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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 Echoes of 1971: Bangladesh’s Path from Victory to Recent Strife

Updated: Oct 21, 2024


The Echoes of 1971: Bangladesh’s Path from Victory to Recent Strife

Pic: PTI


“Jung hai jurrat toh mohabbat kya hai

Kaid parinde ki hasrat kya hai

Aazadi ke naam pe kitne hai maatam

insaan pe insaan hai aakhir kya haakam”

 

“If war is audacity, then what is love?

What is the desire of a caged bird?

How many mourning’s are there in the name of freedom?

What is the right of man over man.”

 

Pippa, a 2023 Hindi-language biographical war film, concludes with these lyrics by Shellee set to music by A.R. Rahman, reflecting the inevitable loss of conflict despite the euphoria of victory.

 On December 16, 1971, Bangladeshis overthrew the brutal authoritarian West Pakistani regime that seemed unstoppable and had the support of the United States. I believe they could because they were pushed to the limit with no means of self-expression. When you’re treated like you do not matter and your way of life is under attack, leading you to lose all hope, you will be driven to fight. However, that victory came at a tremendous cost: millions were killed, around 400,000 women were raped, and in desperation, the regime murdered intellectuals and potential leaders.

 US leaders Nixon and Kissinger ignores the genocide despite US Consul General in Dhaka, Arthur Blood’s “Blood telegrams,” urging action. Instead, they supported the regime with arms and sent a naval fleet. While India provided political and military assistance, the victory was unequivocally that of the Bangladeshi people.

J. Krishnamurthy, the philosopher, said all conflict comes from ownership. Thus, when a few individuals attempt to hoard resources while alienating the majority, conflict becomes inevitable.

 During the making of Pippa and on previous trips to Bangladesh, I was fortunate to meet with diverse people-intellectuals, artists, musicians, businesspeople, and students. I noticed one common characteristic: their incredible cultural capital: a deep value for their tradition, music, and way of life. To me, it seems like this unity is what empowers them to rise in revolt whenever necessary.

 With Sheikh Hasina at the helm for 15 years, Bangladesh prospered economically, and social indicators improved. So, I wonder, why did we witness these recent events? How are the two rebellions similar? And what lessons can we learn from these situations?

I am neither a political scientist nor well-versed in Bangladesh’s politics. However, as a filmmaker I observed that in historical and recent conflicts, people in power seemed disconnected from ordinary people, believing they could be subdued by force.

 The events of 1971 demonstrated that no force can stand against the human need for self-determination and expression. There is no comparison to the brutality or issues that drove 1971. However, when people are pushed into despair, it triggers a need to express themselves. They will stand up for their rights.

 Propaganda and curated truth do not change reality. Suppressing dissent does not eliminate it. Without room for debate, conversation, or credibility for opposing points of view, the festering angst, even over minor issues can spiral into something much deeper. The need to be released from subjugation gives rise to rebellion, with a new beginning being the only acceptable solution.

 Instability only benefits bad actors who use it for their political gain. I hope that through the next few months, all political parties will find solutions to ensure Bangladesh’s stability. I hope, that the future is not taken for granted.

The writer is a film maker. Views personal.

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