Ganesh Chaturthi: A Festival of Devotion and a ₹50,000 Crore Economic Powerhouse for Mumbai

Ganesh Chaturthi – a festival that not only fills Mumbai with devotion but also fuels its economy in a big way. This isn't just about prayers and festivities; it's an event that significantly boosts various sectors of the city's economy.

Over 200,000 Ganesh idols are created every year in Mumbai alone. From the small ones that grace our homes to the gigantic icons that dominate public pandals, the market for these idols is a staggering ₹500 crore. That’s not just devotion, that’s big business.In 2023, the idol-making industry in Mumbai reached a valuation of ₹600 crore, with a growing shift towards eco-friendly options.Then there are the decorations – the heart of every pandal.

Across Mumbai, the budget for these elaborate setups exceeded ₹1,200 crore. Many of Mumbai's iconic pandals don’t just draw crowds; they drive significant economic activity.Lalbaugcha Raja, one of the most famous pandals, reportedly spent around ₹2 crore on decorations alone.

The GSB Seva Mandal, known for being one of the richest, spent around ₹3-4 crore, including insurance coverage for the event.On the donations front, Lalbaugcha Raja alone collected donations close to ₹25 crore in 2023. Across the city, total donations to various pandals exceeded ₹350 crore.Corporate sponsorships also play a key role, adding another ₹150 crore to the mix.

Major brands see this festival as a prime opportunity to engage with a massive audience.And it’s not just about spending; it's about creating jobs. Over 10,000 artisans and workers in Mumbai depend on the months leading up to Ganesh Chaturthi for their livelihoods. It’s an economic lifeline for many.But Ganesh Chaturthi isn’t just for locals. In 2023, over 3 million visitors came to Mumbai for the festival. Hotel occupancy rates increased by nearly 40%, with premium hotels almost fully booked. The tourism and hospitality sectors contributed an estimated ₹600 crore to the local economy during the festival.Even the humble modak saw sales of around ₹60 crore in 2023.

Retailers across Mumbai experienced a surge in business, with festive shopping for clothing, jewelry, and other goods contributing approximately ₹1,200 crore to the economy. A Moneycontrol report quoting sources says that the economic activity revolving around this 10 day festival hovers around 45,000 to 50,000 crores.

So, as you celebrate Ganesh Chaturthi, remember – it’s not just a time of devotion, but also a powerful engine of economic growth for Mumbai.

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