Best wishes to everyone on the joyous occasion of Diwali. There’s something unique this time about the festival. On October 18, both the metals reported record prices in the Delhi market: Gold (24 carat) traded at a whopping ₹1,31,800 per 10 gm while silver was available at ₹1,70,000 per kg. The unprecedented surge saw jewellers struggling to meet the demand. They could provide gold and silver jewellery and coins only to those who had pre-booked their orders.

In the absence of gold and silver, the common person was content buying brass and steel utensils to fulfil their festival desires. The government made a substantial cut in GST rates a month earlier, but since utensils weren’t a part of it, people couldn’t accrue its benefits. But it doesn’t diminish the importance of GST rate cuts; the impact is visible in the buying spree.

What does it mean? Are Indians becoming rich? Or, is our religiosity on the rise? According to one estimate, Indian consumers are expected to spend ₹12-14 lakh crore — this includes marriage expenses as well — during this year’s festival season. During........

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