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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.

Presidential Debates: The Defining Stage in US Elections

Updated: Oct 21, 2024

Presidential Debates

On September 10, 2024, the United States witnessed a pivotal moment in its political history as former President Donald Trump and Vice President Kamala Harris faced off in the first presidential debate of the 2024 election cycle. The event, held in Philadelphia and broadcast by ABC News, marked a significant shift in the American political landscape.

This debate was not the matchup many had anticipated even a few months ago. In a stunning turn of events, President Joe Biden was forced to withdraw from the race in July, following mounting pressure from within the Democratic Party. The catalyst for this dramatic shift was Biden’s poor performance in a June 27 debate against Trump, which raised serious doubts about his mental acuity and stamina. Ultimately, Biden announced his withdrawal on July 21, paving the way for Vice President Kamala Harris to become the Democratic nominee.

For those readers in India who may not be familiar with the tradition, presidential debates have been a cornerstone of American elections since 1960. These televised events offer voters a chance to see candidates discuss key issues face-to-face, often influencing the election outcome.

The Birth of Televised Debates

The modern era of presidential debates began in 1960 with the historic face-off between John F. Kennedy and Richard Nixon. This series of four televised debates marked a turning point in American politics, showcasing the power of television to influence public opinion. An estimated 66 million viewers tuned in to watch the first debate, making it one of the most-watched broadcasts in U.S. television history at the time.

The Kennedy-Nixon debates highlighted the importance of appearance and presentation in politics. While radio listeners reportedly favoured Nixon, television viewers were swayed by Kennedy’s charismatic on-screen presence. This disparity underscored the significant impact visual media could have on shaping public perceptions of candidates.


A Hiatus and Revival

Following the 1960 debates, there was a 16-year hiatus before presidential debates resumed. In 1976, Jimmy Carter and Gerald Ford reignited the tradition of debating at the Walnut Street Theatre in Philadelphia. This revival set the stage for presidential debates to become a regular feature of election cycles.


The Commission on Presidential Debates

In 1987, the Commission on Presidential Debates was established as a bipartisan, non-profit organisation to organise and oversee presidential debates. This commission has since played a crucial role in standardising the debate format and ensuring fair representation of candidates.

In recent years, presidential debates have continued to evolve. The 2016 debates between Donald Trump and Hillary Clinton drew record-breaking audiences, with the first debate attracting over 84 million viewers. On the other hand, the 2020 election cycle saw unprecedented challenges due to the COVID-19 pandemic, leading to the cancellation of one debate and the implementation of new safety measures.

The Latest Debate

Last week’s debate covered a wide range of topics crucial to the American electorate. Immigration, always a contentious issue, took centre stage early on. Trump reiterated his hardline stance, while Harris advocated for a more compassionate approach, emphasising the contributions of immigrants to American society.

Another hot-button issue was the economy, which saw heated exchanges. Trump touted his previous administration’s tax cuts and deregulation policies, claiming they would “bring back American jobs.” Harris countered with proposals for an increased minimum wage and expanded social programs, arguing they would “lift all Americans.”


Public Response

The public response to the debate was mixed, with supporters of both candidates claiming victory. Social media buzzed with reactions, memes, and fact-checking in real-time, reflecting the deeply polarised nature of the electorate. Media outlets offered varied interpretations, with some praising Harris for her poise and others commending Trump’s forceful defence of his policies. Political analysts noted that while the debate was unlikely to change the minds of staunch supporters, it may have swayed some undecided voters who were looking for clarity on key issues. Early polling data suggested a near-even split in public perception of the candidates’ performances, indicating a tightly contested race.

As the dust settles on this debate, the race to the White House continues, with the next presidential election scheduled for November 5th. With only weeks remaining, both campaigns will focus on mobilising their bases and reaching out to undecided voters. Further debates and key campaign events are expected to follow, offering additional opportunities for the candidates to present their visions for America’s future. In the meantime, the world is closely watching the US presidential election, as its outcome could have a global impact for many years to come.

(The writer is an IT professional. Views personal)

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