Recession and Celebration

Recession is a reality in the current economic crisis. Corporate sector is clueless in managing the trouble.  Job cuts, slashing of salary, reduction in allowances, shutting down units which do not give huge profits, and other ways are followed to ward off the sudden death situation. Common people too face the music with the shooting inflation. How Indians are coping up with this gloomy economic condition? Any scale down in celebrations? The initial results show no reduction in the size of the festivities. With diwali nearing most people are continuing their usual fireworks and gifts exchange. One has to wait and see whether the economic crisis has altered the spending. Last year Rs.500 crores worth of gifts was exchanged.


Shops are making all out efforts to woo the customers. The gold price is coming down from Rs.14,000 to Rs.12,000 per 24 karat 10 gms. Dhanteras – an occasion to buy gold is celebrated with fanfare by the jewelers. The purpose of flashy advertisements about Dhanetras is to tempt the customers to buy gold. Non stop louder advertisements in television channels pull the people towards gold buying. Slowly and steadily they are coming to buy. Investment in gold is attractive due to the slump in stock market and banking sector.


Generally festivals are ought to be celebrated even with borrowed money. Lay-offs and economic crisis are temporary phenomenon which does not tamper with the spirit of the people. One of the important reasons for such undeterred festive mood is that it is suppose to dump the worries and look for bright future. For instance diwali is a festival which welcomes Goddess of money – Lakshmi to home. If one does not have money due to the economic crisis, he or she borrows money and do the grand puja to worship Lakshmi. So that the Goddess becomes happy and showers all the prosperity to the worshipped home.


India has too many festivals. There is no stopping of any celebrations. Durga puja, vijayadashmi and diwali come in a month’s time. After two months, New Year and harvest festivals. In north India, Holi comes in March which is a gala event. Apart from these major festivals there are region specific ones which are equally attractive.


Added to the misery of economic crisis, terrorist attacks during festival seasons have slowed down the spirit of shoppers. Diwali season has been the prime target time for terrorists to plant bombs. The dense packed markets provide chance for terrorists to strike at their will. Continuous terrorist strikes have compelled police to erect more security barriers. The fallout is also on the shopkeepers. This year only 35 whole salers were given license to sell crackers in comparison to 250 last year in Delhi. Breaking all these barriers most of the people are shopping and inspiring others to face the grave situation with confidence.


What does the recession mean for Indians? It is not the one stop shock for all. Recession affects different people differently. Those who have good stock of savings and assets need to worry about this situation. Nearly 35% of the Indian population belongs to this category. Another 30% struggle for everyday living and festivals do not matter for them. The final 35% of the middle category may feel little difficult but not completely out. They are salary class people who get into the routine mode of get credit, enjoy now and pay later trend. Who is finally affected by the recession? Those who lost heavily in the stock market crash and lost jobs in the financial tsunami are ones who faces heat in the diwali season this year.


Still diamond –encrusted watches costing more than a million Euros, Armani scarves, Louis Vutton bags, Mont Blanc playing cards, Vertu phones, golf sets and many more exotic gifts are all doing rounds in the wish list of gift givers.


Recession will come and go. Festive spirit is permanent. It should not be bartered for temporary troubles. Live king size life and enjoy every bit of the festival. Pray to Goddess Lakshmi to crush the crisis and continue to pour wealth. Who knows  will there be any gloom tomorrow?


1 Comment

  1. Tanmoy said,

    +00002008-10-28T08:40:29+00:00312008bUTCTue, 28 Oct 2008 08:40:29 +0000 2, 2008 at 7.27 p10

    I did not know you write such a beautiful blog. I was trying to find a website for SFH and reached here.

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