How festivals help the Indian economy?

India is the land of festivals, cultural fairs and holistic seasonal congregations. The country celebrates a wide range of delightful events passionately and spiritually in commemoration of the Rishis, Gurus, Gods and Goddesses and the victory of good over evil since down the ages in excess of four festivals per month without government intervention and participation except security personnel in unusual situations.

As per the data released by Rajya Sabha – 2013 (Government of India), there are 51 official festivals of which 17 are nationally and 34 are regionally or locally celebrated. These festivals help to reinforce cultural roots and values, enable communities to preserve their traditions and bring economic values. All these auspicious festival roots are connected with the economic agents such as agricultural bliss, business prosperity, entrepreneurship development and social benefits.

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1. Ganesh Chaturthi
Ganesh Chaturthi generates about ₹ 20,000 crore business across its presence for 10 days with 20% CAGR, particularly in the states of Maharashtra and Telangana. Hyderabad, on the other hand, alone generates ₹ 5,000 crore business in Ganpati festival.

2. Durga puja
Durga Puja contributes to about ₹ 40,000 crore business in India with almost 35% CGAR, majority of which is in West Bengal. Event management companies from all over the world including companies form France and the US are engaging in Kolkata in supporting the entire caravan of the festival including advertisements and cultural programmes at Durga Puja pandals.

3. Raksha Bandhan
Raksha Bandhan festival generates about ₹ 400 crore business and also provides employment to more than 4,000 families in Gujarat.

4. Diwali
During Diwali, electronics, automobiles and apparels dominate the share of businesses around the country with a shopping 52%. Apparel products sales take place and every individual spends 20% additional for various celebration reasons.

5. Kite festival
The International Kite Festival, Uttarayan, in January, generates about ₹ 500 crore business in the country with a large part of it in Gujarat, Uttar Pradesh and Delhi. Kite festival provides a boost to the kite industry which employs about 6,000 families in Gujarat.

Festivals bring a breath of fresh air for the economy, separating the pertaining market forces & sentiments of consumers. They provide a great boost to the businesses in the economy. This opportunity needs to be fully exploited by our Indian Manufacturers especially the small-scale producers. The scale of Indian manufacturing needs to increase and we should promote to celebrate swadeshi festivals with swadeshi items.