Festivitieshave got vital place in Indian heritage. Versatile festivals can be seen indifferent religions or in Hindu itself there are different festivals fordifferent cause.
However people used to celebrate all festivals for happy and prosperous.In ancient India people used to celebrate festivals everyday but financialcrunches has cut downed celebration from 365 days to 10 to 20 festivals. Afterglobalization festivals economy moved to multinational companies and expandedtheir market and created boom of purchasing during festival time, also theycreated new festivals for the sake of marketing. In this article researchertried to focus more on, how globalization has created new vistas for festivalsand how they get monetary benefit out of it, how households suffer financiallyfor doing high purchase through online or offline. Keywords:Festivals,globalization, celebration, financial crunch Introduction:Festivalis a day or days of celebration of an organized series of cultural and socialconcerts or to remember an event to promote the cultural heritage of thesociety. When any festival comes, we are very happy and prepare it well bywhite-washing as well as decorating our houses and putting on festival dresses.
Inthe basic sense, the word globalization refers to the adoption ofliberalization of foreign exchange restrictions, open and unfettered tradingmarkets, etc. As a result the world is considered as a ‘global village’. Being a complex phenomenon, it has severaldimensions like political, technological, human, environmental, cultural, etc.It meant for improving business activities across the globe through the processof socialization of the people. In aformal literary context, it is also defined as the spread of new forms ofnon–territorial social activity. It alsoimpacted on Indian culture through the effect of globalization peopleinterstate and international more migration can be seen out of thismulticulturalism aroused across world. However India is a land of numerousfestivities after globalization in India corporate world used the festivitiesto improve their market sales, therefore there financial gaining will be more (Manjunatha, 2014).The current paper entitled, “Globalization Impact on festivaleconomy in India” focuses on the phenomena of globalization which has broughtcheers in the lives of the people.
It has opened new vistas of employment. The culturalheritage of India is connected through networks. These networks lead to theinternationalization of cultures along with food habits, dress habits, lifestyles, etc. Objectives of the study· Toprobe in to economy revolving withfestivals· Tounderstand impact of globalization on festival economy in IndiaThere are, however, limits to how muchmiddle-class consumption can drive macroeconomic growth in India’sinvestment-starved economy.
Paradoxically, in India even as consumption remainsreasonably robust, growth in long-term investment has not yet reached a levelthat would sustain nine per cent growth. One view is that it can helpstrengthen the microeconomic foundations of macroeconomic performance by goingeasy on interest rate hikes, thereby bringing some cheer to the markets. Achanged mood among investors in the short term may help boost investmentprospects in the medium term. It is, however, not a convincing argument and thecentral bank may have good reason to ignore the idea (Baru, 2014). It’s perfectly fine if you don’t havetime to read this column, busy as you may be getting that best deal out of theshopping festivals run by e-commerce sites.
It is not just the Flipkarts andAmazons that are hoping you will shop till you drop, but the entire economy.You see, the economy banks on festivals to boost its GDP numbers. As we enterthe official festival season of the year, the conditions are conducive toincreased spending, despite skirmishes on the border. Flipkart earned 1,400crore on the first of its Billion Days, the highest sales it has recorded in aday The new RBI Governor, Urjit Patel, has sweetened the deal by loweringinterest rates, and companies in auto and FMCG sectors are salivating over thespeed at which cash registers will roll this month. Auto sales were already up21 per cent in September, compared with last year. (Thomas, 2016).
Indian festivals haven’t changed a lot as yet, though some influences can be found. Many festivals have gone globalthough, as a lot of Dussehra’s, Diwali’s, and Ganesh Chaturthi’s are celebratedabroad by the diaspora. Many locals attend these festivals as well, and get tolearn about Indian religious events. But here’s a change within the countrythat’s quite a surprise. People are celebrating many more international eventsnow such as Friendship Day, Valentine’s Day, Christmas, and even Father’s Dayand Mother’s Day (Bose, 2014) These events hardlyhad any relevance in Indian society even a couple of decades back.
Due toglobalization corporate companies have introduced new festivals to occupyIndian market, however somewhat they achieved to get more financial flowinvolving with festivals. Americanfestivals like Valentines day, Friendship day etc. are spreading across India.We pray to God/Goddess to guide us in the right path and tomake us pure, good and prosperous. However, in celebrating a festival, we, thepeople, spend a huge amount of money unnecessarily and on expensive things. InManipur, there are many communities, and that’s why it has a composite culture.
In the present era of globalization has gained significant role especially fromthe last 15 years. People present gifts in a luxurious way. During festival, the prices of essential goodsare sky high. However, things arecontinuously bought. Children and their parents themselves also buy new andexpensive clothes and things. Transportation and roaming of people duringfestivals lead to over exploitation of fuel (Wahengbam, 2014).
However it can be seen festivals creates corporate economy through morepurchasing by people but when it comesto household economic it was found that those who are poor to have morefinancial vulnerability through performing series of festivals.Conclusion:Globalization denotes ‘more spending indicates more earning’people should spend more in turn creates financial crunch. Those who are getconnected with media that may be social media, mass media they attract verymuch for luxury items especially urban dwellers.
One research shows total 15 percent ofearning of people will be spent for the festivities that can not yield benefit.Also people take debt from banks and MFI’s and spend for festivities ittroubles in repayment of the debt and creates debt traps, thereforeglobalization turned in to boon for corporate and bane for households of India.