Let’s Also Light Up the Homes in Darkness

The stark disparity between the rich and poor become more apparent than ever before in the festive season. Visualise the wealthy, dressed in their finery purchasing festive trinkets, earthenware or decorative balloons at a Diwali mela or the local bazaar that has dressed up for the festival. 

A recent World Bank report revealed that 129 million Indians live in extreme poverty, struggling to make their ends meet. This staggering number highlights the stark economic disparities that persist in India, even as its gross domestic product (GDP) grows at a startling pace. India is at the moment the fastest growing large economy that chalked a GDP growth of 8.2 per cent in the 2023-34 financial year.

A recent survey by Disney+ Hotstar showed that the festive budgets of Indian consumers had increased by 47 per cent year-over-year (yoy). Highlighting the enthusiasm among consumers, the report stated that seven out of ten are planning to increase their spending this festive season. Another report by LocalCircles in September had predicted that urban India would spend USD 22 billion during the festive season of 2024.

As the season of festivals envelops the country and those who can, indulge in luxury fare  and experiences, the poverty of that half of the nation that has been left behind, becomes more apparent. Through this season of excesses, many million Indians will struggle to access basic necessities. 

Economists have argued that inclusive economic policies and targeted social welfare programmes are crucial for addressing poverty and more focus on healthcare, skill development and education can help bridge the gap between the rich and the poor.India’s dream of blossoming into Viksit Bharat by 2027 could scarcely be fulfilled without that mantra of inclusive growth.

Happy Diwali!