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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.

Dream coming true for Sarfaraz, long way to go

Updated: Oct 21, 2024

Dream coming true for Sarfaraz, long way to go

Sarfaraz Khan will celebrate his 27th birthday October 22. He has given himself and his Abbu a gift in advance by scoring his maiden Test ton on the hallowed turf of KSCAs Chinnaswamyu Stadium, Bengaluru.

Sarfaraz a school cricket prodigy from Mumbai has fulfilled dream of scoring a Test Century that too a big one of 150.


Sarfaraz Khan, Pruthvi Shaw and Aarmaan Jaffer (nephew of Test star Wasim Jaffer ) were rated very highly from their schooldays. The days of Harris and Giles Shield Cricket Tournament. Local as well as national newspapers were always carrying their news with photo on the sports pages. Sarfaraz Khan was lucky enough to play in two world cups (2014 and 2019).


Pruthvi Shaw got selected to play for Mumbai as well as India. Not only that he scored a century for India on his Test debut whereas Sarfraz had to wait for pretty long time to make his India debut.


Sarfaraz’s career has many ups and downs. He faced disciplinary action from Mumbai Cricket Association from his junior age group level cricket days. He got an IPL contract at young age. RCB picked him up and he showed promise by hitting 45 off just 21 balls against Rajasthan Royals but he flattered to deceive.


He was retained by RCB who had big Super Stars like Virat Kohli, AB Devilliers, Chris Gayle. Then his career took a jolt. He left Mumbai and went to play for UP which was a turning point in his career. After two futile years in UP Sarfaraz’s father Naushad Khan thought it was enough and he returned to Mumbai.


Coming back to Mumbai was a key moment in Sarfaraz’s Career. He scored heavily for Mumbai crossing 900 + mark twice in a row and it ultimately paved the way for his India debut after a long wait.


Sarfaraz made his Test debut against England at Saurashtra Cricket Association Stadium, Rajkot. Former India Skipper Anil Kumble handed him India Cap and Sarfaraz played breezy knock of 62 and won the hearts of his many supporters.


Naushad was happy to see his son earning India Cap and scoring brilliant breezy knock. He played three Tests against England earlier this year. Now, against New Zealand Sarfaraz fulfilled his earlier promise of scoring a century at his favourite ground of his first IPL teams.


Sarfaraz has potential to score runs not only in domestic cricket but at an international level too. He showed his class in Bengaluru. His cover driven four had the stamp of authority. On damp Chinnaswamy outfield Sarfaraz has made imprint. With the Down Under trip round the corner the cricket loving fraternity expecting runs by tons in International Cricket.

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