Fabric of Resilience in Assam

December 8, 2025 1 Comment

I witnessed women weaving change in the villages of Assam through their skills, cultural heritage, hard work, perseverance, and collective will. Standing in a courtyard in Kamrup district, watching a woman at her traditional loom, I was struck by how quietly revolutionary this simple, everyday act truly is. The rhythmic motion of her hands, the steady concentration on her face, and the vibrant threads stretching across the loom were far more than craft; they were a statement of agency, identity, and economic empowerment. In that moment, it became clear that weaving in Assam is not merely a livelihood. It is a living narrative of resilience and progress, written by women who have refused to be left behind.

In much of rural India, the conversation around women’s empowerment often centres on what needs to be ‘given’ to women: access, opportunities, rights, financial inclusion, and public safety. All of these are undeniably essential. Yet what struck me in Kamrup was how much women were already giving to their families, to their communities, and to the preservation of an age-old cultural tradition. Assam’s weaving heritage is legendary, and most rural households have a loom. The women I met weave not only exquisite textiles like Mekhela Chadors, Gamosas, stoles, saris, but also new pathways for themselves, stitch by stitch.

The woman in the photograph, Jonali Das, from Paschim Bagta village, sits on a traditional handloom, made using local materials, framed by a raw brick wall and a sandy earthen floor. Nothing in this setting reflects modern machinery or industrialized production. Yet it reflects something far more important: dignity in work and pride in cultural identity. Her loom is more than a tool; it is a symbol of continuity. Generations of Assamese women have learned to weave from their mothers and grandmothers. The craft is deeply entwined with rituals, festivals, and the wider cultural ethos of the region. In many communities, a girl’s weaving skill is a marker of her readiness for adulthood. It is a quiet but powerful form of cultural education.

But the picture also reveals another truth: despite the beauty and value of these textiles, most weavers earn very little. The informal nature of the craft, the lack of organized supply chains, exploitative middlemen, limited access to raw materials at fair prices, and the absence of direct market linkages keep them trapped in low-income cycles. The fact that such a skilled craftswoman is working in a semi-open shed with bare tools is a reminder that heritage alone cannot sustain livelihoods unless the systems that support them evolve.

What struck me during conversations with the weavers was their clarity. They were not seeking charity. They were asking for fair access to better looms, training on contemporary designs, consistent market demand, and opportunities to sell directly. Their ask was not a transformation from the outside, but an enabling ecosystem that amplifies what they already excel at.

Local institutions like cooperatives, women’s self-help groups, producer companies, and artisan clusters play a pivotal role in negotiating prices, ensuring raw material supply, and aggregating products for larger orders. In Kamrup, I saw tremendous potential for women-led collectives that could own the entire value chain, from sourcing raw silk yarn of Eri and Muga to designing contemporary designs to managing logistics with digital tools. A decentralized, community-owned model would allow profits to remain in the village while giving weavers a bargaining voice.

There is also an urgent need to tell the stories behind these weaves. Consumers today increasingly seek authenticity, sustainability, and connection. Assam’s handloom sector embodies all three. Each Mekhela Chador woven on a traditional loom is not just a garment; it is hours of meticulous labour, generations of inherited technique, and the cultural soul of a community. Yet the lack of branding and storytelling often reduces these textiles to mere commodities. If India can celebrate Banarasi silk and Kanchipuram saris globally, there is no reason why Assam’s weaves cannot enjoy similar recognition, with the right investment, visibility campaigns, and market linkages.

Government programs like the National Handloom Development Programme and Deendayal Upadhyaya Grameen Kaushal Yojana have made efforts to support weavers. But ground realities show that the most impactful interventions are those that engage women directly, respect their lived knowledge, and co-create solutions rather than imposing them. Capacity building must happen in their language, in their community spaces, and at timings suitable to their daily responsibilities.

