BUSINESS ECONOMICS - November 1 - 30, 2023

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India is a land of festivals: it celebrates festivals almost throughout the year. Festivals are a significant part of Indian culture, acting as a vehicle for promoting India’s values and emotions. The importance of festivals, however, goes much beyond the social and cultural integration or promoting values and emotions of country as it has a huge impact on the economy. When we think of an economic stimulus, we usually think of increased public spending or monetary easing. But there’s another kind of stimulus that is not announced as one: Festivals. Festivals create a substantial economic boon, generating increased consumer spending, promoting tourism, and supporting various industries. Festivals play an important role in the economic activities of buying and selling goods and services. Durga puja, Diwali, and their preceding weeks are traditionally a period of heightened consumption and investment in India. Demand and sales during this period are often seen as a barometer of the vitality of business and the economy.