GST Reforms: A Cushion, Not a Cure
Not long ago, we lost Surf’s Lalita Ji —Kavita Chaudhary—immortalised by the line, “Surf ki kharidari mein samajhdari hai.” That campaign from the 1980s celebrated intelligence in consumption—an India that sought value, where every rupee had to stretch, forcing manufacturers to sharpen their act. Compare that with today’s Swiggy Uncle , Naresh Gosain sneaking a Gulab Jamun behind his wife’s back. That ad isn’t about thrift at all—it’s about indulgence, instant gratification and premiumisation. Markets, as economists remind us, are giant information-processing machines. They respond to demand. If you take the Lalitaji-to-Swiggy arc as metaphor, our consumption has migrated from careful spend to aspirational spend. Lalitaji’s India wanted efficiency; Swiggy’s India wants convenience and small luxuries. Policy, however, is still struggling to catch up. The Union Budget this year tried to sweeten the middle class with some tax relief. The idea: give people more cash, they’ll spe...