Most importantly, the narrative around rural women must shift. Too often, they are portrayed as vulnerable, needing rescue. The woman in the photograph, and countless others like her, are not symbols of vulnerability, but are symbols of strength. They run households, care for children and the elderly, manage farms, participate in community activities, and still take out time to weave. Their contribution to the rural economy is enormous, even though much of it remains invisible and unpaid.

As I watched the fabric slowly take shape on her loom, I realised that weaving is also an act of hope. Every thread layered over another is a gesture of belief in tomorrow, belief that their craft will survive, that their daughters will inherit both the skill and the opportunity to thrive, and that their labour will be valued fairly. If India is to build a truly inclusive development story, it must begin by recognising and uplifting such women, not through charity, but through partnership.

In the villages of Assam, women are already weaving change. They only need the rest of us to stop standing on the sidelines and start supporting the revolution they have begun.

(Cover Image: Jonali Das, Pashchim Bagta village, Kamrup rural, Assam)

First published on 20th November 2025 on LinkedIn

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The Whiteboard Mind

November 24, 2025 Leave a comment

In the age of digital tools, where every idea has a place in an app and every plan sits behind a login screen, the humble whiteboard continues to command its own quiet power. For many thinkers, creators, and problem-solvers, it remains the most dynamic canvas, a space where thoughts breathe, flow, and transform. For someone like me who designs projects, plans strategies, brainstorms ideas, and lead teams, the whiteboard and marker pen are not just tools. They are extensions of the mind,  translating abstract thought into visible structure. It’s not nostalgia or resistance to technology; instead, it’s about harnessing a form of thinking that is visual, kinetic, and alive.

There’s a deep psychological connection between movement and cognition. When you draw or write by hand, especially on a large surface like a whiteboard, you activate a different mode of thinking. The body participates in the act of thought. The hand sketches a relationship, the eye follows it, the brain reinterprets it, and new connections emerge almost instinctively.

Typing or clicking on the keyboard keeps the mind linear, confined to lists, bullets, and boxes. But drawing on a whiteboard invites a non-linear form of exploration. You can start anywhere, a square, an arrow, a phrase, and the rest begins to grow organically. This freedom to expand, erase, and rearrange is what makes it such a powerful thinking process. Each line is a possibility. Every arrow, a hypothesis. And each erasure, a moment of learning. When thoughts become visible, they also become testable. A whiteboard externalises the inner dialogue of the mind. It takes ideas that could remain foggy abstractions and turns them into something you can point at, challenge, and reshape.

This visibility is particularly powerful in complex problem-solving or project design. When working through implementation challenges or building systems with multiple moving parts, you can literally ‘see’ the interactions. Causal diagrams, mind maps, and process flows make dependencies clear and highlight gaps that words alone might obscure. You can stand back and see the whole ecosystem, how resources connect, where bottlenecks might occur, or which variables influence outcomes. The whiteboard gives you that clear view while still allowing you to dive into details when needed. It’s thinking at both the macro and micro levels, which is simultaneously intuitive and analytical.

Every creative or strategic process begins in some form of chaos. Ideas compete, assumptions overlap, and clarity hides behind complexity. The whiteboard is where that chaos finds its first structure. Drawing mind maps is often the first step, not because they provide answers, but because they show relationships. From one central idea, branches grow, each representing a sub-theme, a factor, or an alternative. You can add, cross-link, or reframe them without fear of permanence. The visual form allows you to rearrange logic faster than your words can catch up.

Causal diagrams, in turn, help identify the forces at play of what leads to what, what influences what. In project planning, this is invaluable. You can trace dependencies between actions, timelines, or external conditions. You can see where interventions matter most. You can uncover loops, positive or negative, that either amplify progress or create recurring setbacks. In a sense, the whiteboard becomes a mirror of systems thinking. It holds complexity while keeping it human and accessible.

