Janmashtami celebrations trigger economic boom: Transactions surpass ₹25,000 crore mark
According to CAIT, Janmashtami's celebrations resulted in business transactions of over ₹25,000 crore. The festival, particularly vibrant in North and West India, saw increased sales of flowers, sweets, and decorative items, emphasizing its economic importance.
Janmashtami celebrations across India have led to a significant uptick in business, with transactions surpassing ₹25,000 crore, according to the Confederation of All India Traders (CAIT). This surge underscores the robust consumer spending during the festival, marking one of the year's most commercially active periods, ANI reported.
Praveen Khandelwal, CAIT's National General Secretary and Member of Parliament from Chandni Chowk told ANI, “During this significant festival, large-scale sales were observed, particularly in flowers, fruits, sweets, deity costumes, decorative items, fasting sweets, milk, curd, butter, and dry fruits."
He emphasized that festivals like Janmashtami play a crucial role in the Sanatan economy, bolstering the nation's economic health.
CAIT's National President, BC Bhartia, remarked that Janmashtami was observed with great enthusiasm across the nation, with North and West India particularly vibrant in their celebrations. This year, Krishna Janmashtami was observed on August 26, with devotees fasting and adorning temples and homes with flowers, diyas, and lights.
Temples were elaborately decorated, attracting large crowds. Special features of the festival included digital tableaux, selfie points with Lord Krishna, and various other festive attractions. Cities were alive with bhajans, religious dances, and discourses by saints and sages, while numerous social organizations hosted grand Janmashtami events, as per the ANI report.
According to scriptures, Janmashtami falls on the eighth day of the dark fortnight in the month of Bhadrapada, commemorating the birth of Lord Krishna.
CAIT projected festive trade to exceed ₹12,000 crore earlier in the month during Rakhi. In contrast, business during the Rakhi festival was ₹7,000 crore in 2022, ₹6,000 crore in 2021, ₹5,000 crore in 2020, ₹3,500 crore in 2019, and ₹3,000 crore in 2018, as per the report.
Meanwhile, Prime Minister Narendra Modi and Leader of the Opposition in the Lok Sabha, Rahul Gandhi extended wishes on Janmashtami. On X, PM Modi wrote, “Wishing you all a very Happy Janmashtami. Jai Shri Krishna!”
Rahul Gandhi posted, "Hearty wishes and congratulations to everyone on Shri Krishna Janmashtami. I hope that this festival of joy and happiness fills the life of all of you with new enthusiasm and excitement."
(With inputs from ANI)
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Business NewsEconomyJanmashtami celebrations trigger economic boom: Transactions surpass ₹25,000 crore mark
First Published:27 Aug 2024, 10:34 AM IST
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