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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.

Firm on The Wicket

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Mumbai BJP president Ashish Shelar is trying his luck once again from the Vandre East Assembly constituency. He had represented his party from this constituency twice since 2014 and hence, one can assume, he is firmly standing on the wicket on his home turf. But, more than that, as the Mumbai unit president of the BJP, he is expected to fetch more seats for the party from the city and looking at his stance, he seems to be firmly in control on that pitch also.


Born on October 3, 1972 at a chawl in central Mumbai, Shelar’s family that hails from Sindhudurg district moved to the western suburb of Bandra while he was very young. Involved in the Rashtriya Swayamsevak Sangh (RSS) activities since his school days, Shelar’s leadership qualities got a boost as he started working closely in students’ organisation Akhil Bharatiya Vidyarthi Parishad (ABVP), during his college days at Parle College where he pursued a Bachelor ’s degree in Science. Later he gained a law degree from Mumbai University and pursued legal profession.


While pursuing legal profession he also got elected as corporator to BMC and began his career in the politics. After a two-year stint at the state legislative council Shelar contested assembly election in 2014 and defeated Baba Siddiqi of the Congress. Eventually he also became the party president for the Mumbai city and took on the Shiv Sena in municipal elections in 2017. The BJP and the Shiv Sena parted ways in the local body since then.


Being a sports lover himself, Shelar worked to advance a variety of sports. He was elected as the vice president of the Mumbai Cricket Association in June 2015 and later became its president in January 2017. He has also been involved in football administration, serving as the chairman of the Mumbai district football association, which represents over 350 football clubs.


Diligent, enthusiastic and inclusive are the three words that describe him the best, he feels. Known for his dedication to serving the people and making a positive impact in the community. With a strong background in politics and governance, Shelar has become a respected leader and voice for change.

Shelar will have to play a big role in this election. Since he is responsible for the BJP’s performance in Mumbai all eyes will be on his strategy and planning. He could expect a big reward if he delivers. A failure will bring him to the square one.

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