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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.

Prez rule imposed in Manipur at appropriate time; situation getting normal: Amit Shah

  • PTI
  • Mar 29
  • 1 min read

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New Delhi: Union Home Minister Amit Shah has said the situation in Manipur is now relatively peaceful and the government is holding discussions with the Meitei and the Kuki communities, who are also talking among themselves, for establishing lasting peace.


He also said the President's rule was imposed in Manipur at an appropriate time to restore normalcy in the state.


"Now situation is relatively peaceful. Normal life has resumed. The Home Ministry has held separate meetings with both the communities. Both the communities have also talked to each other. Gradually things are moving in positive direction. There is no reason for worry now," he said at Times Now Summit, 2025, on Friday night.


The home minister said this is not the first time the state is witnessing ethnic violence. It has endured such strife in the past, and even for longer durations like three to four years, he said.


Asked whether there was a delay in the imposition of the central rule in Manipur, Shah said it was easier to comment sitting afar.


"Unless both the communities accept it, President's rule would not have been successful. When there was an appropriate time, we have imposed it," he said.


More than 260 people have been killed and thousands rendered homeless in ethnic violence between Imphal Valley-based majority Meiteis and adjoining hills-based Kuki-Zo tribals since May 2023.


The violence started after a 'Tribal Solidarity March' was organised in the hill districts to protest against the Meitei community's demand for Scheduled Tribe (ST) status.


There have been many efforts from the central government to bring the warring communities to negotiating table.

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