The whiteboard isn’t just a personal tool; it’s a shared language. I often use it in team meetings or group ideation sessions, as it turns abstract discussion into a collective visualisation. People see not only what is said, but how it connects. Misunderstandings surface faster because assumptions become visible. When everyone’s looking at the same diagram, they’re also looking at the same version of reality and not one filtered through individual interpretation.

It democratizes contribution, leading to one common understanding. A quiet team member can point at a link and ask, ‘Why does this connect here?’ or suggest a missing node. Visual representation invites curiosity and challenges hierarchy. It’s no longer about who talks the most, but about what the group sees together. Moreover, it encourages iteration. Unlike digital slides or documents that feel fixed, a whiteboard remains fluid. You can erase, redraw, and refine as the conversation evolves. Every stroke on the board is an act of co-creation. Even with PowerPoint presentations, I often end up on a whiteboard (if available) to explain concepts, flow, and possible results. It has proven to be an excellent tool for scenario visualisations.

There’s also the element of speed. With a marker in hand, you can think and draw at the pace of your thoughts. There’s no formatting, no tabs to open, no distractions from notifications or interfaces. When you’re solving implementation challenges or breaking down a project into actionable components, this speed matters. You can move from problem to hypothesis to possible solution in seconds. The visual rhythm keeps the momentum alive. And because it’s temporary and erasable, there’s less fear of getting it wrong. You can test a scenario, discard it, and move on. This low-cost experimentation fuels creativity and decision-making alike. In fact, the transient nature of a whiteboard is part of its strength. It reminds you that ideas are living entities to be evolved, not preserved.

When designing projects, a whiteboard allows for holistic structuring. You can begin with purpose at the centre, draw out stakeholders, resources, activities, and outcomes, and gradually watch a project take shape like a constellation. At this stage, aesthetics and functionality merge. The diagram is not just a record; it’s a design prototype. You can visualise workflows, timelines, partnerships, and even behavioural change models. Seeing everything laid out helps identify what’s missing and what’s redundant. For ideation, it’s even more liberating. The blank board is an invitation to explore. You might start sketching something unrelated, only to stumble upon an insight that reframes the entire problem. The act of drawing keeps your attention anchored and your imagination open.

Often, my Millennial and Gen Z associates argue that digital whiteboards and collaboration tools replicate all these benefits, but there’s something irreplaceable about standing in front of a board with a marker. Your posture changes, your mind sharpens. The body’s movement through space, stepping back to observe, leaning in to draw, engages multiple senses. It’s immersive in a way screens can’t replicate. A whiteboard has boundaries, forcing you to prioritise. What fits stays, and what doesn’t must be distilled. This physical constraint often leads to conceptual clarity. Maybe the old school professor in me has a bias!

Using a whiteboard and marker isn’t about rejecting modern tools; it’s about complementing them. Digital systems store and polish. Whiteboards create and provoke. For anyone who works on complex projects, leads teams, or solves multidimensional challenges, the whiteboard offers a cognitive advantage as it makes thinking tangible. It transforms abstract reasoning into something you can walk around, discuss, and reshape. It reminds us that clarity isn’t found inside the mind alone; it’s constructed through visible relationships and shared understanding.

For me, the whiteboard is more than a surface; it’s been my live, on-the-spot thinking companion. Every mark carries curiosity; every erasure, humility. It captures not just what we know, but how we learn. To think with a whiteboard is to think in motion. It’s a dialogue between mind, hand, and idea. It’s where chaos meets order, and where clarity emerges, not from control, but from exploration. In a world of digital efficiency, perhaps the most human form of innovation still begins with a marker, a blank board, and the courage to draw what we don’t yet fully understand.

(The cover photo is from a project planning session by me; the central photo is generated using AI)

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Art of Gifting Books

November 3, 2025 Leave a comment

A few of my friends, family members, and a couple of my colleagues gift me books, often on my birthdays, and sometimes in between. I inherited a love for reading from my parents, especially my mother and my grandfather, both of whom have been voracious readers. I received my first book as a birthday gift from my father when I was in school. It was ‘The History of Western Philosophy’ by Bertrand Russel. 

