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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.

Pawar had met Dawood, says Ambedkar

Updated: Oct 21, 2024

The BVA chief says Dawood had gifted a gold necklace to Pawar during their meeting


Pawar had met Dawood, says Ambedkar

Mumbai: In a sensational revelation, the Vanchit Bahujan Aaghadi (VBA) chief Prakash Ambedkar on Friday said that Nationalist Congress Party (SP) chief Sharad Pawar had met Dawood Ibrahim on Dubai Airport when he was the Chief Minister.


Ambedkar also called for the release of historical records to understand whether the central government allowed Sharad Pawar to meet Dawood Ibrahim in Dubai during his time as Chief Minister.

Ambedkar pointed out that Sharad Pawar was Chief Minister from 1988 to 1991 and travelled abroad during that period. He further alleged that Pawar first went to London, then spent two days in California for a meeting.


“I have not made any allegations but I have just put forth some facts. From 1988 to 1991 Sharad Pawar was the Chief Minister and during that time he went to London and then went to California for a meeting. He came back to London and then went to Dubai. He met Dawood Ibrahim in Dubai. We are asking if the central government had sanctioned this meeting,” Ambedkar said.


Ambedkar insisted that the specifics of this meeting of Pawar with Dawood should be made public. Ambedkar went on to say that Pawar returned to London that evening and came back to India two days later. He also emphasised that, as Chief Minister, Pawar could not have travelled abroad without the central government’s approval and questioned whether the central government sanctioned Pawar’s trips and meetings, particularly with Dawood, and whether any reports from these meetings were submitted to the central government.


Ambedkar also claimed that Dawood had gifted a gold necklace to Sharad Pawar during their meeting at the Dubai airport.


“People will have to decide whether to vote for such parties to be able to maintain law and order in the state. I’m making these allegations now because it appears as if the conditions prevailing in the state between the decade of 1990 and 2000 are likely to come back to the state.”

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