Overview
India is a land of diversity and rich culture heritage, where festivals are as diverse as the languages of the country. These festivals are not only religiously significant but they also have profound effects on the economy as well. Every occasion in the country is celebrated with zeal and one such festivity with massive economic utility is the pre-Diwali celebrations, Dhanteras.
Every year on Dhanteras the market for various commodities is lit up as consumers purchase commodities with open hearts. The reason for such massive sales on Dhanteras is because of the religious significance. According to the beliefs, buying new things on Dhanteras will bring prosperity and good fortune for the people. Many also invest more in silver and gold as it is seen as a sign of wealth and security. Hence, it is not just an occasion of spiritual reverence but is also of economic significance.
Source: India Today
The Economy Booster
Like every year, this year as well people went on a shopping spree without getting concerned about inflation rates and prices of various commodities. This has been the trend on Dhanteras for previous years as well. Manufacturers and retailers capitalize on the religious sentiment. They roll out a plethora of offers, discounts, and easy finance schemes, making massive purchases more accessible to an average consumer. The resultant hike in sales significantly benefits various industries, the electronics, and automobile sector being the leading ones.
This overall leads to increased employment opportunities, and overall economic growth. There was an increase in demand for cars, gold, silver and electronics again this year. According to the reports, the sales of gold and silver this year is likely to be around 3000 crores across the entire country.
Furthermore, the festivities emerge to provide employment to many as during this time certain businesses hire more people and flourish as well. Many people also get opportunity to sell their own items as well. Artisans, craftsmen through their intricate work on utensils and jewellery and artworks also get their deserved share. As people buy from them, the handicraft industry of the country gets a major boost and it also helps to strengthen the grassroot economy as well.
Source: The Mint
Another reason for the skyrocketing sales this year is because of the ‘vocal for local’ theme as well. As the government is pushing the purchase of more local goods, consumers are also demanding more of the ‘Made in India’ products rather than buying Chinese cheap goods like before which use to occupy 70% of the market till last year.
According to officials from industry body CAIT, this year during Diwali Chinese economy is estimated to take a hit of about Rs 1 lakh crores and nationwide the sales for Diwali is estimated to be around 50,000 crores. But consumers’ enthusiasm resulted in exceeding these estimations as CAIT on 13th Nov, Monday stated that the retail markets across the country registered a total trade of 3.75 lakh crores. The loss to the Chinese goods recorded is more than 1 lakh crores. Every segment from jewellery to clothes witnessed robust buying this year.
Source: Prokerala
Conclusion
Dhanteras is one of the major economic stimulants for the country. It also plays a huge role in promoting the domestic market for various commodities rather than the imported goods. Industries like that of precious metals, automobiles, electronics get benefitted the most and many small seasonal businesses flourish as well.
The festivities for Diwali truly make everyone joyous as it is not limited to individual prosperity but reverberates nationwide. People come together to celebrate this auspicious occasion with zeal and enthusiasm hence, fostering the sense of unity as well throughout the country.
References:
1.Dhanteras sparks record sales across India, predicted to reach 50,000 crores by BW Online Bureau
2.Dhanteras significance and importance by Vaishnavi Parashar https://www.indiatoday.in/information/story/dhanteras-2023-history-and-significance-2460781-2023-11-09
3. Diwali sees record trade of 3.75 lakh crores, says CAIT| PTI
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