top of page

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.

Olympic Speed Climbing Champion Sam Watson to Visit Mumbai

ree

Mumbai: When Sam Watson sprints up a 15-metre wall, the world seems to slow down. The 19-year-old American speed climber, an Olympic medallist from Paris 2024 and current world-record holder at 4.64 seconds, has become the face of one of the world’s fastest-growing sports. On November 2, he will trade competition arenas for Mumbai’s High Rock in Powai, offering a rare day of workshops and conversations with India’s burgeoning community of climbers.


Speed climbing, once a fringe pursuit of mountaineers, now stands as one of the Olympics’ most electrifying disciplines. The sport demands not just power and agility but precision measured in hundredths of a second. Watson, often hailed as the greatest speed climber of all time, has repeatedly rewritten the record books.


His visit marks a milestone for India’s fledgling climbing scene. High Rock, the city’s first commercial climbing facility, opened its walls in December 2024 and has since drawn more than 10,000 enthusiasts. It represents the country’s growing fascination with vertical sports and a reflection of a global shift toward adventure and athleticism fused with technology and training science.


During his visit, Sam Watson will conduct Masterclasses for both Kids and Adults, offering a rare opportunity for amateur climbers to learn directly from a global champion and experience his unmatched energy and technique up close.


Watson will be joined by Matt Groom, the Official Lead Commentator for the International Federation of Sport Climbing (IFSC). Known as the voice of IFSC World Cups and World Championships, Groom will host a 30-minute talk at High Rock on ‘The Evolution of Climbing in Competitive Sport.’ His insights promise to provide a deep look into the transformation of climbing from niche adventure to Olympic spectacle.


Event: Sam Watson, Olympic Medalist and current World Record holder at High Rock

Date: November 2, 2025

Location: High Rock, Powai, Mumbai

Comments

bottom of page