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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.

‘Narendra Modi is the real face of the elections’

Updated: Nov 18, 2024

Yamini Jadhav

Mumbai: The Shiv Sena has once again nominated MLA Yamini Jadhav, the wife of former BMC Standing Committee Chairman Yashwant Jadhav, for the Byculla constituency. She had won the seat in 2019 for the first time for her party. However, a defeat in the 2024 Lok Sabha election looms uncertainty over his prospectus. In an interview, Jadhav talked about the issues in her constituency. Excerpts…


Q. What is the main issue you are addressing?

A. The most important concern in this area is finding affordable homes. The renovation of ancient and dilapidated structures is a major concern. There is also a need to rehabilitate slums located on central government territory, such as those owned by the Mumbai Port Authority (MPA) and the National Textile Corporation. Furthermore, both cessed and non-cessed buildings in South Mumbai require immediate reconstruction and restoration. I’ve also discussed the importance of having an office and providing amenities for coastal patrol. Furthermore, I would advocate for a single-window system to simplify the process of getting approvals and No Objection Certificates (NOCs) from the MPA for repair work on structures on their property, as well as providing necessary amenities. Cluster redevelopment also presents a hurdle.


Q. You have also been addressing issues related to women. What is the new demand?

A. I have demanded that the government give women at least 10 biodegradable sanitary pads each month for Re 1 each. Policewomen are currently allowed to wear sarees only after 16 weeks of pregnancy. I have insisted that they be permitted to wear a saree uniform from the start of their pregnancy, as they are unable to wear heavy belts or trousers.


Q. The issue of giving the Richardson and Cruddas land to JJ Hospital is also pending

A. Previously, no MLA took up this subject, hence it has been pending. I will prioritise this issue. Once this site is transferred, we intend to establish a super-specialty facility as an extension of JJ Hospital. We aim to establish an oncology centre here, as well as modern housing for JJ Hospital doctors and other workers. I’ve also been advocating for a sports complex on a portion of the Mafatlal Mill site in Byculla. I’m also aiming to open a drug addiction and rehabilitation clinic at JJ Hospital.


Q. How are you going to counter the sympathy wave for Shiv Sena (UBT)?

A. When an incident occurs, people are sympathetic at first, but then they move on. So, the sympathy has subsided. I am going to the people with my work and performance, as well as that of the Shinde and Modi governments. I am merely a technical candidate, and PM Narendra Modi is the real face of the elections.


Q. This time the minority vote is said to be swinging to the MVA.

A. This is not accurate. I’ve worked extensively for Byculla’s minority community. Even the Shinde government has implemented several new policies for the minority population and allocated funding to them through various schemes that are influencing their lives.

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