The Indian economy is already celebrating a boost as Maa Laxmi knocks on our doors this Diwali. The connection between Hindu festivals and the economy is quite old and prosperous, especially during the global economic slowdown Hindu festive season proves to be a blessing for the Indian economy.
The festive season which started just before Ganesh Ustav in late August lasts through Diwali in October. The two-month-long Hindu festive season is estimated to cross 2700 crore rupees in online and offline sales.
From clothes, electronics, gifts, and automobiles to property, the demand has gotten so high that automobile dealers have stopped taking any new bookings during Diwali. However, Hindus have always been an easy target regarding their traditions by some anti-social elements.
Overall Festive Economy, annual spurge, why the hate, though?
Hindus don’t hold back, especially during the festive season. Experts predict that the festive economy won’t stand in the long run. However, they forget that the festive economy is annual spurge within the Hindu community. Hindus are often trolled for their happy festivities, even after spending billions. The ‘LeLi’ propagators usually try to ridicule the Hindu festivals on a subscription basis which stays on auto-renewal every festive season.
This festive season, the headline which spurred a debate was by none other than the British mouthpiece ‘BBC’. In which they wrote, ‘दुनियाभर में त्योहारों पर घर की सफ़ाई कैसे बढ़ाती है महिलाओं की मुसीबत’, since when cleaning house was a bad thing? However, this is not just limited to Diwali or cleanliness.
According to BBC, Diwali has become an anti-women festival since house cleaning causes disruption.
Ads like Ekvatam by Tanishq overlook the social issues caused by religious fanatics to the Hindus. From calling Holi a ‘Sex festival’ to demeaning the festival which worships the goddess within us, the ‘LeLi’ has done it all.
After a national boycott of firms that hurt religious sentiments, some companies have adopted a more cultural approach toward the festive season. Keeping the unwanted hatred aside, Hindus contribute a lot to the Indian economy every year.
Breaking the two-year festive dry spell
Hindus are on the streets for the first time in two years, spending their hearts out without COVID restrictions. What’s fascinating is that amid the global crisis, where the European Union is trying to save every electricity unit, Hindus will illuminate the country with lights and crackers.
Breaking the two-year festive dry spell, the sales this year doubled compared to the pre-Covid era. According to the Confederation of All India Traders (CAIT), Festive sales will be almost $15.2 billion in the markets, while it will be $11.8 billion in online stores like Amazon & Flipkart.
Gold and jewellery, the most precious of all
Indians still believe that gold is the safest way of investment. However, it’s not just about investment during Diwali. The five-day festival starts with ‘Dhanteras’, where followers of Hinduism (Sanatan Dharma) buy gold and jewellery to please Lord Dhanvantari, Lord Kuber, and Goddess Laxmi.
The first Diwali without any restrictions is set to boost the gold economy as well, as the prices slip ahead of Diwali. According to the experts, the gold market tends to pick up a sale of about 10000 to 15000 crore rupees on just Dhanteras.
Another Hindu festival that sees a bump in Gold and Silver Jewellery is ‘Akshaya Tritiya’. Celebrated in May, Akshaya Tritiya recorded a jewellery business of 15000 crore rupees. Comparing it to the sales during the COVID period, which was just 500 crore rupees, 2022 proved to be a blessing for the gold traders.
Spurge on Automobiles
With a 91% jump in sales, the Indian automobile industry is overwhelmed during this festive season. During the start of the festive season, the domestic automobile industry witnessed the best monthly sales ever. According to a report by Zee News, the second-quarter sales surpassed the 10 lakh mark due to the start of the festive season in September.
Indigenous manufacturers like Tata Motors, Maruti Suzuki, and Hyundai saw a cumulative rise of 91 % in sales. Maruti Suzuki India sold 1,48,380 units in September, the best month per sales since the pandemic.
The Temple Economy
The temple economy is something Hindus still contribute a lot to, especially during the festive and yatra season. The revamp of several significant temple corridors isn’t just limited to religion and the economy. The most ignored economy since independence was the temple economy.
However, the scene changed since NDA came into power. ‘Reviving Hindu Culture’ has been on the top list of the government since 2014. Often portrayed as the right-wing party which promotes religious differences, the opposition failed to understand the economy which comes along with reviving culture.
After the inauguration of Ayodhya’s Ram Mandir, religious tourism tends to explode in the region. The Kashi Vishwanath Corridor, the Mahakaal Lok Corridor in Ujjain, and now the Krishna Janmbhumi corridor in Mathura are an example of how reviving ancient religious sites can increase the flow of the economy and benefit the locals as well. According to the National Sample Survey Office, the spiritual or temple economy contributes about 2.32% of India’s GDP, which amounts to about 3.02 lakh crore rupees.
Urging tourists to spend at least 5% of their travel budget on buying local products, PM Modi announced two new ropeway projects in Kedarnath and Hemkund Sahib.
Taking childhood away along with Cracker economy
There’s no doubt that Hindu festivals are a blessing for the Indian economy from September to November every year. However, the ‘LeLi’ fraction infused within judiciary and environmentalists has taken the sweet festive memories of millions of kids. Ban on crackers in India’s national capital affects a lot of Hindus as it is a tradition that is passed onto generations.
Allegations are in place that the Delhi government has imposed this ban to hurt ‘Hindu’ sentiments. Delhi’s hazardous air quality was even before Diwali’s festivities started. The factors contributing to this poor air quality are stubble burning, factories, and more, but only crackers have faced bans via the judiciary and Delhi government. Any specific reason?
Diwali is a celebration of Lord Rama’s return to his Ayodhya after spending 14 years in the forest. It’s an expression of ecstasy! This festive season is essential to buy local, as it brings happiness to vendors and leaves you with a hint of culture. Happy Festivities!