Karva Chauth 2023: Tradition Meets Economic Boom

The festival of Karva Chauth, a blend of tradition and economic activity, is set to generate Rs 22,000 crore in business across India, surpassing last year's figures. The campaign 'Vocal for Local' bolsters domestic goods sales, boosting markets with lively shopping for traditional and festive items.

The Karva Chauth festival, deeply embedded in Indian tradition and spirituality, is poised to become a major economic event this year, with projections of Rs 22,000 crore in business across Indian markets. Celebrated on a dedicated Sunday, it holds significance for married women who fast and pray for their spouses' longevity and well-being.

This year's festivities are expected to outpace last year's Rs 15,000 crore mark, in a clear sign of growing consumer enthusiasm. Member of Parliament Praveen Khandelwal attributes the economic uptick to Prime Minister Narendra Modi's 'Vocal for Local' initiative, which promotes the purchase of domestically manufactured goods.

Over the past week, markets nationwide have been buzzing with activity as shoppers prepare for Karva Chauth, purchasing clothing, jewelry, cosmetics, gift items, and puja essentials. In Delhi, a key center for this festivity, economic contributions are projected to be significant, with expected sales reaching about Rs 4,000 crore. Items associated with Karva Chauth, such as jewelry, traditional wear, sarees, and religious items including Karva pots and lamps, are in high demand. Additionally, silver Karvas have made their debut and are anticipated to see brisk sales.

Henna application, seen as auspicious during the festival, has witnessed increased demand, with markets and temples crowded with women seeking decorative designs. Connaught Place's Hanuman Temple in Delhi has emerged as a popular location for henna enthusiasts, complementing fully-booked beauty parlors and private sessions. This surge offers henna artists a profitable opportunity.

Besides boosting retail activity, Karva Chauth also acts as a preparatory stage for the imminent wedding season beginning in November, spurring initial gold jewelry purchases. Consequently, this festival serves as an early stimulant for the bridal market.

(With inputs from agencies.)