Few gifts in life feel as personal, thoughtful, and lasting as a book. When someone hands you a neatly wrapped rectangle hiding a world within its covers, the gesture means more than just the promise of pages. It carries thought, intimacy, and a recognition of who you are. A book is not merely a gift; it shows understanding. For a book lover like me, it has always represented one of the highest forms of affection, a conversation without words, a silent connection of minds and feelings.

Books reflect both the giver and the receiver. A book requires careful thought, unlike routine gifts like perfume, gadgets, clothes, or vouchers. This act of choosing is intimate, showing familiarity not just with the recipient’s reading habits but also with their inner lives, beliefs, and hidden thoughts. When a friend gives you a book, they often imply, “This reminded me of you.” That unspoken message carries emotional weight. It suggests that they have seen you through the lens of a character, a philosophy, or a poem. It’s like the giver is handing you a mirror showing part of yourself, which possibly one you hadn’t noticed before.

For avid readers, this connection is unmatched as a new book means a new journey and a new companionship. Receiving it as a gift indicates that someone cared enough to guide you toward that path. I have always viewed books as a form of emotional currency. They are not consumed quickly or superficially; they unfold over days or weeks, creating a lasting connection between the giver and receiver. Each time you open a gifted book, you also revisit the memory of the person who gave it to you.

A note inside the cover, like “Hope you love this as much as I did” or “Read and Reflect,” becomes an emotional bookmark for years. Even after the friendship has changed, the note remains, tangible and unforgettable. The book turns into a keepsake of that moment, of that relationship. In this way, books gather layers of meaning beyond their content; they absorb personal histories.

Unlike many modern gifts that can age or fade, books age gracefully. A book received in your twenties might reveal new insights in your forties. A book of poetry shared during a tough year can later offer comfort. In this way, books outlast their occasions; they evolve with the reader. I have re-read several books in my ever-growing collection over the last 20 to 30 years, and each time, I have gleaned a deeper understanding and gained more from the same pages.

Receiving books from family carries a sense of heritage, adding another layer of intimacy and history. Parents who give books to their children often share not just stories but also values and perspectives. When a parent gifts their favourite childhood novel or a worn copy of a classic, it reflects continuity. It communicates, “This shaped me, and I hope it shapes you too.”

Books create a kind of generational dialogue in many homes. A shelf represents a lineage of thought, with dog-eared pages and underlined passages marking the intellectual footprints of those before us. When you receive a book from a family member, you are essentially invited into their memory, to share their inner world for a while. I often have long conversations with my mother about a book, discussing its theme, author, and philosophy. For a book lover, inherited or gifted books become sacred objects. They may have notes in fading ink, dates marking birthdays or milestones, or the faint scent of another home. They are pieces of family history, connected not just by blood but also by shared words and ideas.

Books exchanged among colleagues hold a subtler but equally significant meaning. In professional settings often focused on efficiency and formality, a book gift feels almost revolutionary, reminding us of our shared humanity. When a colleague gives you a book, it usually reflects admiration or intellectual connection. It might be a management classic that inspired them, a work of fiction that echoes your discussions, or a slim volume of essays that reminds them of your curiosity. This gesture crosses the impersonal barriers of the workplace. It conveys, “I see more in you than just your title. I recognise a mind worth connecting with.”

At a time of emails and digital interactions, such gestures feel refreshingly real. A physical book on your desk serves as a reminder of shared curiosity and trust, sometimes sparking discussions that go beyond work. For a book lover, receiving books is like receiving invitations to journeys, friendships, and moments of reflection. The smell of new pages, the design of a cover, and the promise of a new story all bring joy that few other gifts can match. When people give books to an avid reader, they validate and celebrate a part of their identity. It’s as if they are saying, “I respect your passion enough to contribute to it.” 

