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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.

Kiwis Setting Trend

Kiwis Setting Trend

Tom Latham followed in the footsteps of Graham Dowling and John Wright, the two successful New Zealand Skippers to win a Test Match on Indian Soil. What is unique about Latham’s team victory is they have made a winning start in the series in the nearly seven decades test battle between the two teams. Dowling and Wright won the tests after losing the opening test of the series.


With Tim Southee giving up test captaincy after a whitewash (2-0) on Emerald Islands tour Tom Latham was forced to take over the reins of teams as Ken Williamson is still indisposed. He is likely to join the Kiwi squad just before the Pune test match to be played from October 24. This young and talented bunch of Kiwis performed exceptionally well and jolted Rohit Sharma’s team by bundling them out for paltry 46 runs on day one in the pre-lunch session in mere 31.2 overs.


It is the new low for Indian cricket team on home turf. (Lowest total in Asia). What a fall for Australia bound Indian team! It was the folly of skipper Rohit Sharma who after winning the toss decided to bat first and within no time the Big Brothers collapsed like house of cards. Five out of top seven batters failed to open their accounts.


Opener Yashsvi Jaiswal and wicket keeper batsman Rishabh Pant, both southpaws, entered the double figures (13 and 20 respectively). Others just caved in front of accurate seam, swing bowling of Matt Henry and UK born tall gangling speedster William O’Rourke. They exploited conditions and variance in weather conditions at Bengaluru (more like Birmingham ) after veteran Tim Southee castled Indian opener Rohit Sharma. It was beauty of a delivery with Rohit beaten all ends up.


Then it was a mere roll call for over rated Indian batting line up. Matt Henry who completed the century of wickets in tests was delighted at the atmosphere on Day 2 of the series opener after entire first day’s play was washed out.


Kiwi pacers never expected these conditions in India. They got assistance from weather conditions. Henry’s figures of 13.2-3-15-5 may look flattering on paper but Indian stalwarts had to face the music and Kiwis being talented bunch of fielders Indians had their cup full of woes.


Nothing went right for Rohit’s team after a false start or meek surrender and Kiwi batters Devon Conway (91) the Indian origin Wellington born tall curly topper Rachin Ravindra smashing red cherry to all corners of Chinnaswamy Stadium. The cricket crazy crowd was silently applauding the Kannada boy’s shots in silence. Rachin scored a century at home away. His father being a Banglorian went to Maori land but the generation next lad making hay at KSCA Chinnaswamy stadium his ‘Home Turf.


After conceding lead of 356 runs top five batters played well specially two young turks, Sarfaraz Khan and Southpaw Rishabh Pant. Sarfaraz scored his maiden test ton in his 6th test innings. He scored 150 runs with three sixers and 18 fours. Rishabh missed his ton by a solitary run. Second New ball brought swift end to India innings.


Kiwis requiring 107 runs for victory achieved the target with loss of two wickets Captain Latham failed to open his account as Bhumrah removed him quickly. Conway was consumed by Bhumrah but star player Rachin Ravindra reaped rich reward by remaining unbeaten to mark Kiwis’ victory by eight wickets and giving his team 1-0 lead in the test series for the first time ever.


Is this the trend of shape of things to come. Keeping my fingers crossed.

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