Janmashtami celebrations trigger Rs 25,000 crore business boom across India: Report
By Aishwarya Nair | First Published Aug 27, 2024, 2:02 PM ISTAccording to the Confederation of All India Traders (CAIT), Janmashtami celebrations led to a significant business boost, with transactions exceeding Rs 25,000 crore.
Janmashtami festivities sparked a business boom across the country, with transactions surpassing Rs 25,000 crore, as reported by the Confederation of All India Traders (CAIT). These numbers underscore strong consumer spending during the festival, driven by the lively Janmashtami celebrations, making it one of the most commercially active times of the year.
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Praveen Khandelwal, CAIT's National General Secretary and MP from Chandni Chowk noted that the festival saw substantial sales in various categories, including flowers, fruits, sweets, deity costumes, decorative items, fasting foods, milk, curd, butter, and dry fruits.
According to Khandelwal, festivals like Janmashtami play a vital role in boosting the Sanatan economy, which in turn, contributes to the country's economic growth.
CAIT's National President, BC Bhartia, noted that Janmashtami was celebrated with immense fervor across India, particularly in the North and West regions, where the festivities were marked with great jubilation. This year, Krishna Janmashtami was observed on August 26, with devotees engaging in traditional practices like fasting, and adorning temples and homes with vibrant decorations, including flowers, diyas, and lights.
He pointed out that the Janmashtami celebrations featured several unique attractions, including interactive digital displays, photo opportunities with Lord Krishna, and various other captivating exhibits.
The CAIT forecasted a notable increase in festive trade to over Rs 12,000 crore during this year's Rakhi festival, as stated by Khandelwal. This growth builds upon previous years' trade volumes, which have consistently risen from Rs 3,000 crore in 2018 to Rs 7,000 crore in 2022, with incremental increases in 2019 (Rs 3,500 crore), 2020 (Rs 5,000 crore), and 2021 (Rs 6,000 crore).
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