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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 FPÖ: An Unlikely Voice Against EU Ambitions in Austria

Updated: Oct 22, 2024

FPÖ

Some victories are no real surprise. The Freedom Party of Austria (FPÖ) led the polls for years. Now it became the strongest force in the elections. Herbert Kickl, the incarnation of evil for all parties to the left of the centre, won most votes and can now claim the chancellery. That is why the media are talking about an ‘earthquake.’


Kickl is less charismatic as his predecessors Jörg Haider and Heinz-Christian Strache, but he dares to challenge the powerful European Union (EU) and its leader Ursula von der Leyen. So supposedly the danger of an ‘Orbanisation’ looms, as Kickl may opt for the path of his Hungarian neighbour, and, like the obstinate Victor Orban, promises to resist the EU’s migration policy ambitions.


The question is whether this would be so bad. The Austrian election results are not difficult to interpret: the majority voted for the FPÖ and its conservative counterpart, the Austrian People’s Party (ÖVP). The Socialists (SPÖ), Greens and Communists received only 30 per cent. But although, unlike Germany, Austria has no ‘firewall against the right’ and the FPÖ has already been part of several governments, the media are now beginning to give an exegesis of the will of the electorate, and unsurprisingly, they urge there should be an ÖVP/SPÖ government.


Once again, it seems, the will of the people is swept under the carpet. As all parties except the FPÖ ignore the wishes of the ‘sovereign’ regarding the key issue of migration, which is precisely why more and more voters are opting for the only available opposition. As long as mass immigration at the expense of the locals continues, this is not likely to change. It does not take rocket-science to comprehend that, but the self-proclaimed ‘elites’ continue to ignore it.


The ‘alternative’ favoured by the media is an alliance between the ÖVP and the SPÖ and a third partner, which would in fact be a continuation of the present stalemate.


It is highly questionable whether and how such a ménage à trois could agree on anything beyond the redistribution of money. The Austrian Socialists and the ÖVP have far less in common than the ÖVP and the FPÖ, so that the ÖVP is now stuck between a rock and a hard place, and with it the whole country. Needed are reforms that tackle burning taboos, something the ÖVP and SPÖ are equally incapable of, which in turn, of course, only strengthens the position of the FPÖ, if such a coalition breaks up.


That, more or less, is the official ‘narrative’. The framework is a struggle between ‘left’ and ‘right’ and the desired goal is a kind of popular front of ‘democrats’ against the reborn ‘Austrofascists’.


The rise of conservative movements against the growing state encroachment from the 1990s onwards was a godsend for Europe’s transnational elites, allowing them to delegitimise popular discontent. In Austria, Jörg Haider positioned the FPÖ as the representative of the ‘little people’. His bizarre nostalgia for the Austrian pre-war era provided the template for framing him as a right-wing extremist.


At the same time, his criticism of migration and the long-term domination of the country by the SPÖ and ÖVP drove more and more voters into his arms. Instead of responding to his legitimate demands, however, the established political cartel stylised him as a new Hitler and prophesied the end of democracy.


In this way, they gave a moral charge to complex social issues that needed to be addressed, made them a taboo to discuss and turned them into a battle between the forces of darkness and the forces of light. The tactic worked brilliantly and became the blueprint for dealing with ‘populists’ such as the AfD. Since then, the ‘fight against the right’ has been the pan-European playground for denouncing any scepticism concerning the global ‘transformation’ as propagated by the World Economic Forum, the EU and the postmodern left.


Any doubt is reflexively denounced as a precursor to right-wing extremism, thus in effect holding the liberal sections of society hostage.


While I have never shared Jörg Haider’s views and have always detested him and his party, today the FPÖ stands as the only party in Austria questioning the EU’s dubious ambitions and detrimental migration policy. It defends citizens’ rights to free speech, cash ownership, and self-determination, addresses regulatory excesses from the pandemic, supports arms sales in Ukraine, and emphasizes the need for diplomatic talks with Russia. These positions may not be universally accepted, but they are not solely ‘right-wing’ and deserve a place in a healthy democratic discourse.


If someone had asked me twenty years ago who would articulate such topics, I surely would have guessed some sort of ‘progressive’ force. Now, by a strange twist of trends, it is the FPÖ. But that doesn’t make the issues themselves any less crucial. It just shows how dramatically times change.


(The author is an historian and novelist who writes historically-aware crime fiction. He is currently working on a book on Germany’s migration crisis. Views personal)

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