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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.

Madhya Pradesh Police sets up SIT to probe minister's remarks against Col Qureshi

  • PTI
  • May 20
  • 2 min read

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BHOPAL: Madhya Pradesh Police has constituted a three-member special investigation team (SIT) to probe state Minister Vijay Shah's remarks against Col Sofiya Qureshi in compliance with a Supreme Court order, an official said.


The SIT comprises Inspector General of Police Pramod Verma, Deputy Inspector General Kalyan Chakravarty and Superintendent of Police Vahini Singh, he said.


The Supreme Court on Monday chided Shah for his "crass" remarks on Col Qureshi and constituted a three-member special investigation team to probe the FIR registered against him.


The top court asked the Madhya Pradesh director general of police to constitute a three-member SIT headed by an IG-rank officer and comprising a woman officer by 10 am Tuesday to probe the FIR registered following an order of the Madhya Pradesh High Court.


Madhya Pradesh Director General of Police (DGP) Kailash Makwana issued the order for the SIT with a direction to ensure compliance with the apex court order.


Senior IPS officer Pramod Verma is posted as Inspector General (IG) Sagar range, Kalyan Chakravarty is the Deputy Inspector General (DIG) SAF, Bhopal, and Vahini Singh is the Superintendent of Police Dindori, the official added.


The top court has said the probe team will file its first status report on May 28.

Shah came under fire after a video, which was circulated widely, showed him allegedly making objectionable remarks against Col Qureshi, who gained nationwide prominence along with another woman officer, Wing Commander Vyomika Singh, during media briefings on Operation Sindoor.


The Madhya Pradesh High Court rebuked Shah for passing "scurrilous" remarks and using "language of the gutters" against Col Qureshi and ordered the police to file an FIR against him on the charge of promoting enmity and hatred.


After drawing severe condemnation, the MP minister has expressed regret and said he respects Col Qureshi more than his sister.

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