Economic benefits Eid-ul-Adha brings

Atiqul Kabir Tuhin | Published: June 15, 2024 19:41:14

Eid-ul-Adha, the second-largest religious festival for people of Islamic faith, will be celebrated with due fervour and solemnity on Monday, June 17. Eid-ul-Adha, also known as the festival of sacrifice, is not only a solemn religious occasion, but also it has immense socio-economic impacts. A significant amount of cash changes hands during this period, initiating a flurry of economic activities. Government and private sector employees receive bonuses, remittance inflow substantially increases, and the wealthy donate zakat. All lead to an increase in money flow within the market that creates additional demands for goods and services. People spend money on purchasing sacrificial animals, new clothing, food, spices, travel, entertainment, and some other goods. This surge in consumer spending yields a much-needed boost to the economy during this challenging period. Some economists, however, are apprehensive that it could further raise the inflation rate.
Economic activities during Eid-ul-Adha encompass and buoy up a wide range of sectors across the spectrum, including buyers, retailers, wholesalers, manufacturers, transportations, labourers, and government revenue collection. The period is indeed a godsend to many. It sees increased demand, leading to higher employment, production, and income, thus driving economic growth and ensuring family income. It is difficult, however, to track the flow of money accurately because the substantial financial transactions that occur during the festival largely go unrecorded. Overall, it's estimated that the size of the Eid-ul-Adha economy is around Tk 700 to 800 billion, with the majority of the monetary transaction revolving around cattle and other livestock sales.
According to the Department of Livestock Services, a record number of 13 million animals have been prepared for sacrifice this year. As an added bonus, the stocks of locally reared animals are sufficient to meet the demand for sacrificial animals. This also proves that the country has come out of the rut of animal import dependence. Local cattle farming have witnessed a boom following India's restriction on export of cows in 2015. Subsequently, numerous far-sighted youths as well as prominent industrialists have shifted their focus to animal husbandry, making Eid-ul-Adha the focal point of their business.
Under the Ministry of Livestock, initiatives such as veterinary services, consultancy, and medical and food supply support have been extended to rural areas, fostering the expansion of hybrid and high-yielding breeds of cattle and goats in Bangladesh.
This development not only significantly bolsters the national economy, but also ensures and fulfills year-round meat requirements in the country. Approximately, 23 million cows, goats, sheep, and buffaloes are slaughtered annually in Bangladesh, with half of them raised specifically for sacrificial purposes.
Furthermore, Eid-ul-Adha marks the main season for procuring rawhide for the country's second-biggest export-earning sector, leather. Approximately sixty percent of the annual requirement for raw materials of the leather and leather goods industry is procured during this Eid.
While the animal business is central, the occasion also causes to spike demand for miscellaneous other goods and services. Butchers are particularly in big demand and can make substantial profit on Eid day, hopping from one location to the next as speedily as they can. They're accompanied by scores of apprentices who learn their skill on the job and apply it later. Additionally, it is an opportunity for some extra income for Imams and Muezzins. The blacksmith community is also energised during Eid-ul-Adha.
Apart from the miscellaneous and substantial benefits Eid-ul-Adha presents to the people, significant revenue is also generated for the government. It collects revenue from leasing animal markets and expatriate workers remit additional money, which adds further momentum to the rural economy and boost the country's foreign reserve. Thus, the feast of sacrifice has an enormous impact on the socio-economic arena. Amidst a plethora of macroeconomic challenges, festivals like Eid-ul-Adha can positively impact the economy and bring joy to all.
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