The optimism of Indian chief executives isn't the only indicator of confidence in the economy. The worst slowdown in 10 years is unlikely to dent the pomp and circumstance of the annual Ganesh festival in Mumbai.
The celebrations are going to be as big as ever, says Ashok Bhandari, who organises a Ganesh mandal in the Dadar area of Mumbai.
"Getting funding for the Ganesh festival has never been a problem," he says. "Even during recession it is not an issue." Ganesh Chaturthi marks the beginning of the festive season — Eid, Dussehra, Diwali, Christmas are all coming up.
The next few months until the new year could translate into the resurgence predicted in Thursday's ET CEO Confidence Survey, in which more than 40% respondents saw growth and the rupee reviving.
The reasons for this buoyancy? Faith and hope, at least going by the expectations for the Ganesh Chaturthi festival.
Indians don't stint when it comes to religious events or rituals. Second, with elections coming up, political parties are keen on funding public celebrations, even if they don't always get the mileage they want.
"We had so many requests from local politicians this year to put up their banners in our pandals," Bhandari says. "We took a conscious decision to not accept such banners yet they have funded our pandals."
Besides this, contributions to the mandal from local households — anything from Rs 50 to Rs 500 — haven't dropped.
"Since people feel they are sentimentally attached to the idol and the prayers that are held annually in the pandal close to their home, they would continue to contribute this fund even during an economic slowdown," says Mandar Paranjpe, a resident of Pune who has kept up with his Ganesh contribution.
More than 2,000 Ganesh Mandals registered as public organisations in Maharashtra will celebrate the festival either at roadside pandals or local grounds.
Budgets are boosted by a spirit of competition among neighbourhoods and spending by the richer mandals can be in lakhs, even going up to as much as Rs 2 crore. Total turnover estimates are difficult to pin down but are generally held to be in the region of about Rs 200 crore for the 10-day festival in the state. About 10% of the mandals are based in Mumbai and its suburbs, with the main contributors being small traders, businessmen, residents and politicians.
"Since this is a pre-election period, there is no doubt that the sponsorship from politicians will be at a higher level than usual," says MP Bharatkumar Raut, who's closely associated with Mumbai's famous Siddhivinayak temple trust. Though donation amounts are not revealed, it's estimated that political party leaders distribute up to Rs 2 crore to various mandals. Among the more generous political contributors are state ministers Narayan Rane and Chhagan Bhujbal, besides several MPs.
"But even small businessmen and traders are enthusiastic when it comes to the Ganesh festival," says Raut. "Religious festivals are isolated from the nation's economic condition. People will not cut costs when it comes to religious celebrations. So, despite the economic slowdown, now you see a cheerful environment around the Ganesh festival. This may continue till Diwali."