Book lovers often remember who gave them which book. Their collections become social maps, each title linked to a person, a moment, or a story. That book from a college friend, that poetry collection from a sister, that biography from a mentor—they all combine to create an autobiography of relationships. Every gifted book is also an act of trust. It assumes that the receiver will take the time, reflect, and engage. By giving a book, one offers not instant pleasure but delayed joy. This trust that the recipient will fully experience those pages is deeply personal. Unlike digital or temporary gifts, books require solitude and contemplation. Receiving one gently reminds us of the value of slowing down in a fast-paced world. Perhaps this is why books promote patience, reflection, and empathy.

Moreover, books can be challenging gifts as they can push the reader’s perspectives, encourage new ideas, or even provoke discomfort. A well-chosen book can disrupt complacency while still showing care. This balance between affection and intellectual challenge makes gifting books a refined art. Over time, a personal library becomes a mosaic of gifts and acquisitions, but the gifted ones stand out. They are the volumes we seldom lend or part with. They carry signatures, notes, or memories that root them in our emotional landscape. There’s something almost sacred about rereading a book that once came wrapped in the hands of someone dear to us. The words on the page remain constant, but their meaning shifts as our memories of the giver change. At times, after the giver is gone, the book transforms into a presence, a voice that still echoes in the silence of our shelves.

Therefore, books are not just gifts; they also extend the presence of people. They traverse time, holding fragments of affection, thought, and memory. A gifted book is both a message and a monument as it says, “I thought of you,” and continues to do so long after. For a book lover, each gifted book is a quiet act of love—sometimes romantic, sometimes platonic, sometimes familial, but always genuine. It is a gift that does not fade and grows richer with each reading. In giving and receiving books, we engage in a timeless exchange, not of objects but of selves. Ultimately, every gifted book conveys one simple yet profound message: I see you, and for any reader, there is no greater gift than that.

(Cover Image: Generated using AI)

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Economics of Diwali

October 20, 2025 Leave a comment

As we celebrate the sparkle of Diwali festivities with lights, the Indian economy, too, is glowing with festive energy. Diwali is not only a cultural and spiritual event but also an economic phenomenon that mobilizes consumption, trade, and emotion on a scale unmatched by any other festival in India. It is a festival where faith, finance, and family come together to illuminate not just homes but entire markets.

Diwali blends culture and commerce. Traditionally marking the return of Lord Ram to Ayodhya after 14 years of vanavasa (exile), the festival has evolved into India’s largest consumption cycle. According to industry estimates, Diwali season alone accounts for 30–40% of annual sales in sectors like jewellery, automobiles, electronics, apparel, and consumer goods.

In 2024, India’s festive spending during Diwali week was estimated at INR 3.2 lakh crore, reflecting a 17% rise over 2023, driven by rising disposable incomes, pent-up post-pandemic demand, and digital retail penetration. Retail chains, e-commerce platforms, and even microenterprises depend on this period to recover annual profits. For small traders, Diwali is often the difference between a good year and a bad one. The festival also synchronizes the Indian economy’s emotional rhythm—consumer sentiment peaks as the festival approaches, heightened by work bonuses, gifts, and an almost cultural belief that new purchases bring prosperity.

Two days before Diwali, Indians celebrate Dhanteras, considered the most auspicious day to buy gold, silver, or anything of value. Historically, this practice was rooted in agrarian prosperity cycles during which, farmers who had completed the harvest season invested their earnings in tangible assets like metals. Today, the sentiment remains, but the scale has exploded. The symbolism has migrated from the vault to the marketplace, aligning tradition with modern consumption.

Diwali’s economic landscape has been radically redrawn by digital commerce. In 2024, online festive sales crossed INR 90,000 crore, driven by e-commerce platforms like Amazon, Flipkart, and Meesho. Tier-II and Tier-III cities accounted for more than 60% of new shoppers, an indication that India’s digital inclusion is now deeply linked with its festive economy.

