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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.

Citizens to raise Rs 43 cr for social good at Tata Marathon

Tata Marathon

Mumbai: The journey of the Tata Mumbai Marathon has been transformative since its inception and has redefined the health, fitness, and giving paradigm in India …Change Began Here. As we begin the countdown to the landmark 20th edition of the Tata Mumbai Marathon 2025, 269 NGOs, corporates, and citizens have collectively raised INR 43 crores to date. Fundraising for the event continues until Wednesday, 5 February 2025.


Spearheaded by United Way Mumbai, the event’s Philanthropy Partner, the Tata Mumbai Marathon has established itself as the country’s single largest sporting platform for philanthropy, raising over Rs 429 crores for 740 NGOs with the support of 600 corporates. This remarkable convergence of runners, donors, NGOs, and corporations continues to drive social change and empower communities nationwide.


George Aikara, CEO, of United Way Mumbai, said: As the Philanthropy Partner since 2009, we’ve seen the marathon evolve into a powerful force for social change. This year’s record-breaking turnout of 13,000 individuals alone running through charity, showcases TMM’s unique ability to inspire and engage.


Already, more than 222 fundraisers have raised over Rs 1 lakh each on the platform, and the average fundraiser has brought in Rs 2 lakh for causes spanning health, education, gender equality, and more. These numbers are a testament to the growing enthusiasm among participants. A special mention to the 6 ‘Change Legends’ – Ms Villy Doctor, Dr Bijal Mehta, Meera Mehta, Sunit Kothari, Shyam Jasani and Utppal Mehta – who have each raised over Rs 1 crore, making a lasting impact.


What’s exciting this year is that we also saw a significant increase in corporate participation, with businesses rallying their teams to fundraise and run together, reflecting the growing trend of companies leveraging the TMM platform to champion social responsibility.”


However, a panel of top fundraisers, NGO leaders, and young philanthropists shared their stories of fundraising and impact. Dr Bijal Mehta, an ophthalmologist and trustee of Shrimad Rajchandra Love and Care (SRLC), emerged as one of the highest fundraisers, collecting astounding Rs 1.5 crores for the same NGO. Her efforts will support SRLC’s work in making education accessible in rural India and also supporting animal care and health. “The TMM provides us with an incredible platform to reach supporters and turn our vision into reality. Every two years, we’ve been able to create robust infrastructure and oversee more than 75 projects, leveraging this platform to bring about meaningful change,” she said.


Joining her was Shivaprasad Khened, Trustee of ADHAR (An Association of Parents of Mentally Challenged Adults) Home, and also a parent of an adult with intellectual disabilities. Sharing his journey of raising funds for the organisation he added, “Intellectual disabilities, particularly in adults is a cause that’s often misunderstood, and platforms like the TMM help bridge that gap in spreading visibility and awareness of intellectual disability, an area that is still underrepresented in discussions around mental health.”

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