Karva Chauth to boost India's economy by ₹22,000cr: Here's how
What's the story
The upcoming festival of Karva Chauth is set to give a major boost to the Indian economy.
This year, the nationwide business pertaining to the festival is expected to touch ₹22,000 crore.
The figure marks a whopping increase from last year's ₹15,000 crore.
The increase in consumer activity and excitement for the festival is fueling this growth.
Cultural significance
Aligning with PM Modi's 'Vocal for Local' campaign
Karva Chauth, a festival rooted in Indian culture and spirituality, is celebrated across the country. It includes a day-long fast and prayer for the well-being and longevity of spouses.
According to MP Praveen Khandelwal, the festivities also coincide with Prime Minister Narendra Modi's "Vocal for Local" campaign.
The initiative promotes the use of domestically produced goods, further boosting local businesses this festive season.
Economic contribution
Delhi expected to contribute ₹4,000 crore to festive economy
Delhi, the nerve center of Karva Chauth celebrations, is expected to contribute a major chunk to the economic boom.
The sales in the capital city are expected to touch around ₹4,000 crore.
The shopping spree involves a range of items related to the festival including jewelry, ethnic wear, cosmetics, sarees and religious items like Karva pots and sieves.
Market trends
Silver karvas and henna application gain popularity
This year, silver Karvas have hit the market and are likely to be in great demand. Further, the tradition of henna (mehendi) application has gained immense popularity.
In Delhi, Connaught Place's Hanuman Temple has emerged as a popular destination for mehendi application.
The festival not only revives retail activity but also paves the way for the upcoming wedding season with many shoppers ordering gold jewelry.