Algorithms have replaced astrologers in predicting purchasing patterns. AI-driven recommendations, influencer marketing, and digital payment ecosystems like UPI have made the act of buying faster and impulsive. While urban consumers enjoy massive discounts, small offline retailers struggle to match online prices. Many traditional businesses like sweet shops, garment stores, and gift outlets are now adapting with hybrid models, selling on WhatsApp or through community platforms. The local bazaar is not dying; it is simply going online.

Behind the glitter of malls and advertisements lies a quieter but equally powerful story of the informal and rural economy that powers Diwali. Across India, millions of artisans, potters, weavers, and small manufacturers depend on the season for a significant portion of their income. From handmade diyas in Bihar to terracotta idols from Bankura, paper lanterns in Maharashtra, and bamboo crafts from Northeastern states, Diwali sustains local creative economies that embody both tradition and entrepreneurship. In recent years, several NGOs and social enterprises have helped rural producers connect directly with urban buyers through digital platforms. For instance, self-help groups (SHGs) supported by government programs like NRLM (National Rural Livelihoods Mission) and private CSR initiatives now sell festive handicrafts on e-commerce sites and social media. The “Make in Village” movement during Diwali is becoming a quiet counter-narrative to imported mass-produced goods. Every diya sold is not just a source of light but a livelihood.

Gifting is central to Diwali’s economic ecosystem. From corporate gift hampers to sweets exchanged among families, the ritual symbolizes goodwill, reciprocity, and status. In 2024, India’s corporate gifting industry was valued at ₹12,000 crore, with strong growth projected for 2025. Beyond sweets and dry fruits, companies now gift experiences like wellness vouchers, eco-friendly hampers, and handmade products to reflect social consciousness and sustainability. The gifting economy also reveals deeper social psychology. Gifts during Diwali are not just commodities; they are currencies of relationship. In economic terms, they create “social capital”, the trust and goodwill that sustain business and personal networks alike.

In last decade or so, Diwali’s environmental impact has come under scrutiny. Delhi is the best (or worst) example of this intense air pollution from firecrackers making the environment unbreathable, plastic waste from packaging, and excessive electricity consumption have led to rising calls for a Green Diwali. The market is responding with conscious choices. In 2025, the sale of eco-friendly crackers and biodegradable decorations is expected to grow by 30%. Solar-powered lighting, organic sweets, and recycled packaging are becoming mainstream. Conscious consumers, especially younger urban Indians, are now demanding sustainable alternatives that align celebration with responsibility. The shift from conspicuous consumption to conscious consumption marks a new chapter in the economics of Diwali, one where prosperity is measured not just by spending, but by sustainability.

However, Diwali’s prosperity is not evenly distributed. Inflation affects the purchasing power of lower-income families who often face higher food and fuel prices during the season despite the recent GST reforms, which has significantly brought down the prices of most of the consumer goods. While the urban affluent splurge on gadgets and gold, many households cut back on essentials.

This divergence reflects the broader K-shaped recovery post-pandemic of the Indian economy, where upper segments surge ahead while those on the lower segments struggle. The festive glow, though radiant, hides shadows of inequality. For small retailers, rising input costs and competition from online giants have squeezed margins. For daily wage earners, the festival may mean temporary income spikes but little long-term security. Diwali illuminates both the promise and paradox of India’s growth story.

At its core, Diwali celebrates renewal of hope, homes, and human spirit. Economically too, it acts as a reset button for the nation’s consumer sentiment. The act of cleaning homes, buying new things, and lighting lamps mirrors the cyclical nature of economic optimism. For policymakers and economists, the festive season is a real-time barometer of demand. For families, it’s a reminder that prosperity is not just about wealth, but about togetherness and gratitude. In many ways, Diwali teaches an enduring lesson in economics that growth is sustainable only when it is inclusive, joyful, and mindful.

