Ganpati Bappa: Being Vighnaharta for Indian Entrepreneurs

We all are excited for the arrival of bappa and the happiness which he brings along with him! In this blog, we will see how our festive season, primarily starting from the Ganesh festival, acts as an economic boon for our economy of India.

How do we celebrate this festival?

The preparations mainly start from booking our favourite Ganpati idol. We plan the decorations accordingly and buy all necessary stationery and decoration items. Many people also like to purchase gold and silver ornaments for the deity. Finally we buy various sweets from the local store. Have you noticed something? The arrival of bappa creates demand for a wide range of products starting from good artisans to different jewelleries. It is estimated that the demand for festival related services jumps to 52%! The demand for the flowers such as lotus, marigold, and bappa’s favourite , hibiscus doubled during this period.

We Indians usually believe in “auspicious purchasing”. May it be vehicles or electronic gadgets, purchasing during this time is considered as ‘lucky’ and we can see a surge in demand eventhough the prices increase.

According to the estimates of the External Affairs Ministry, around 3.2 crore citizens of India are settled overseas. Our NRI community brings about $100 billion in India, of which the majority is during the festive season. Alone in Maharashtra, there are about 7 lakh registered Ganesh mandals. During this 10 days festival, the economic impact in Maharashtra is about 1 lakh crore rupees! It is estimated that every 1 household amongst the 3, plan to spend more that 10000 rupees during the festival.

If you are planning to start your own B2C brand, starting it from the Ganesh festival could be beneficial for you. In order to fulfill the high demand, there is significant increase in the capital investment, creating opportunities for budding entrepreneurs and skilled labour.

If you are a student, it is your responsibility to make sure that during Ganesh festival, your household will preferably purchase from the local store. Before the Covid 19 pandemic, China used to export over 15000 crore worth of festive products to India. We can see a significant decrease in this trend.

I believe that Micro , Small and Medium enterprises(MSME’s) should benefit from the festival. Next time while having your favourite Ukdiche modak, brainstorm on how you could benefit from this festive economy next year.

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