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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.

Skilling young India to aim for the sky

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Mumbai: Australian NRI Sharad Patel comes across as free, frank and friendly chap though heading a unique AI-aided startup, Skitre.ai – propped by least three youthful pillars from the rural areas of Maharashtra, Gujarat and Maharashtra – as he launches a major expansion program for India’s gen-next.


With a dozen-strong compact team of ardent geeks in different states, remote-controlled from Melbourne and other centres, Patel, 55, founded and built up Skitre.ai after a staggering eight years of research & development, to make it relevant for all people – toddlers to top corporates - across the social-political-economic spectrum.


“There is abundant talent in India, among the ‘youngest’ nations in the world, but it needs to be polished and channelized to make them both - job-ready or become entrepreneurs, based on their in-born expertise and abilities – as the world hugs the Artificial Intelligence (AI) revolution,” Patel told ‘The Perfect Voice’, raring for real action.


He said that after working practically 24X7 Skitre.ai has developed and launched around 500-plus interactive self-learning special courses under five different heads, to equip all people, right from pre-school Playgroups to Directors in boardrooms, housewives, professionals, students, farmers and others.


“More importantly, these are aligned with the government’s New Education Policy-2020, and in tune with Prime Minister Narendra Modi’s vision of Future India where all are skilled… For me this is a challenge with Modi as my Dronacharya and myself as a humble Eklavya, aiming for his target,” smiled Patel.


Lack of a practical approach

Ruing the lack of a practical approach in traditional theoretical education, the Skitre.ai chieftain said this is one of the reasons “what you learn is barely relevant in your real-life situations, be it academics, medical, farming, Social Media influencing, or… name any other sector/industry”.


“There are very few companies, say like Tata Group, which invest in skilling-upskilling their new or existing employees. In fact, we firmly believe that at least 15 per cent of a person’s career should be dedicated to self-enhancement and self-development, but this is hardly visible in India or most other countries,” Patel pointed out.


Patel frowns at India’s chain of Industrial Training Institute (ITI’s), saying their intake is dropping sharply and though industries face manpower shortage, youngsters churned out from ITIs are lured by more glamourous professions or cushy but low-paying or without long-term security.


“For instance, India’s furniture industry is worth nearly Rs 100,000-crore, but it struggles to hire people, as young ITI-ians feel ‘why become a mistri’, and prefer to set up tiny shops or work somewhere. Like furniture-makers, there are many other industries starving for skilled people,” Patel said gravely.

 

Filing the vacuum

Here, Skitre.ai is attempting to fill the vacuum through a Learner Centric Approach, by offering polished courses that can develop efficiency at multiple levels, including soft skills, retain knowledge, tailor-made based on the preferences and abilities of each individual, deploying the VARK (Visual, Auditory, Reading-Writing and Kinesthetics) model with full support to the individuals, and help them achieve their goals, however lofty.


So far, Skitre.ai has trained over 500,000 people all over the world, and their ratings feedback is usually “5-Star”, he said with a proud smile.


Now the company hopes to collaborate with the Centre and state governments on various aspects, educational institutions, corporates, or even certain NGOs working with a similar philosophy, he said.


“The aim of Skitre.ai is to train the New India that has eagerly embraced AI and other futuristic technologies, make them adept at taking things in their control and ensure a rosy, prosperous life for them and their families,” declared Patel confidently.


Skitre.ai’s rural whizkids make waves

DHANANJAY BARHATE, 26, lives in Irlad, Parbhani, the son of a farmer who did his BSc.(Agriculture), and is at home on a laptop oraa with his pair of buffalos, while development various courses/programmes, etc, at Skitre.ai for over three years.


KANAK JOSHI, 25, is based in Dhar town of Madhya Pradesh, Dhar, who completed his M. Tech before joining Skitre.ai. Deals with Cyber Security, Recruiting Platforms, Video-Resumes, etc since Jan. 2024. M. Tech. Cyber Security. Recruiting platforms, Video Resume, et al.


KARTIK PATEL, 22, hails from Undera village near Vadodara (Gujarat), is a B. Tech in Computer Science who joined Skitre.ai in May 2023. He is mastering as an AI Agent, Resume Builder.


The three youngsters aver that though the current pay package is modest, they are thrilled to be part of the management, pleased to ‘own’ the company with ESOPs, remain totally independent and are amply satisfied with their choice rather than chasing high-paying insecure jobs.

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