It's the equivalent of Christmas in India today, and so a big day of celebration across the sub-continent.
The recent global financial crisis has not left India untouched, and this post by Asit Barma, on the current mood on the ground in India, is worth noting:
The lights and candles did not seem to have ushered in much hope of recovery."
We too may have a similar mood to look forward to as we approach the big holidays in late December. But regardless of the ups and downs of the markets and the economy, one needs to keep in mind the bigger import of these celebrations. As Asit continues to note in his post: