers reportedly preferring Indian-made products to imported ones. Demand for Chinese goods fell sharply, while sales of Indian-manufactured products rose by a quarter over last year. For the first time in years, “buying Indian” has become both an act of economic participation and of national pride. The sectoral spread of this boom underlines its breadth. Groceries and fast-moving consumer goods accounted for 12 percent of the total, gold and jewellery 10 percent, and electronics 8 percent. Even traditionally modest categories like home furnishings, décor and confectionery recorded double-digit growth. In the smaller towns that anchor India’s consumption story, traders say stable prices and improved affordability kept registers ringing late into the festive weekend. Yet, much of this buoyancy rests on a fragile equilibrium. Inflation remains contained, and interest rates have been eased, but both could tighten again. Sustaining this spurt will require continued fiscal prudence and regulatory clarity, especially as digital commerce continues to expand its reach. Yet for now, the signs are auspicious. After years of subdued demand and inflationary unease, India’s shoppers appear to have rediscovered their appetite for consumption and their faith in domestic enterprise. The result is not only a record-breaking Diwali, but a reaffirmation of the local marketplace as the heartbeat of India’s economy.

A New Arrival in Mumbai’s Cricket Horizon

Ayush Mhatre

A new wonder kid has arrived on Mumbai’s cricket scene. He is 17-year-old Ayush Mhatre, a resident of Virar, 46 km from Mumbai.


The hard working and dedicated Ayush leaves his home at 4.15 am to catch 5 am local from Virar to reach the grounds in Mumbai where cricket matches and camps are run by numerous coaches. The wide network of Maidans is the real source of Mumbai’s cricket. From Vijay Merchant (Bharda High School, CST), Sunil Gavaskar (St. Xaviers), Dilip Vengsarkar (King George, Dadar), Sandeep Patil (Balmohan), Sachin Tendulkar (Shardashram) are all products of school cricket. Ayush Mhatre is a prodigious talent from IES V.N. Sule Guruji School, Dadar.


Mumbai is the nursery of Indian Cricket. Emerging talent specially batsmen are born and brought up from Mumbai. Vijay Merchant, Vijay Manjrekar, Sunil Gavaskar, Dilip Vengsarkar, Sachin Tendulkar, Rohit Sharma are a few examples.


Ayush scored 176 runs in his third first- class match and was chosen as Man of the Match. Sachin Koli, a coach at V.N. Sule Guruji School, has been instrumental in shaping the teenager’s cricket career. He impressed the authorities of Virar’s Sainath Sports Club, where he played with senior boys.


Ayush scored big runs in Mumbai U-16 age group tournaments. So he was elevated to U-19 age group. Coach Dinesh Lad is very impressed with Ayush’s batting. Maharashtra Ranji Trophy team coach Sulakshan Kulkarni also appreciated his batting. He is exceptional talent.


Sachin Koli spotted Ayush in inter-school match at Matunga Gymkhana. His parents wanted to change Ayush’s school. Koli immediately got Ayush admitted in Sule Guruji School. Tanush Kotian, an emerging all-rounder is also the product of Sule Guruji School which has given Mumbai players like Dhawal Kulkarni, Bhavin Thakkar, Vineet Indulkar and Sanjay Manjrekar.


Ayush batted well in the opening Ranji Trophy against Baroda scoring 52 and 22 runs. At BKC in the Maharashtra Derby clash against arch rivals Maharashtra he opened with Pruthvi Shaw. Pruthvi and Hardik Tamore got out early but Ayush put on big partnership with Shreyas Iyer who also scored a century. There was a stamp of authority in Ayush’s three consecutive fours of Rajvardhan Hangagrekar. Two beautiful backfoot drives and one through the mid-wicket.


Ayush relished spinners hitting sixers off Satyajit Bachhav and Hitesh Walunj. With Skipper Ajinkya Rahane Ayush added 99 runs for the third wicket which put Mumbai’s innings on sound footing.


At the age of 17, the Virar lad is learning to build innings, hallmark of a great batsman. Mumbai Ranji Trophy Selection Committee Chairman Sanjay Patil supported Ayush and he passed with flying colors. He was picked for KSCA Trophy where he scored 172 against Gujrat and clinched his place in the Senior team. Mushir Khan got injured and selectors gave Ayush an opportunity in the Irani Cup match and then in the 90-year-old Ranji Trophy. Ayush has grabbed he opportunity with both hands.


The selectors have dropped Pruthvi Shaw from Mumbai’s Ranji Trophy team for the match against Tripura but Ayush Mhatre is going strong with his batting. He can score runs consistently and should play big knocks so he can be in the limelight at such a young age.

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