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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.

Those seeking Hindu unity denied reservation to Marathas: Jarange

Updated: Nov 15, 2024

Jarange

Chhatrapati Sambhaji Nagar: Sharpening attack on the BJP, Maratha quota activist Manoj Jarange Patil said those seeking Hindu unity have ignored the concerns of Marathas and denied them reservation as he claimed the ‘Mahayuti’ government will suffer a drubbing in the Maharashtra assembly polls.


He alleged that the interests of every section of society were harmed under the present government and asserted that Marathas would show their might in the polls.


In an interview to PTI, the 42-year-old activist, who has rallied a large section of Marathas in support of his demand for OBC quota for them, alleged that those who claim to work for Hindu unity have used his community to target Muslims but ignored its genuine demands.


“If you claim Hindus are in danger, then what about Marathas? Can’t you see their children’s troubles? If you say Hindus are in trouble, then it is also your responsibility to ensure the welfare of Marathas.

“A Hindu opposes us when we demand reservation, but when they have to target Muslims, they need Marathas to run after them with sticks,” he said. He was reacting to the BJP’s slogans such as “batenge to katenge” and “ek hain to safe hain”.


“Who will cut Hindus,” Patil asked, noting that Marathas are the biggest Hindu caste in the state. “We will settle our issues among ourselves. We follow the Hindutva of Chhatrapati (Shivaji). We will look after ourselves, you mind your own business,” he added.


In his statements ahead of the November 20 assembly polls, Patil has refrained from directly naming any party but the common belief among his supporters is that he is against the incumbent, especially the BJP. In his comments, he gave clear indications of his view.


“The Maratha community understands very well whom to defeat. They understood it during the Lok Sabha polls, and they have understood it now. There is no confusion,” he said.


“Those who have been against reservation, Marathas will defeat them 100 per cent. They will not be spared,” he said, accusing the state government of denying the community quota.

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