» Business » Global financial crisis hits Mumbai Diwali

Global financial crisis hits Mumbai Diwali

Source: PTI
October 27, 2008 17:14 IST
Get Rediff News in your Inbox:

The global financial crisis has hit badly the festival of lights, Diwali inĀ India's financial capital, with the increased price of various commodities including fire crackers, sweets and other commodities.

With the plummeting stock market and financial crisis in the market, the festive mood of the people has also gone down as it was evident from the restrictive buying of the essential items for the season.

Mumbai celebrates Diwali for four days starting with Dhanteras (It is considered as an auspicious day for shopping gold and utensils), Diwali, Lakshmi Puja, the most important day of Diwali celebrations.

Hindu homes worship Lakshmi, the goddess of wealth and Bhaubeej (On this day, brothers and sisters meet to express their love and affection for each other).

From all accounts, the celebrations this year are set to be quite muted.

The shopping-spree that usually precedes Diwali has reportedly been quite unimpressive this year, as both individuals and corporations are spending less on gifts, or even fire-crackers, in an uncertain global economic environment.

Retailers are bemoaning the higher-than-usual inventories of unsold goods ahead of the festival, according to reports.

Get Rediff News in your Inbox:
Source: PTI© Copyright 2023 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.

Moneywiz Live!