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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.

The Chanakya who remained in dark

Updated: Oct 30, 2024

Chavan

The aggression displayed by Congress party workers has significantly decreased over the years. In the 1980s and 1990s, the party’s youth wing, NSUI, was known for its aggressive stance. However, that intensity has diminished over time. On the other hand, Shiv Sena has been known for its assertiveness from the very beginning, a trait that appealed to the youth. But after the passing of Balasaheb Thackeray, the party has softened its approach.


In recent times, Congress leaders like Nana Patole and Vijay Waddettiwar have brought back a sense of aggression, particularly Nana Patole, who has taken a more assertive role following the party’s significant victory in the Maharashtra Lok Sabha elections. Patole, it seems, is no longer in a mood to compromise.


Chavan is known for his calm and composed nature. A highly educated politician, he has built a reputation as a technocrat with a clean image.


Chavan faces several challenges. He may have to compete with aggressive leaders like Nana Patole and Vijay Wadettiwar, as well as his long-time rival, Sharad Pawar, the Maratha strongman. Managing these internal dynamics will be crucial for Chavan’s future. Pritviraj Chavan’s political journey has been relatively smooth. He is an alumnus of BITS Pilani and the University of California, Berkeley, where he studied mechanical engineering. Before entering politics, Chavan worked in the U.S. in the fields of aircraft instrumentation and anti-submarine warfare, and later returned to India to become an entrepreneur. His clean, low-profile image has earned him the respect of many, and he has held several key positions, including Minister of State in the Prime Minister’s Office and General Secretary of the All-India Congress Committee.


Chavan’s entry into Maharashtra politics came in 2010 when Sonia Gandhi chose him to replace Ashok Chavan as Chief Minister, following the Adarsh Scam. The Congress leadership wanted to project a clean image, and Chavan was the ideal candidate and they succeeded for a limited period. Before the state elections of 2014 both the alliances – NCP-CONGRESS & SENA -BJP parted ways which befitted the BJP largely and Modi wave was also the major reason. The corruption charges on the NCP leaders like Ajit Pawar , Hassan Mushrif etc damaged the parties name & Senior Pawar blames everything to this to Prihtviraj Chavan who was the chief minister that point of time.


Maharashtra’s political scenario has changed drastically since 2014, and the state is once again at the centre of a high-stakes political battle. The BJP, which held significant sway until 2019, faced a major setback when Sharad Pawar played a pivotal role in keeping them out of power. The Shiv Sena revolt, which led to Eknath Shinde becoming Chief Minister, further complicated the political landscape.

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