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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.

Not a Colonel but the Commander in Chief!!!

Updated: Oct 22, 2024

Dilip Vengsarkar

Everyone knows him as a batter par elegance and an icon of the game.

Born in Mumbai and bred on its cricketing maidans Dilip Balwant Vengsarkar has the ‘Khadoos’ attitude of a Mumbai cricketer so much so that he is often considered to be aloof and reserved but with friends close to him he is the life of any party.

He is the stuff which legends are made of…not only on the field but also off the field.

We all know of his exceptional batting prowess over the years for his club Dadar Union, Mumbai, West Zone and for India and not for any small reason does he hold the title ‘Lord of the Lords’ with 3 back-to-back centuries and narrowly missing the 4th one.

He has close to 7000 runs in Test cricket and top-notch centuries all across the globe and against all teams. He is one of the rare Indian cricketers who has played much over 100 Test matches.

He still holds the record of being the No.1 batsman in the world as per the world rankings for the longest period which he held for 21 months from 1986-88.

Indian cricket owes a lot to this former Captain of India and Chairman of the Selection committee.

Post retirement Dilip Vengsarkar could have done what most of his contemporaries have done. He could have sat in an air-conditioned television studio, done commentary and advertisements and made lots of money.

He is one of the very few cricketers who has given back to the game and that too in many forms.

His contribution as a cricketer, an India captain, as Chairman of selectors, an administrator, a talent spotter, a columnist is immense and he has taken upon himself to spot, groom and train the young and mentor talent at not one, two but four of his Dilip Vengsarkar Cricket Academy’s.

His products latest products include Yashasvi Jaiswal and Ruturaj Gaikwad and as a Chairman of Selectors he did Indian Cricket the greatest service when he backed and played two youngsters who went on to become India’s legends and best cricketers across all formats Mahendra Singh Dhoni and Virat Kohli!!!

The list is endless…

In his four academy’s, two in Mumbai, one in Pimpri-Chinchwad and the newest one at Panvel, Dilip (Sir) as he is known to the youngsters ensures that his trainees and players get the best of equipment, pitches and facilities. Every July he even travels to England with his Academy’s team to give upcoming trainees the exposure and experience of foreign conditions, pitches, players and culture.

A devoted son and a family man, he is married to Manali Vengsarkar who is herself a successful jewellery designer, a spiritual guide, a counsellor and mentor to those who seek her help from all over the world.

They have a son Nakul who is a leading Architect and Interior Designer and daughter Pallavi. They are well settled with their respective spouses. His grandson, Nirvaan of course is the apple of his eye!!!

Dilip Vengsarkar is avid traveler across the globe, he is a cricketing brain and most of his predictions about a player or the game come out to be true due to his vast experience.

Born in Hindu Colony in Dadar he holds high traditional values.

Not many know that he is also an excellent singer and hums his favourite Mehdi Hasan songs only when he is with the closest of his friends. He always stays away from social media and media glare though is contribution to Indian cricket is huge.

Unlike others he shuns publicity and continues with his good work towards the game and society.

As a columnist also he is precise, blunt and does not mince words. He gives justice to a neglected player and backs the player to the hilt. His views carry weight and more often than not the neglected player gets his due.

He always speaks for the upliftment of cricket and other sports.

Amongst Indian crickets most popular names he was given offers to contest Lok Sabha elections on more than one occasion from different Party’s but had politely declined.

However, he did try his hand at the Mumbai Cricket Associations elections and was elected as the Vice President of MCA for a long period.

Though he prefers to stay for away from politics, he was also elected to the apex committee of the BCCI with a thumping majority by voters all across India, where he voices players concerns, speaks about improvement in the game, fights for the rights of ex cricketers and their families.

His concern for the game and its players is extremely genuine and he voices the same at all levels and forums makes him sound anti - establishment but Dilip Vengsarkar is not the one to be bothered.

Standing tall he doesn’t duck but faces every attack bravely just as he did in his heyday days on the cricketing field making him one of India’s finest batsmen ever to play the game.

He has good sense of humour and it is always a pleasure to be in his company. He has good taste is elegant and is a connoisseur of the finest single malts!!!

A hard-core Maharashtrian he loves his fish and his mutton and an evening with friends.

He is a goldsmith in Indian Cricket, he knows how to spot diamonds on the field, not surprising because of his experience of 55 years and as mentioned has given back to the game tirelessly as a cricketer, administrator, talent spotter and as a mentor to so many greats.

With more than a thousand trophies and awards he was also conferred the Padma Shree and is also the recipient of the Arjuna award instituted by the Government of India. However, legions of his fans across the globe truly feel that he has not got his due for all his work and lesser mortals have been honoured more...

The government should definitely consider honouring this Indian legend, World Cup winner with a Padma Bhushan!!!

For Indian cricket and its lovers across the globe he is a man worth his weight in Gold ... 24 Karat Gold!!!

(The writer is a spokesperson for Shiv Sena. Views personal.)

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