Economic slowdown impacts Diwali celebrations in India

Mumbai: For   Indian   executive   Bibhas   Chakraborty , Diwali used to mean shiny expensive gifts from business associates keen to use the auspicious — and spectacular — Hindu festival to deepen ties. Now it’s mostly sweets and nuts.
As Asia’s third-largest economy battles waning consumer demand, extravagant corporate gifts risk becoming a thing of the past, leaving many worried that this weekend’s festival of lights — and presents — is losing its lustre.
“Earlier, the quality of gifts we received was higher and often included gold and silver-plated picture frames or bowls. But now, with the economic slowdown, that’s all changed,”  Chakraborty , a Mumbai-based 48-year-old, told AFP.
“The joy of opening wrappers to find surprising items has been replaced with the usual sweets… which has taken the sheen off the festival somewhat.” India’s corporate gift industry usually works overtime in the run-up to Diwali to meet a surge in demand — with the annual ritual seen as a convenient way to nurture business relationships while avoiding accusations of outright bribery.
But in Mumbai’s busy Mangaldas market, a street lined with shops offering festive discounts, third-generation entrepreneur Jatin Shah is a worried man.