Indians love celebrating absolutely everything. We just need the slightest push to make the grandest of events for the smallest of occasions. The festival season starts in October with the vibrant Navratri celebrations that is followed back to back all the way to April, where we finally trail off on the festival spree. India's diverse culture, as well as its citizens, has given birth to 51 major festivals that are celebrated nationwide. Out of this, 17 are declared national holidays by the Rajya Sabha. This clearly proves that Indians love to have a good time and spread love in all forms.
Festivals act as stimulants for market forces by promoting a sense of unity in both the economy and society. The sector that looks forward to festivals as much as we do is e-commerce. Last season, India witnessed a competition between Amazon and Flipkart, the two largest e-commerce rivals. Flipkart reported that their sales during the festival season had doubled over the previous year. On the other hand, Amazon reported a 150% increase in sales of smartphones and a 3.7 times sales rate in the significant appliances sector. The data from 2011 states that there are 2.1 million temples in the country, and they receive enormous wealth through donations. Together, temples and festivals strengthen the Indian economy as a whole, foster business, and maintain a balanced budget. So, even though your wishes may not come true when you donate at temples, the country’s wishes are indeed coming true.
Durga puja, the event that kickstarts the festival season, is majorly celebrated in West Bengal. It is a celebration over a prolonged period of time. Through experience, it is evident that more celebrations lead to a more considerable boost in the economy.With a nearly 35% compound annual growth rate (CAGR) Durga Puja produces over Rs 40,000 crore towards Indian business, the majority of which is naturally in West Bengal. Among other countries, companies from France and the US provide event management services in Kolkata to support the festival's whole caravan, including commercials and cultural events at Durga Puja pandals. Over the course of Durga Puja, food and drink sales also brought in a whopping Rs 50–60 crore. Additionally, with lending rates lowered by the new RBI Governor Urjit Patel, the auto and FMCG industries are salivating over the pace at which cash registers will spin this month. September saw a 21% increase in auto sales over the same month the previous year. The belief that it is good luck to make big purchases during this period further boosts this cause.
Every Indian festival causes a significant spike in the unorganized economy. It offers a wide range of job opportunities for small- to micro-level entrepreneurs as well as low-skilled workers in the traditional industrial sector. However, Chinese products are severely hindering this process. India is the largest consumer of Chinese products. We are a market of 72 billion dollars just for Chinese products. Cheaper goods are a primary source of competition for small- to micro-level entrepreneurs who have much lower skill levels than China. ASSOCHAM conducted a survey across the nation and found that 8–10 lakh jobs are being lost as a result of Chinese goods taking over the Indian market just around Holi. Here is where Narendra Modi’s Make in India campaign should play a role. If we continue supporting these small businesses to the extent they deserve, the chances of the tables completely turning for the Indian economy are incredibly high.
We have the world's highest number of public holidays each year, guaranteeing annual growth in our GDP. As we revel in the festivities, let us also reflect on the power of collective action in fostering prosperity and preserving our cultural heritage for generations to come.
Picture Credits: https://images.app.goo.gl/nE8wSNtutP2d8yyQA
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