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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.

Man arrested for 'inflammatory' post on PM Modi in Karnataka

  • PTI
  • May 13
  • 1 min read

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Bengaluru: A man was arrested for posting an inflammatory message on social media, questioning why Pakistan had not bombed Prime Minister Narendra Modi's residence in New Delhi, police said.



"Why is Modi's house not being bombed in the fight between India and Pakistan? It's Modi who is creating trouble for people who were living happily. First, you bomb Modi's house," Nawaz had posted on his Instagram page.


The accused was picked up following an uproar over the post, police said.


"A man named Nawaz had posted the message on Instagram. Based on his social media post, we registered a case at the Bandepalya police station. He was arrested yesterday, and we are producing him before a court today," Bengaluru Joint Commissioner of Police (East Division) Ramesh Bhanot told reporters.


Police are investigating the motive behind the post.


According to Bhanot, Nawaz hails from Electronic City but is currently residing as a paying guest in Bandepalya and works as a computer mechanic.


"Upon checking his antecedents, we found that he was previously arrested in Tumakuru in connection with an NDPS (Narcotic Drugs and Psychotropic Substances) case. We are investigating further," Bhanot added.


Meanwhile, posters surfaced in Bengaluru, allegedly put up by the Karnataka Pradesh Youth Congress, with slogans such as: `India is missing Indira', `Indira is the real Sindoor of India', `When borders burn, we miss the lady who drew the line', `The children of Mother India remember Durga', and `Indira would've ended it before it began'.


The posters were later removed from public spaces.

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