Festivals turn the business and economic cycle of the country, every year the business of pilgrimage places and weddings is Rs 25 lakh crore.
This Diwali festival’s huge sales in markets across the country have given a new dimension to the Indian economy and proved how festivals in India turn the business and economic cycle of the country. Giving the name of Sanatan Economy to this dimension, CAIT said that celebration of festivals is very important for the business of the country and that is why businessmen of India make special arrangements in their shops for various festivals happening throughout the year. And do big business especially during festivals.
On the other hand, festivals also provide huge opportunities for employment and business across the country, which strengthens the economic side of the middle and lower classes. According to an estimate, this business of Sanatan Economy in the country will be around Rs 25 lakh crore every year, which is about 20 percent of the total retail business of the country.
National President of Confederation of All India Traders (CAT) BC Bhartia and National General Secretary Praveen Khandelwal, while explaining the Sanatan Economy, said that from Navratri to Diwali, there was a business of Rs 3.75 lakh crore in the mainline retail trade of the country. At the same time, business worth about Rs 50 thousand crores was done during Durga Puja and other festivals around the country. 20-25 thousand crores were spent on the ten day celebrations of Ganesh Chaturthi. These figures are for only three festivals. Similarly, if the purchases made in the markets on many other festivals like Holi, Janmashtami, Mahashivratri, Rakhi are also included, then several hundred lakh crore rupees will be added to the Sanatan business.
Bhartia and Khandelwal said that according to a rough estimate, there are more than 10 lakh temples across the country where huge expenditure is made by the people every day and to this add the expenditure incurred by the devotees visiting the pilgrimage sites in large quantities. So this figure automatically makes the Sanatan economy very important for India. From this it is very clear that due to festivals, pilgrimages etc. in India, a huge amount of money comes into the market cycle which is more than the GDP of more than 100 countries of the world. is also more. He said that this is not a new system but has been going on for thousands of years, the center of which has been the temples, festivals and pilgrimages of the country. It is the oldest wheel of the Indian economy which never stops under any circumstances.
Bhartia and Khandelwal said that as far as employment is concerned, more than three lakh artisans and laborers got work during Durga Puja in West Bengal alone. Due to Ganesh Chaturthi, Navratri, Dussehra, Holi, Sankranti and other festivals, where crores of people get employment, lakhs of people are also able to do small and big business of their own, in which the special thing is that not only the business of shops but also the country A very small section of people, local artisans, artists and domestic workers get huge business, out of which there are lakhs of people whose livelihood depends on festivals.
Both the business leaders said that instead of big figures, if we look at the business of one day of Dhanteras, then 41 tonnes of gold worth Rs 25,500 crore was bought by the Indian middle class in one day. The sale of silver reached Rs 3000 crore. Car manufacturers delivered 55,000 cars while more than five lakh scooters were delivered. Bhartia and Khandelwal said that this is ‘Sanatan Economics’ which is very important for the business of the country and to understand which it is not necessary to be an economist, but it is clearly visible.
Axis Bank was negligent in maintaining customer records, RBI fined
The Reserve Bank of India has imposed a fine of Rs 90.92 lakh on Axis Bank for non-compliance of rules. Similarly, a fine of Rs 42.78 lakh has also been imposed on Manappuram Finance Limited. RBI said in a statement that this has been imposed on Axis Bank due to violation of rules. The Reserve Bank has also imposed a fine of Rs 20 lakh on Anand Rathi Global Finance Limited.
This action on Axis Bank arises from the findings of the statutory inspection for ISE 2022 conducted by the RBI with respect to the financial position of Axis Bank as on March 31, 2022. The investigation revealed several lapses, including, in some cases, the bank’s negligence in safeguarding records related to customers’ identities and addresses.
Pakistan’s economy still fragile, need for support from IMF continues
Pakistan’s acting Finance Minister Shamshad Akhtar said that despite the reforms, Pakistan’s economy remains fragile and the cash-strapped country will have to take more loans from the IMF for some time. This was said in the news on Friday.
According to the news in the newspaper ‘Dawn’, Akhtar also stressed that Pakistan needs to carry out fleet finance reforms to strengthen its economy. “The next International Monetary Fund (IMF) program is very important because the economy has stabilized but is still very fragile,” Akhtar said. “Until we are able to increase exports and domestic resources, we will need another programme.”
He made the remarks a day after concluding the review of the US$3 billion ‘stand-by’ agreement issued by the Government of Pakistan and the IMF along with the staff-level agreement. This agreement has paved the way for Pakistan to get US$ 700 million in the second installment. He said that there is no other option except long-term reforms. Akhtar said, “The country will not survive without it.” We will probably need another EFF (Extended Fund Facility). We will remain with the IMF.