top of page

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.

Congress’ bête noire!

Updated: Oct 30, 2024

Prakash Ambedkar

He accuses Sharad Pawar of having met Dawood, he accuses Shiv Sena under Uddhav Thackeray of cheating the BJP and having secret meeting with Amit Shah in recent times, he accuses the Hindutva forces of inciting violence at Bhima Koregaon, and he is not afraid of sharing stage with leaders of Maoists front organizations. Yet, if one asks who is afraid of him the most, that political organization is indeed the Congress. Prakash Ambedkar, the grandson of Dr B R Ambedkar is the one single force that stands between the grand old party of India and its favourite vote-bank – the Dalits.


Born on May 10, 1954, Prakash Ambedkar is a lawyer, and a writer. He was Rajya Sabha MP between 1990 and 1996, and Lok Sabha MP from Akola in Vidarbha between 1998 and 2004. But, he is known more for various social movements that he had been supporting or initiating. He is also known for forming alliances of smaller Dalit parties to ensure it comes up as a major force in the state politics.


In 2019, he founded the Vanchit Bahujan Aghadi (VBA), a political party aimed at representing the interests of Dalits, Muslims, and other smaller marginalized communities. The VBA has gained significant traction in Maharashtra, particularly among those who feel excluded from the mainstream political discourse. The party’s primary objective is to address issues of social and economic inequality and to provide a platform for the voices of the underprivileged. But, it was seen as the vote cutter by the mainstream political parties like Congress, who always took Dalit votes for granted. They took the major brunt while recording its lowest numbers in the state assembly at 54.


While Ambedkar’s tenure in both houses of the Indian Parliament was marked by his unwavering commitment to social justice and equality, he is known for his strategic political organizing, often referred to as the “Akola Pattern.” This approach focuses on mobilizing support from various marginalized groups to create a unified front against social and economic injustices. The Akola Pattern has been instrumental in building a strong political base for the VBA in Maharashtra.


Among the various social movements and protests he supported or initiated, are mass rallies and demonstrations to address issues such as the Rohith Vemula suicide case, the demolition of Ambedkar Bhavan, and the Bhima Koregaon violence. In 2017, along with his son Sujat, Prakash Ambedkar relaunched “Prabuddh Bharat” (Enlightened India), a newspaper founded by Dr. B. R. Ambedkar in 1956. This initiative aims to continue the mission of spreading awareness about social justice and equality.

He often talks about next CM of Maharashtra coming from the VBA.

Comments

bottom of page