The economics of Diwali is not just about expenditure, but it is also about the exchange of energy, emotion, and enterprise. It reflects India’s evolving story of modernization rooted in tradition, digital transformation anchored in ritual, and capitalism softened by culture. The future of India’s festive economy will shine brightest when it balances profit with purpose, growth with gratitude, and consumption with conscience.

Happy and Prosperous Diwali to you and your loved ones!

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Gold Rush

October 13, 2025 1 Comment

As the festive season in India is ongoing, jewellers across India are ready, investors tracking bullion prices, and families waiting eagerly for the most “auspicious” day of the year to buy gold. Dhanteras, celebrated two days before Diwali, has long been associated with the purchase of the precious metal, a tradition believed to bring prosperity and good fortune. Similar buying frenzies occur during Akshaya Tritiya, weddings, Karwa Chauth, and harvest festivals, when gold is not merely an adornment but a cultural marker of wealth and status.

Market reports celebrate the crores spent, but beneath the sparkle lies a complex story of culture, aspiration, and economics. Is festival gold-buying a timeless symbol of financial prudence and cultural continuity, or is it a cycle of consumption propelled by social pressure, marketing, and habit?

India’s love affair with gold is centuries old. From the time of the Indus Valley civilisation to the Mauryan emperors to our modern nuclear families, gold has been a medium of exchange, a store of value, and a token of spiritual significance. For millions, gold is not just metal, it is Lakshmi, the goddess of wealth herself. Dhanteras literally means “the thirteenth day of wealth,” and families believe that buying gold on this day invites abundance.

This cultural reverence made economic sense in a pre-banking era. Gold’s intrinsic value and portability provided a hedge against famine, emergency, and currency devaluation. Rural households, lacking access to formal savings mechanism, used jewellery as insurance and collateral. Even today, India remains the world’s second-largest consumer of gold, with annual demand often exceeding 700–800 tonnes. For many, gold remains the most trusted form of intergenerational wealth transfer.

Yet, today’s festival buying is no longer just about family heirlooms or prudent savings. It has evolved into a multi-billion-rupee economic event. According to trade bodies like the All-India Gem and Jewellery Domestic Council, Dhanteras sales often spike by 20–25% year-on-year, depending on price trends. In 2024, for example, despite gold hovering at record highs of around INR61,000 per 10 grams, jewellers reported robust demand, with many urban consumers opting for lighter designs or digital gold to keep up with tradition.

Specific estimates for festival (especially Dhanteras) sales in recent years help show the proportion of demand tied to ritual buying. During Dhanteras in 2024, around 20-22 tonnes of gold were sold, worth nearly INR 16,000 crore. The full jewellery sector during the festival period saw sales in the INR 18,000-20,000 crore.

The annual figures show India’s gold demand continues to be immense, though shifting in nature,

  • In 2024, India’s total gold demand rose to around 802.8 tonnes, up from 761 tonnes in 2023.  
  • The value of gold purchases in 2024 was estimated at INR 5.15 lakh crore (~US$60-70 billion depending on gold price).  
  • Jewellery demand in 2024 was ~ 563 tonnes, with the non-ornamental purchases (coins/bars) making up ~ 239 tonnes.   

These numbers reflect overall demand, not just festival or Dhanteras purchases, but festivals remain a major driver. The data show that although overall demand has often crept upward in value terms (driven by price inflation), the volume of jewellery demand has at times fallen or stagnated. For example, in 2024 jewellery tonnage demand dropped ~2% compared to 2023 even as value increased.

Targeted marketing plays a huge role. Advertisements link gold to auspiciousness and emotional milestones, “Gift prosperity,” “Secure her future,” “Start your Diwali with gold.” Social media influencers and celebrity endorsements reinforce the message that a festival without gold is incomplete. This creates a powerful psychological loop: buying gold is not just desirable, it is expected.

The Dhanteras gold rush is fuelled by a mix of fear and aspiration. Gold retains a near-mystical aura as a hedge against uncertainty. Global financial instability, inflation, and geopolitical tensions often send prices higher, reinforcing the perception of gold as a “safe haven.” For middle-class families, a few grams bought every year feels like both a celebration and a safety net.

