The Pushkaralu Festival, a renowned traditional event celebrated every 12 years in India, is currently being observed in Varanasi for a period of 12 days. This specific celebration is referred to as Ganga Pushkaram. The festival’s occurrence is linked to specific planetary transitions involving Jupiter. The significance of the rivers in India is paramount to this festivity, with twelve key water bodies being focal points. Parallel to this, an economic review conducted monthly by the Ministry of Finance underscores potential risks that might impede India’s growth trajectory.
The Ganga Pushkaram
The Pushkaralu Festival, also known as Pushkara or simply Pushkar in various parts of India, is tied to the transition of the planet Jupiter from one zodiac sign to another. The event takes place once every 12 years when such a movement occurs astrologically. Each river in India is linked to a zodiac sign and the commencement of the festival happens when Jupiter moves between these signs.
Regarded as a highly sacred time, devotees visit the relevant holy rivers during the festival to partake in a purifying ritual – the holy dip. The most notable twelve rivers connected with this event are the Ganga, Narmada, Saraswati, Yamuna, Godavari, Krishna, Kaveri, Bhima, Pushkar, Tungabhadra, Sindhi, and Pranahita.
Implications for the Indian Economy
The Monthly Economic Review, disseminated by the Ministry of Finance, serves as a crucial assessment of financial prospects and potential economic risks facing the nation. The attention is particularly drawn towards global financial stability, geopolitical developments, and the impacts of certain environmental conditions such as droughts incited by El Nino.
These elements pose a threat to the Indian economy by lowering agricultural output and increasing market prices. Furthermore, elevated inflation and financial tightening are predicted to inhibit economic growth until 2025. As indicated by IMF projections, global growth is anticipated to decrease from 3.4% in 2022 to 2.8% in 2023.
Impact of Volatile International Crude Oil Market
India’s inflation trajectory could be influenced by the unpredictable international crude oil market. Decisions made by OPEC+ countries are contributing factors to market volatility. These countries have planned to reduce oil output beginning May 2023, causing an immediate surge in crude oil prices.
The supply of certain commodities such as milk and wheat is expected to influence inflation trends as well. An instance of such is the Lumpy Skin Disease (LSD) which has caused a negative impact on milk production. The repercussions of these constrained supplies are likely to augment the existing issues within the country’s inflation trajectory.