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.

Royal Swagger

ree

As Maharashtra gears up for a pivotal assembly election, the state’s Maratha royals are emerging as influential players, reinvigorating their legacy and political relevance. From Kolhapur’s Ghatge and Chhatrapatis to the warring Bhosales of Satara, these regal figures are turning heads and wielding clout —whether in switching political camps, drawing massive crowds, or resolving high-stakes disputes over candidate nominations. Their involvement reflects both tradition and strategic electoral recalibration. While the jury is out as to their ability to tip the electoral balance, they certainly are in the reckoning in the November 20 battle.


In September, Samarjeet Ghatge, a BJP leader and a descendant of the Kagal royal family, known for his close ties with Deputy Chief Minister Devendra Fadnavis, turned his coat to Sharad Pawar’s Nationalist Congress Party (SP) with considerable fanfare.


Ghatge has been seething ever since his arch-rival Hasan Mushrif, a cabinet minister and another key member in the Ajit Pawar-led NCP, aligned himself with the ruling Mahayuti coalition in wake of Ajit’s rebellion. Ghatge and Mushrif have been daggers drawn for a long time when the latter was part of the undivided NCP. Their feud is well-known in Kolhapur. Now, with Ghatge on the MVA’s side, Mushrif, as the ruling Mahayuti’s candidate, finds his 25-year grip over Kagal seriously challenged.


Meanwhile, another dramatic about-face was witnessed in Kolhapur within the MVA coalition, as it nominated Madhurima Raje Chhatrapati, daughter-in-law of Kolhapur’s Congress MP Shahu Chhatrapati, over its previous candidate Rajesh Latkar. After tensions among Congress workers culminated in protests and vandalism, the decision to field Madhurima—a name carrying weight and sway—demonstrates the MVA’s effort to leverage royal clout for electoral gain. This nomination showcases the Congress’ acknowledgement of the potential impact of royal bloodlines to bolster voter confidence and minimize intra-party discord.

Earlier, in the Lok Sabha election, when the MVA lacked a suitable candidate in Kolhapur, it was Sharad Pawar who managed to get Shahu Chhatrapati to contest on the Congress symbol. The result was a resounding win for the Maratha royal.


A most intriguing role is being played by Shahu II’s son - Yuvraj Sambhaji Raje Chhatrapati. After his Rajya Sabha stint, Sambhaji Raje, an influential voice in the Maratha reservation agitation, formed the Swarajya Sangathan and has thrown in his lot with the ‘Parivartan Mahashakti Aghadi’ - a formidable alliance of Maharashtra’s smaller yet influential factions which include Raju Shetti’s Swabhimani Shetkari Sanghatana and Bacchu Kadu’s Prahar Janshakti Party among others.


The PMA has now emerged as a viable ‘third front’, poised to eat into votes of the ruling and opposition coalitions.


In Satara, the descendants of Chhatrapati Shivaji— Udayanraje and Shivendraraje Bhosale (both in the ruling BJP)—continue to capture public attention. Udayanraje, who won the Lok Sabha contest this time, will now be expected to support his rival, Shivendraraje, who is seeking re-election from the Satara Assembly segment for the fourth consecutive time. The duo is notorious for their turbulent and at times fractious rivalry, their dramatic familial feuds and equally dramatic public reconciliations.


With Maharashtra’s upcoming election touted to shape the state’s future, the re-emergence of Maratha royals as kingmakers signals a calculated nod to heritage and electoral might. The Maratha royals, it seems this time, are not only guardians of the past but also architects of the state’s political landscape.

Comments

bottom of page