The global financial crisis has hit badly the festival of lights, Diwali in 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.
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.