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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.

Warriors of the Night

Updated: Oct 22, 2024

We name our daughters Durga, Lakshmi and Saraswati; we worship the divine feminine power in the temples but oppress, repress and even attack the feminine power amidst us. That is the irony in the way India sees its women.

After the safety of the daylight fades, women are seen as easy prey by the predators of the night. We mark the nine nights of Navratri, the festival of the goddess, by celebrating the dedication and valour of nine real-life women who brave the challenges of the night to pursue their dreams. The series ends today.


The series ends today.


PART - 10


The Safety Strategy

“Don’t travel alone at night; travel in twos or keep someone informed,” says Komal Lath


Warriors of the Night

Komal Lath, Founder of Tute Consult, 39


Leading an all-women team means that Komal Lath, 39, has to look out for the safety of her colleagues when they are travelling or have events to attend. The founder of Tute Consult, an integrated marketing agency, the Mumbai-bred marketing professional started working at the age of 17 years and has worked with several brands over the past two decades. After gaining experience at various agencies, she started Tute in 2010 and has had brands like Carter, Priyanka Chopra, Pixi, Victoria’s Secret and Insight as among her high-profile clients. “The profession that I am in involves a lot of networking, socialising, meeting people, having to attend social gigs which does mean that in a quite a few cases, we have late evening and travel involved,” says Lath.


While she travels in her own car, she keeps a tab on her female colleagues when they are travelling home after a late evening. “I am not very open to my team members travelling by train late in the evening or even through dark alley streets. I insist they travel by uber-backed cabs which can be traced,” she says.

Recent cases of attacks on women have worried her even more. “Nothing seems safe anymore; not a school, not a college, not public transport for sure and not even private spaces,” says Lath. She confesses to waking up dreading some distressing news about attacks on women. It’s especially concerning for her because Lath, since the inception of her company, has led an all-girls team.


Like most women, she has her share of experiences with men trying to get too close for comfort in public spaces and even miscreants misbehaving. She recounts an incident in Delhi where she had taken her team for dinner to Hauz Khas after an event. A group of men started misbehaving with them. They went back to the restaurant and had to wait until the staff arranged taxis for them to return to their hotel. “What was even more scary is that the men looked like they came from decent families because of the way they were dressed. It’s scary and worrying,” says Lath who has offices in Mumbai and Delhi.


Women, she says, must be vigilant at all times. It’s essential to keep SOS numbers handy to be able to call trusted people in an emergency. “Don’t travel alone at night; travel in twos or keep someone informed so they can check on you,” she says. Lath recommends that women, when travelling at night, must take only cabs that can be traced at all times. “Keep someone informed about where you are off to,” she says. A final piece of advice she offers is to carry a big bag, a ‘weapon’ most women have used in crowded public areas such as railway stations, malls and markets. “You never know when you need to knock someone or their parts off.”

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