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By:

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.

Unceasing Religious Crackdown

Updated: Dec 2, 2024

Religious Crackdown

Bangladesh’s financial authorities have directed banks and financial institutions to freeze the accounts of 17 individuals associated with the International Society for Krishna Consciousness (ISKCON), including its former member Chinmoy Krishna Das, for a period of 30 days. The directive was issued by the Bangladesh Financial Intelligence Unit (BFIU).


In addition to freezing the accounts, the BFIU has requested banks to provide comprehensive account-related information, including updated transaction records for businesses owned by these individuals.


Das, who previously served as ISKCON’s spokesperson in Bangladesh, was arrested at Dhaka earlier this week. His arrest is connected to a sedition case filed against him and others following an incident during an October 25 rally in Chattogram, where a saffron flag was allegedly raised above the Bangladeshi national flag, sparking controversy.


In response to Bangladeshi media reports suggesting otherwise, ISKCON denied distancing itself from Das, reaffirming its support for his rights and advocacy for the protection of Hindus and their places of worship.


Meanwhile, a separate official ISKCON Bangladesh statement refuted accusations linking the organization to violent protests that erupted following Das’s arrest, which led to the death of a lawyer. ISKCON Bangladesh’s General Secretary Charu Chandra Das Brahmachari condemned the baseless accusations, labelling them as part of a malicious campaign designed to discredit the organization and incite social unrest.


The controversy surrounding Das’s arrest stems from allegations that he reportedly disrespected the national flag during a rally in Chittagong that was organized to protest the continued persecution of Hindus in Bangladesh.


The Hindu community in Bangladesh has been faced violent persecution and systemic discrimination for decades, with historical roots dating back to the 1971 Bangladesh Liberation War.


The 1971 genocide, part of Pakistan’s military campaign to suppress Bengali nationalism, led to the deaths of an estimated 3 million people, mainly targeting Hindus and other minorities. The Pakistani forces, supported by the Razakars militia, engaged in ethnic cleansing, including mass killings, rapes, and the displacement of millions. The atrocities, which began with ‘Operation Searchlight’ on March 25, 1971, forced 10 million people to flee to India. Estimates suggest up to 400,000 Bengali women were raped, many of them Hindu, with some declared ‘war booty’ by Pakistani imams.


The violent repression of the Hindu minority has continued through the decades. In 2021, the Hindu community in Bangladesh faced new waves of violence. A fabricated blasphemy accusation regarding Durga Puja festivities led to attacks on over 80 Hindu temples and widespread property destruction. Hindu women faced sexual violence, and many families were displaced from their homes. The state’s response was inadequate, allowing Islamist mobs to act with impunity.


In recent years, the situation has worsened further. As protests over a controversial quota system escalated this year, opposition forces like Jamaat-e-Islami—an Islamist group with a history of persecuting minorities—have targeted Hindus, compiling lists of Hindu businesses and homes for destruction. With Prime Minister Sheikh Hasina’s government ousted, the minority community faces increased vulnerability. The ongoing cycle of violence reflects an enduring crisis, as Hindus in Bangladesh continue to endure persecution with little recourse for justice.


This history of violence and displacement paints a bleak picture for the future of Bangladesh’s Hindu population, as the community grapples with the loss of homes, the destruction of temples and the ongoing threat of violence under the caretaker government led by Nobel laureate Muhammad Yunus.

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