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By:

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.

Buldhana’s Bumpy Battleground

Buldhana

Buldhana, known as the gateway of the Vidarbha region, has long been a political stronghold of the undivided Shiv Sena. At the time of its firebrand Bal Thackeray, the Sena’s brand of hard-hitting politics had attracted the Bahujan and OBC youth in this part of western Vidarbha, displacing the Congress party from its once-immovable position. The district’s politics have never been kind to women candidates – that is, until now.


This year, the Uddhav Thackeray-led Shiv Sena (UBT) is rewriting the district’s political playbook. For the first time, the Sena (UBT) is fielding a woman candidate for the Buldhana Assembly seat: Jayashree Shelke, a former Congress leader and now the MVA (Maharashtra Vikas Aghadi)’s nominee. Shelke’s candidacy is both a symbolic break from tradition and a practical manoeuvre. If she succeeds, she could become Buldhana’s first-ever female MLA, marking a historic shift in the district’s political landscape.


But Shelke’s path is steeped in challenges. She faces stiff competition from Sanjay Gaikwad of the rival Shiv Sena faction, led by Eknath Shinde. Gaikwad, a prominent local figure, embodies the combative style of Shiv Sena politics, which has often resonated with voters in Buldhana. His track record of controversial statements plays well with the district’s electorate, who are accustomed to the abrasive politics that used to be synonymous with the undivided Shiv Sena.


Buldhana is a microcosm of the larger political flux sweeping Maharashtra. The district is steeped in historical significance, being the birthplace of Rajmata Jijau, mother of the Maratha warrior Chhatrapati Shivaji Maharaj. It is also known for its deep connection to saintly traditions and has seven assembly constituencies, including key battlegrounds like Khamgaon and Sindkhed Raja. In 2019, the district saw a split allegiance, with three BJP MLAs, two Shiv Sena, one Congress, and one NCP representative securing seats.


This year, however, the political stakes in Buldhana are higher than ever. The Thackeray faction’s decision to back Shelke is a calculated move to regain lost ground among disillusioned Congress supporters. Shelke’s candidacy is seen as a strategic ‘swap’ after the Sena (UBT) had helped Congress win a Legislative Council seat in the past.


Meanwhile, in Khamgaon, another key constituency in the region, the political landscape is equally charged. Known as Vidarbha’s ‘hot city’, Khamgaon has been the site of fierce rivalries, notably between the BJP and Congress. Here, the ideological battle between Hindutva and Congress’s so-called secularism is playing out in full force. In the past, the BJP’s Bhausaheb Fundkar, an influential local figure, had secured a major victory in 2014, defeating Congress’s Dilip Sananda, a traditional powerbroker in the region. Sananda’s return to the fray this year, after a five-year hiatus, has reignited old rivalries.


Fundkar, now represented by his son Akash, is riding on the BJP’s solid support base among Marathas, OBCs and Hindutva voters. His focus on rural development and the BJP’s united front gives him a significant advantage. In contrast, Sananda’s candidacy risks being undermined by the factionalism within Congress. His campaign is seen as self-serving, and with the rise of the Vanchit Bahujan Aghadi (VBA) and other smaller parties, the secular vote could fragment, benefiting the BJP.


In both constituencies, the contest is not just about votes but about legacy and identity.

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