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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 curious cases of tainted NCP leaders

Updated: Nov 12, 2024

Mumbai: NCP leader Chhagan Bhujbal has denied that he switched over the ruling alliance to escape from the case filed by Enforcement Directorate. Bhujbal is not an isolated leader who is under the ED lens. There are six top NCP leaders who are facing similar charges.


NCP

Ajit Pawar

The deputy chief minister stands accused for his involvement in a scam in Maharashtra State Cooperative Bank (MSCB). It is alleged that there were irregularities in loan disbursements to cooperative sugar factories and that loans were sanctioned despite having financial irregularities. In many cases, loans were sanctioned without any collateral guarantees. Probe in all these cases have been slowed down after joining hands with the BJP.



NCP

Hasan Mushrif

He is accused of a money laundering case related to Sar Senapati Santaji Ghorpade Sugar Factory. It’s a sugar factory set up in 2011 in the Kolhapur district. The factory is said to be operated and controlled by family members and relatives of Hasan Mushrif. His sons are directors in these factories. The ED alleged that Mushrif had appealed to farmers to contribute Rs 10,000 to raise capital. The ED further claimed that the capital was collected from 40,000 farmers, but they were not given share certificates as shareholders. Instead, they were given sugar cards and other benefits, including sugar at a nominal rate.


NCP

Praful Patel

Patel is an accused in a money laundering case involving Iqbal Mirchi, an aide of fugitive gangster Dawood Ibrahim. The ED launched a probe against Patel after his signatures were found on the documents which were also signed by the wife of Mirchi. Patel, however, denied the allegations of any business links with Mirchi or his wife. The agency alleged that Patel’s Millennium Developers Pvt Ltd constructed Ceejay House in 2006-07 and its third and fourth floors were transferred to Mirchi’s wife Hazra Iqbal in 2007 “towards beneficial interest of Mirchi in the land” on which Ceejay House was built.


NCP

Sunil Tatkare

He was booked for corruption in the alleged multi-crore irrigation scam. His name appeared in the chargesheet in 2017, mentioning that the probe is incomplete. While the ACB was initially probing the case, the ED was subsequently roped. In 2015, both the ACB and ED were pulled up by the court for their slow progress in investigating the corruption charges against Tatkare.



NCP

Nawab Malik

Arrested by the ED officials on charges of money laundering in the case registered against underworld don and fugitive Dawood Ibrahim and his aides. The ED officials reached Malik’s residence and conducted a search operation at his residence. He is out on bail.

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