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LATEST NEWS UPDATES | Understanding the Durga Puja economy -Atanu Biswas

Understanding the Durga Puja economy -Atanu Biswas

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published Published on Oct 3, 2022   modified Modified on Oct 3, 2022

-The Hindu

Brisker Puja sales may not implicate a better economic climate in West Bengal

There is added enthusiasm in the celebration of Kolkata’s Durga Puja after its inclusion as the 14th entry from India in UNESCO’s ‘Representative List of Intangible Cultural Heritage of Humanity’ last December. But like most major festivals, Durga Puja is not just a cultural extravaganza; it is an economic lifeline for West Bengal.

But do we have reasons to be rejuvenated? Durga Puja is a gigantic event and an opportunity for millions to earn their livelihood. People spend generously by shopping, eating out and travelling. Annual festivities like the Rio Carnival, Japan’s Hanami, Munich’s Oktoberfest and Pamplona’s San Fermín and New Orleans’ Mardi Gras festival are estimated to contribute 1.35%-2.25% of the GDP to the corresponding economies. What about Durga Puja?

The Durga Puja economy

Unfortunately, there are scanty studies to estimate the Durga Puja economy due to its multidimensional character. Activities go on through the year and include a mind-boggling combination of festivity, artistry, culture, entertainment, shopping, and food and drink. This makes the Puja truly unique. A 2013 ASSOCHAM study estimated the size of the Durga Puja industry at 25,000 crore, around 3.7% of West Bengal’s GDP at that time. And it projected a compound annual growth rate (CAGR) of about 35%, which was much higher than that of West Bengal’s GDP. Understandably, such a huge CAGR is unlikely to continue for long. Also, we had the pandemic ravaging the world in between. So, it is never easy to quantify today’s Puja economy.

A recent British Council study focused on 10 creative industries and indicated that a 32,377 crore creative economy, accounting for 2.58% of the State GDP, was generated during the 2019 Durga Puja in West Bengal. But this may be a much-curtailed picture — the study itself points to several sectors such as the unorganised retail market that “will add to creative worth” significantly.

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The Hindu, 3 October, 2022, https://www.thehindu.com/opinion/op-ed/understanding-the-durga-puja-economy/article65962746.ece?homepage=true


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