Diwali gift to friend US.

In September 2023, "New data shows approximately 70% of Indians are ready to spend more this Diwali, representing a marked 35% increase from last year," as "The planned increase in consumer spend is led primarily by customer's bullish view that their financial situation has improved (53%), and consumers' eagerness to celebrate a lot this year (49%)." ET. In November, "Anticipating a significant uptick in consumer spending, the Confederation of All India Traders (CAIT) has projected that the Diwali festive season in India will see sales surpassing Rs 3.5 lakh crore (Rs 3.5 trillion)." CNBC. Not just in India. "Diwali's profile is growing, particularly in the United States." "Now, as it gains national recognition, US merchants are increasingly embracing Diwali, the Hindu festival of lights, for its commercial potential." BBC. But even as the upper classes celebrate, "Amid reports of an emergency fund release of Rs 10,000 crore (Rs 100 billion) for the Mahatma Gandhi Rural Employment Guarantee Scheme, economists expect an additional Rs 25,000-30,000 crore (Rs 250-300 billion). The allocation for the scheme in the Union budget 2023 was Rs 60,000 crore (Rs 600 billion)." BQ. The scheme guarantees employment for 100 days in a year to the rural poor to tide over periods of unemployment. wikipedia. It's a kind of unemployment benefit. Thus, while those who have money celebrate Diwali, rural joblessness has increased. "Data from the Periodic Labour Force Survey, released last month showed that daily earnings of casual workers in rural areas fell from Rs 408 (July to September 2022) to Rs 388 (April to June 2023). During this period, monthly incomes of the self-employed - which include small retailers and farmers, among others - fell from Rs 12,791 to Rs 11,612." To add to that, "Rising food prices chipped away household earnings, leaving less funds for discretionary spending," wrote Sayantan Bera. But, does consumer spending really increase during the festive period of September of November and does it help the economy? Spending does increase by 1-3% but this is not significant. Further, "RBI analysis of monthly card spending over the years shows that, on average, spending in October does rise about 5.6% above what is 'normal'. But interestingly enough, it is preceded by a sharp slide in September to almost the same opposite degree." Mint. Clearly, people defer their spending, especially for durable goods, to the festival season which is considered auspicious. The festival period is preceded by a period of Shradh when Hindus pay homage to their ancestors and observe austerity. Curiously, additional spending for Diwali probably helps the US economy more because they still have Thanksgiving and Christmas, the major holiday season, to come. "Shoppers are expected to spend a record amount of money this holiday season, including billions more compared to last year, according to the National Retail Federation." CBS. Any help to the US is our duty. After all, "United States and India as among closest partners in the world." (White House).