New Delhi, Sept. 28 -- Indian e-commerce growth slowed through 2024 and the first half of 2025, leaving the sector cautious about the traditionally high-stakes festival season. The last two years' sales were muted, and early signs this year suggested more of the same.

But the first six days of the 2025 festival season are telling a different story: gross merchandise value (GMV) has hit Rs.45,000 crore, up 22% year-on-year. Could private consumption finally be staging a comeback? Mint explores.

E-commerce in India now accounts for $60 billion in GMV, making the country home to the world's second-largest online shopper base.

Yet, since the pandemic, private consumption has slowed-from 11% during 2017-2019 to 8% in the 2022-2024 period, a...