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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.

Mumbai’s Saffron Siblings

Updated: Nov 15, 2024

Saffron Siblings

As the Mumbai BJP president for two terms, groomed by the RSS and a staunch BJP leader, Ashish Shelar would be an unlikely choice for those who don’t fall into the typical saffron-voter category. But Ashish Shelar is an exception. He’s won the confidence of his electorate, people from diverse religions and socio-economic strata. His office in the crowded Bandra Reclamation area sees a steady stream of visitors every day; people cutting across religions and communities, age groups and with varied requests. If someone complains of harassment, a hapless father is there to ask for money for his son’s medical treatment and a young businessman is there to complain against rampant tree cutting in Bandra. Shelar lends each of them a ear, instructing his office to follow up on the demands. For years, this has been Ashish Shelar’s routine, particularly since he first won the legislative assembly elections in 2014 and has continued his winning spree since then. Before that, Shelar has been a member of the legislative council and was also a corporator from Khar who took a keen interest in resolving civic issues.


His constituency is peculiar in the varied demographics—upscale tony neighbourhoods that house leading film stars and business families, fishing villages, slums and middle class homes, each with its varied needs. In 2019, he was made Minister of School Education, Sports and Youth Welfare for a short period in the Devendra Fadnavis government.


Most residents of Bandra West credit him with organising social events and festivals that celebrate music and the arts. His neighbourhood winter festival and the grand Christmas decorations along the sea at Bandra Reclamation have won the attention of people across Mumbai. An avid sports lover, he’s held the position of the President of the Mumbai Cricket Association and also the treasurer of the BCCI.


This time, his older brother Vinod is contesting from Malad West. He’s been a corporator between 2012 and 2017 and while he was overlooked by the party for the legislative assembly elections in 2014, Vinod has been working in the constituency for the past decade. He’s also a spokesperson of the BJP.


The Shelar brothers are among the siblings who are contesting the elections this time.

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