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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.

Hard work, service to poor brought him this reward: Justice Gavai's mother

  • PTI
  • May 14
  • 2 min read

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AMRAVATI (Maharashtra): Sheer hard work and determination are key to Justice Bhushan Gavai's success and he has earned it by serving the poor and needy, his mother says.


Justice Gavai is set to take oath as Chief Justice of India on Wednesday.

He will succeed CJI Sanjiv Khanna.


Talking to reporters here on Tuesday, his mother Kamaltai Gavai said she feels her son would do full justice to his new position.


Justice Gavai is a native of Amravati district in Maharashtra and is the son of former Governor of Bihar, Kerala and Sikkim late R S Gavai, who was also a leader of the Republican Party of India.


Kamaltai Gavai said, "As a mother I wanted and expected my children to follow in their father's footsteps and serve society, treat people with respect and give justice to them irrespective of their stature.


"It is a moment of great joy and happiness for everyone. It is a moment of satisfaction for us, because from a very young age under difficult circumstances and after overcoming several problems he has reached such a high position," she said.


She said her son has reached the top post not instantly but through his hard work.


"Whatever posts he has held so far, he has done justice to them. I feel he will do justice to the position of CJI as well," she said.


Justice Gavai completed his early education at a humble local school in Amravati, Kamaltai noted.


"I would give the credit for his success and the top position he has reached to his hard work and determination," she added.


He does a lot of social work and charity.


He lends a helping hand to lot of needy people in terms of providing financial help and bearing their hospital expenses, she said.

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"I think he got a reward for his service to the poor and needy," said Kamaltai, a proud mother.


To a query on what work she expects from his son after him becoming the CJI, Kamaltai said, "I feel that as Chief Justice, his work will support the country and his decisions will be people-oriented.


"Talking to reporters, Justice Gavai's younger sister Kirti Arjun expressed happiness saying a son of Amravati, who came from a very common background has attained such a big position.


"It is a moment of happiness not only for the Gavai family and Amaravati, but for entire Maharashtra," she said.


She said she was fully confident that his brother will fulfill this responsibility very honestly.


"He is very sensitive and practical as well. He works with his brain and his heart together. That is why, all his decisions are a reflection of his foresight, which can take forward the society. I congratulate Bhushan dada and I am fully confident that he will take forward the legacy of Dr Babasaheb Ambedkar," she said.

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