Market failure in festival economy

The state's planning needs to look for vibrancy in the economy beyond the festival glitter.

A positive correlation between festivals and enhanced economic activities is almost axiomatically accepted as universal reality. It appears stronger among festivals that fall in the predictable annual calendar of culture and tradition. For example, Christmas and New Year in countries that follow the Gregorian calendar, the traditional lunar new year celebration in China, and a combo of Navaratri (Dussera), Dipawali and Chhath in South Asia mark the most prominent festive seasons.