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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 gets life sentence for killing schoolboy in Kerala

  • PTI
  • May 6
  • 2 min read

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Thiruvananthapuram: A court here on Tuesday sentenced a man to life imprisonment for the shocking murder of a 15-year-old schoolboy in Kattakada in this district, in 2023.



The Thiruvananthapuram Additional Sessions Court-VI Judge Vishnu K found the accused, Priyaranjan, guilty of murder under Section 302 of the Indian Penal Code.



The crime took place on August 30, 2023. Adisekhar, a class 10 student and son of Arun Kumar and Deepa, had just finished playing football with friends at the Bhadrakali Temple ground.



As he was about to ride home on his bicycle, Priyaranjan, who was waiting in a parked car, suddenly drove the car into him at high speed.





Prosecutors said the murder was not an accident.



They told the court that Priyaranjan held a grudge against Adisekhar because the boy had once questioned him for urinating on a temple wall.



The attack was described as a planned and cruel act.



The key evidence included CCTV footage from the scene, 30 witness statements, 43 documents, and 11 physical items.



Witnesses included Adisekhar's friends, who were playing football with him at the time.



One of them said he helped take the injured boy to hospital in the same car used in the attack.



Both the bicycle used by Adisekhar and the Mahindra XUV electric car used in the crime were shown in court. Witnesses identified both correctly.



The defence claimed that there was a technical fault in the car and that the crash was accidental.



But, the court rejected this, accepting the prosecution's argument that the act was intentional and that the vehicle was fully functional.



It was also shown that the accused drove the car after the incident, proving control of the vehicle.



The case was investigated by Kattakkada Circle Inspector Shibu, and the charge sheet was filed by the local police.



Special Public Prosecutor V S Vineeth Kumar and Advocate Tony J Sam appeared for the prosecution.

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