Article Abstract
International Journal of Advance Research in Multidisciplinary, 2023;1(2):01-07
A study on the beneficial economic effects of festivals on the Indian economy
Author : Dr. Ramesh T Pote
Abstract
According to Rajya Sabha, India is a nation with a variety of cultures and religions. There are 17 national holidays among the 51 festivals that are celebrated there each year. Ganesh Chaturthi was already observed in this month, September, and the festival season has already begun. All these festivals boost consumption and serve as a leading indicator for the coming year, India's festival season from September to November has a significant impact on the economy. Consumers should indulge in, and companies ought to take advantage of the opportunity to boost sales by directing greater numbers of customers in the right direction in pursuit of significant and alluring discounts and promotional offers. Small-scale industries, which are dependent on festivals in both the primary and secondary sectors, are boosted by festivals and assist in stimulating the growth of indigenous production temporarily. People spend plenty of money on gifts, sweets, decorations, and other celebration-related things during the festival, which is also a significant economic event and supports local companies. The purpose of this research is to study the economic advantages of Indian festivals and how they relate to Indian culture. Due to increased consumer demand, many economists believe the festival season to be beneficial to the economy.
Keywords
Business, consumption, cultures, festival season, gifts, religions, sweets