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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.

Reclaiming Identity

Updated: Oct 21, 2024

India’s ongoing project of renaming places reflects the country’s efforts to assert its national identity, cleanse itself of historical baggage, and reconnect with its civilizational roots. The latest move — the renaming of Port Blair to Sri Vijaya Puram — signals a broader intention to shed vestiges of foreign domination, both from the period of British imperialism and earlier Muslim invasions. The symbolism in these name changes is unmistakable, part of a wider cultural and political push to reassert India’s indigenous history, which many feel has been sidelined for centuries.

Names are not mere labels on maps; they carry the weight of history, legacy, and identity. When Indians traverse through streets, towns, and cities, many still encounter names that echo colonial or Islamic invader legacies. A substantial number of places in Delhi, the capital of modern India, are named after rulers of the Delhi Sultanate and Mughal dynasty, dynasties that came through conquest and imposed their authority on the land.

For many, these names represent more than just historical figures; they symbolize domination, violence, and a legacy that is at odds with India’s present aspirations as a confident, resurgent power. The act of renaming is thus seen as part of a broader cultural reclamation.

Renaming places is not merely an academic exercise in historical correction but a politically charged one. Advocates of renaming argue that India must celebrate its own heroes - like Chandragupta Maurya, Rana Pratap or Chhatrapati Shivaji Maharaj — leaders who resisted foreign domination and defended India’s sovereignty rather than glorifying invaders who sought to erase it.

Delhi is a stark example of this historical disconnect. Despite being the seat of modern India’s political power, few public spaces are named after Shivaji Maharaj, who defied Mughal authority, or Maharana Pratap, who stood against Akbar’s empire. The names of foreign conquerors dominate the urban landscape.

Critics of the renaming drive often accuse the government of pandering to a narrow, sectarian agenda. They argue that renaming places will not change history and risks inflaming communal tensions. But such criticism overlooks the fact that every nation has the right to shape its narrative. France does not honour the names of Napoleon’s enemies in its street names, nor does Britain name its landmarks after those who sought to subjugate it.

The challenge for India is to strike a balance between renaming that honours its indigenous history and avoiding erasure of its Islamic past. After all, the Mughal and Sultanate periods are integral to India’s complex history. In many cases, India can follow a path of dual recognition, acknowledging both the indigenous heritage and foreign influences by honouring people with a syncretic legacy. History is not monolithic, and India’s national identity is shaped by myriad influences. The renaming of streets and towns must not turn into a wholesale erasure of the past but should be a thoughtful reconsideration of which legacies are honoured in public spaces.

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