DEEPAVALI’S SOUL LOST IN GLITTER AND CRACKER ROAR

Best wishes to everyone on the joyous occasion of Deepavali. There’ssomething unique this time about the festival. After 1979, this is the first time when both gold and silver are beyond the common person’sreach.

- SHASHI SHEKHAR

On 18 October, both the metals created a record. The 24-carat gold in Delhi market traded at a whopping ₹1,31,800 per 10 gram and silver, not far behind, was available at a price of ₹1,70,000 per kg. After this unprecedented surge, jewellers experienced a shortfall of gold. They could only provide gold and silver jewellery and coins to those who had pre-booked their orders.

In absence of gold and silver, the common man was content buying brass and steel utensils to fulfil their festival desires. The government made a substantial cut in goods and services tax (GST) rates a month earlier and as utensils weren’t a part of it people couldn’t utilize its benefits. But it doesn't diminish the importance of GST rate cuts. Its impact is visible in the latest buying blitz in the market.

What does it mean? Are Indians becoming rich? Or our religiosity is on the rise? This year’s festival season is expected to generate ₹2-4 trillion in consumer spending, including marriage-related expenses. During festivals and marriages, an average Indian doesn’t bother about the depth of his resources but is driven by the grandness of his ambitions.