But there is also the quieter pressure of status. Weddings, festivals, and social gatherings often showcase jewellery as a measure of success. The fear of “falling behind” relatives or neighbours can nudge families, especially in smaller towns and rural areas, into stretching budgets and even getting into debt trap to maintain appearances. What was once a hedge against uncertainty can change into a source of financial strain.

From a macroeconomic perspective, India’s gold obsession is a double edged sword. While the jewellery industry supports millions of jobs, from miners to artisans to retailers, it also represents a massive outflow of capital. India imports more than 90% of its gold, spending billions of dollars in foreign exchange each year. Economists have long argued that this “dead investment” locks up household savings in a non-productive asset, diverting funds from sectors like manufacturing, infrastructure, or technology that could generate higher returns and employment.

For individual households, the opportunity cost is equally significant. A family buying gold at festival-time may forgo investing in equity markets, mutual funds, or even bank deposits that could provide compounding growth. Gold prices, while generally stable over the long term, are not immune to volatility as we are witnessing now with gold prices rising to INR 120K+ per 10 grams. The metal offers no dividends or interest; its value lies only in resale or emotional satisfaction.

Beyond economics lies an often-ignored cost, the environmental impact of gold mining. Extracting gold is an energy-intensive process that generates toxic waste and contributes to deforestation, soil erosion, and water pollution. Globally, gold mining is associated with mercury contamination and significant carbon emissions. While India imports much of its gold, domestic refining and artisanal mining also pose environmental challenges.

Consumers rarely connect their festival purchases to these ecological consequences. The cultural narrative of purity and prosperity masks the fact that every bangle and coin carries a hidden footprint. Ethical sourcing, such as recycled gold or fair-trade certifications, is slowly gaining traction among urban, environmentally conscious buyers, but remains a niche segment.

As India’s economy digitises, a quiet transformation is underway. Younger consumers, especially in cities, are exploring alternatives to physical gold. Digital gold platforms, gold exchange-traded funds (ETFs), and sovereign gold bonds (SGBs) allow individuals to invest in gold without worrying about purity, storage, or theft.

These products offer flexibility and sometimes better returns. Sovereign gold bonds, for instance, pay annual interest and are exempt from capital gains tax if held to maturity. Yet they also challenge the cultural core of gold-buying: there is no ornament to wear, no glitter to display, no festive ritual of walking into a jewellery shop on Dhanteras. For many families, the emotional experience is as important as the investment itself. Still, the shift is undeniable. Digital gold platforms have reported double-digit growth during recent festivals, particularly among younger investors who value convenience and liquidity over tradition.

So where does this leave the Indian consumer? To dismiss festival gold-buying as mere superstition would be simplistic. Traditions provide continuity, identity, and joy. For rural households with limited access to financial products, gold remains a practical and trusted savings tool.

But to ignore the economic, environmental, and social pressures embedded in this ritual is equally shortsighted. When a practice once rooted in prudence becomes a compulsive annual expense, it risks becoming a trap. The symbolism of prosperity can mask financial strain, and the celebration of abundance can conceal environmental degradation. Festivals can retain their joy without becoming economic burdens. A few grams of gold bought with intention, rather than compulsion, can honour tradition while respecting modern realities.

Dhanteras will always hold a special place in the Indian calendar. The sight of families entering jewellery shops, and elders blessing the new purchase is undeniably heartwarming. Yet it is worth remembering that true prosperity lies not in the weight of gold but in the wisdom of choice.

As India strides into a digital, climate conscious future, perhaps the most auspicious act is not buying more gold, but buying it mindfully acknowledging its beauty, its history, and its hidden costs. The goddess of wealth, after all, smiles brightest on those who balance tradition with thoughtfulness.

Buy thoughtfully. Celebrate responsibly. Live consciously.

(Cover image generated using AI)

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