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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.

Courtly Rot

The Congress party’s vendetta against Shashi Tharoor over Operation Sindoor is a case study in political self-harm. A statesman with decades of diplomatic experience, a best-selling author and arguably the Congress’s last remaining figure with any moral gravitas, Dr. Tharoor has been treated not as an asset but as a threat. His patriotism has been politicised by his party’s ‘high command’ while his loyalty miscast as lèse-majesté.


In the wake of the brutal Pahalgam massacre and Operation Sindoor, the Modi government launched a multi-party diplomatic blitz to expose Pakistan’s hand on the global stage. Tharoor, with his UN pedigree and gravitas, was a natural choice to lead one of the delegations. His moral clarity throughout the crisis has been admirable and has been justly lauded by his legions of supporters and fans.


Instead, the Congress ‘high command’ - an archaic euphemism for the dynastic triumvirate of Sonia, Rahul and Priyanka Gandhi and their sycophants - has reacted with pettiness. Led by the sanctimonious Jairam Ramesh and the ever-vacant Mallikarjun Kharge, it bleated about protocol, alleging they had submitted alternative names to the Modi government. Of these, Syed Naseer Hussain is best known for the company he keeps, including supporters who chanted ‘Pakistan Zindabad’ inside Karnataka’s legislature. Another is MP Gaurav Gogoi, whose wife has faced serious questions over her alleged proximity to Pakistani officials.


Dr. Tharoor is everything the Gandhis are not: articulate, globally respected and popular beyond Kerala. To watch Rahul Gandhi’s clique snub him for standing with the country against terror is to see how far the Congress has sunk into its own bile.


The Congress’s allies seem to sense this rot, as do younger faces within the party itself. The DMK’s Kanimozhi and NCP (SP)’s Supriya Sule have joined the delegations without fuss. Even habitual critics of the government like Asaduddin Owaisi and Omar Abdullah have displayed sterling statesmanship and moral clarity in the aftermath of the Pahalgam massacre, setting an example that the Congress high command and its ecosystem of self-righteous sycophants would do well to emulate.


In contrast, Congress’s dogged refusal to stand in unity with the government exposes not ideological commitment, but political decay. Rather than focus on Pakistan’s terror apparatus, their obsession with undermining Modi has blinded them to the basic decency of supporting the nation in moments of tragedy. The rot has extended beyond 24 Akbar Road, into the editorial rooms of ‘left liberal’ or some ‘far left’ portals and newspapers, who, always suspicious of the tricolour, have reduced themselves to a parody of paranoia.


For Tharoor, the episode may mark a turning point. His quiet dignity, even as his own party snubbed him, has won plaudits across the aisle. For the Congress, it is yet another self-inflicted wound in a body already scarred by electoral defeat and ideological drift. A party that cannot accommodate Tharoor does not deserve to speak of tolerance, merit or unity.


It deserves exactly what it is fast becoming: irrelevant.

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