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Diwali, the Festival of Lights, is one of the most significant public holidays in India, leading to widespread market closures. Economically, it marks a period of peak consumer spending, particularly in retail, electronics, and automobiles. It is also traditionally the most important period for gold demand in India, as purchasing precious metals is considered auspicious.
The date is determined by the Hindu lunar calendar, falling on the 15th day of Kartik. Economic impact is measured through retail sales data and gold import figures during the festive season.
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