Diwali of 2013 has just gone past and I was wondering, the Hindu and the Jain community not only celebrate it as a religious festival but a festival of wealth and economics.
Festival of wealth...yes indeed. Although the story of Diwali has its roots in the return of Lord Ram to Ayodhya after defeating and killing Raavan, so where to the goddess of wealth Laxmi comes into the picture, or why is the god of business wit- Ganesh prayed during Diwali.
Before we explore this concept - Let's understand the concept of a Financial Year.
Today the world follows the Gregorian calendar that begins on 1st January and ends on 31st December. In many countries the financial year is different from the calendar year - Majority have the 1st April to 31st March cycle (commonwealth countries particularly).
Formal account keeping and banking began in England on the onset of the Industrial Revolution in the late 17th century. Looking at the weather and festivities of Christmas involved on the turn of the year, the financial year change was adjusted to some other more neutral part of the year, where the weather is fine and there are hardly any long vacations.
1st April (now known as Fool's Day) was chosen to do the honours.
And so it filtered down to almost all the colonies of Britain and is still followed in a similar way in many places.
In India, after Independence, a lot of administrative standards were carried forward from the British system and so was banking and financial cycle. 1st April to 31st March stuck to us too.
So here is the deal, before the industrial revolution, India was still observing a separate financial year cycle other than its own calendar. The annual calendar before Gregorian in India was Saka, followed by the Islamic Calendar, and yet the Financial calendar turned on Diwali.
Well, this has no religious roots. It's all because of Monsoons and the agriculture cycle of India. Yes indeed.
Have a closer look. People who know the agricultural cycle of India, and especially the Northern Plains (to be noted -the fanfare of Diwali is much greater in the Northern part of the country than anywhere else) know about the two crop seasons - Rabi and Kharif.
Both the crops are harvested before Diwali and then followed by Monsoons. During and just after the monsoons the sowing begins for a harvest after the winters. Diwali is a relatively free time to consolidate the money earned during the harvest and the sales done somewhere after the Monsoons.
It is the time for closing the account books and renewing them for the new crop seasons. Well, Diwali is a little late and leisurely for doing the accounts but it must be chosen for being an auspicious time. After all, it is Diwali.
It is to be considered that India has been an agrarian society for the major part of its History and many activities are in and around the crop seasons.
With bulging pockets and the beautiful weather approaching, India's Financial year changes. Well, now it is not the official Financial Year, but a symbolic one, yet the traditional businesses do follow this practice religiously.
Diwali is the festival of prosperity and wealth.
Let's know another concept of worshipping the goddess of wealth.
Goddess of wealth Laxmi is the companion of Lord Vishnu, and Ram was the incarnation of Vishnu. Ram's return to Ayodhya brought Ram Rajya (Ram's Reign) which was the golden period of the Kingdom. Ideal ruler and ideal socio-economic conditions. A lot of Laxmi indeed, because of Ram's reign.
So Ram brought not only a just rule but wealth and happiness to his subjects. He filled their lives with lights.
Financial year has changed, and the business begins after the festivities.
Festival of wealth...yes indeed. Although the story of Diwali has its roots in the return of Lord Ram to Ayodhya after defeating and killing Raavan, so where to the goddess of wealth Laxmi comes into the picture, or why is the god of business wit- Ganesh prayed during Diwali.
Before we explore this concept - Let's understand the concept of a Financial Year.
Today the world follows the Gregorian calendar that begins on 1st January and ends on 31st December. In many countries the financial year is different from the calendar year - Majority have the 1st April to 31st March cycle (commonwealth countries particularly).
Formal account keeping and banking began in England on the onset of the Industrial Revolution in the late 17th century. Looking at the weather and festivities of Christmas involved on the turn of the year, the financial year change was adjusted to some other more neutral part of the year, where the weather is fine and there are hardly any long vacations.
1st April (now known as Fool's Day) was chosen to do the honours.
And so it filtered down to almost all the colonies of Britain and is still followed in a similar way in many places.
In India, after Independence, a lot of administrative standards were carried forward from the British system and so was banking and financial cycle. 1st April to 31st March stuck to us too.
So here is the deal, before the industrial revolution, India was still observing a separate financial year cycle other than its own calendar. The annual calendar before Gregorian in India was Saka, followed by the Islamic Calendar, and yet the Financial calendar turned on Diwali.
Well, this has no religious roots. It's all because of Monsoons and the agriculture cycle of India. Yes indeed.
Have a closer look. People who know the agricultural cycle of India, and especially the Northern Plains (to be noted -the fanfare of Diwali is much greater in the Northern part of the country than anywhere else) know about the two crop seasons - Rabi and Kharif.
Both the crops are harvested before Diwali and then followed by Monsoons. During and just after the monsoons the sowing begins for a harvest after the winters. Diwali is a relatively free time to consolidate the money earned during the harvest and the sales done somewhere after the Monsoons.
It is the time for closing the account books and renewing them for the new crop seasons. Well, Diwali is a little late and leisurely for doing the accounts but it must be chosen for being an auspicious time. After all, it is Diwali.
It is to be considered that India has been an agrarian society for the major part of its History and many activities are in and around the crop seasons.
With bulging pockets and the beautiful weather approaching, India's Financial year changes. Well, now it is not the official Financial Year, but a symbolic one, yet the traditional businesses do follow this practice religiously.
Diwali is the festival of prosperity and wealth.
Let's know another concept of worshipping the goddess of wealth.
Goddess of wealth Laxmi is the companion of Lord Vishnu, and Ram was the incarnation of Vishnu. Ram's return to Ayodhya brought Ram Rajya (Ram's Reign) which was the golden period of the Kingdom. Ideal ruler and ideal socio-economic conditions. A lot of Laxmi indeed, because of Ram's reign.
So Ram brought not only a just rule but wealth and happiness to his subjects. He filled their lives with lights.
Financial year has changed, and the business begins after the festivities.
