Pakistanis likely to spend 24 mln USD on Eid festival

[Zibago]

Pakistanis likely to spend 24 mln USD on Eid festival
Source: Xinhua| 2018-08-20 15:03:04|



ISLAMABAD, Aug. 20 (Xinhua) -- People in Pakistan are likely to spend over 24 million U.S. dollars on the forthcoming festival of Eid-ul-Adha to be marked on Aug. 22-24 in the country, officials said Monday.

Malik Sohail Hussain, chairman coordination of the Federation of Pakistan Chambers of Commerce and Industry, told Xinhua that during Eid days the largest economic activity in the country happens, but there is no mechanism to record it for precise figures.

Hussain said that every year during the festival people collectively spend a chunk of money on buying sacrificial animals and also on clothes, shoes and other accessories for the festival.

He said that a huge amount of money is likely to flow from urban areas to rural areas at the festival as village farmers transport their animals to bigger markets in the city to get maximum profit.

"If an animal costs Rs. 20,000 at a rural market when it comes to urban area its price jumps to 30,000 to 50,000," Hussain told Xinhua.

According to Pakistan Tanners Association, an estimated 8.1 million animals were slaughtered last year during the three-day festival of Eid.

An estimated 3 million cows, 4 million goats, 1 million sheep and 0.1 million camels were sacrificed in the country on the festival in 2017.

Pakistan is one of the biggest raw hides producer in Asia, and about 30-40 percent of the total production is generated on Eid-ul-Adha.

Affluent Muslims slaughter sacrificial animals including goats, sheep, cows and camels on the Eid-ul-Adha festival, which is celebrated on the 10th to 12th day of the 12th month of Islamic calendar every year.

After slaughter, the meat from the sacrificed animal is divided into three equal portions. The one who sacrifices the animal can keep one portion of the meat with himself, the second portion is distributed among the relatives, friends and neighbors, while the third portion is distributed among the poor and needy
http://www.xinhuanet.com/english/2018-08/20/c_137404355.htm
A healthy increase in numbers good for attached businesses
@django

 

[N.Siddiqui]

An estimated 3 million cows, 4 million goats, 1 million sheep and 0.1 million camels were sacrificed in the country on the festival in 2017.

Pakistan is one of the biggest raw hides producer in Asia, and about 30-40 percent of the total production is generated on Eid-ul-Adha.

24 million USD ....seriously, this is slightly more than 2.40 billion rupees, a fraction of the real Eid ul Adha economic benefit to rural areas in the country..

In the year 2016 about 300 billion rupees got transferred from urban to rural areas, this year, 2018 it must be more.



Up to Rs300b flowed from Pakistan's urban to rural areas during Eidul Azha

https://tribune.com.pk/story/118232...mic-activity-rs300b-flowed-urban-rural-areas/

 

[N.Siddiqui]

....this is a more plausible and believable figure.{year 2016}. Now must be more...

Pakistan's Eid ul Azha Economy Worth $3.5 Billion

http://www.pakalumni.com/profiles/blogs/pakistan-s-eid-ul-azha-economy-worth-3-5-billion

 

[Valar.]

1 USD = 121 Rupees

If each animal costs 100 dollars then sacrifice of 8 million animals means 800 million dollars.
For 200 dollars per animal, it means 1.6 Billion dollars.
For 300 dollars per animal, it means 2.4 Billion dollars(or 2400 million dollars).

I think title meant to say 2400 million doallrs not mere 24 mln dollars.

Eid Mubarak everyone

 

[litman]

this huge transfer of wealth from urban to rural areas shows one of the real benefits of celebrating eid ul adha.
the govt should also make sure that the zakat deduction through banks should also reach the needy. may be an annual zakat day be celebrated in ramzan every year in which rich should pay zakat to poor. it will increase harmony and love for each other in the community and will be helpful in financial support of the poor.

 

[N.Siddiqui]

1 USD = 121 Rupees

If each animal costs 100 dollars then sacrifice of 8 million animals means 800 million dollars.
For 200 dollars per animal, it means 1.6 Billion dollars.
For 300 dollars per animal, it means 2.4 Billion dollars(or 2400 million dollars).

I think title meant to say 2400 million doallrs not mere 24 mln dollars.

Eid Mubarak everyone

Eid Mubarak to you as well

...just to add on, the best thing about all this Qurbani process is that money flows from the rich/upper middle urban to rural lower middle class people in majority, the small traders in cattle and yes there must be some big traders and middle men as well, but overall the fruits can be seen in the rural areas...two wheelers/bikes sells the most in rural areas in Pakistan, so are some commodities as well.

 

[Zibago]

24 million USD ....seriously, this is slightly more than 2.40 billion rupees, a fraction of the real Eid ul Adha economic benefit to rural areas in the country..

In the year 2016 about 300 billion rupees got transferred from urban to rural areas, this year, 2018 it must be more.



Up to Rs300b flowed from Pakistan's urban to rural areas during Eidul Azha

https://tribune.com.pk/story/118232...mic-activity-rs300b-flowed-urban-rural-areas/

Even at purchase price 24 million dollar the seems kind of a small amount figures are off

 

[django]

Pakistanis likely to spend 24 mln USD on Eid festival
Source: Xinhua| 2018-08-20 15:03:04|



ISLAMABAD, Aug. 20 (Xinhua) -- People in Pakistan are likely to spend over 24 million U.S. dollars on the forthcoming festival of Eid-ul-Adha to be marked on Aug. 22-24 in the country, officials said Monday.

Malik Sohail Hussain, chairman coordination of the Federation of Pakistan Chambers of Commerce and Industry, told Xinhua that during Eid days the largest economic activity in the country happens, but there is no mechanism to record it for precise figures.

Hussain said that every year during the festival people collectively spend a chunk of money on buying sacrificial animals and also on clothes, shoes and other accessories for the festival.

He said that a huge amount of money is likely to flow from urban areas to rural areas at the festival as village farmers transport their animals to bigger markets in the city to get maximum profit.

"If an animal costs Rs. 20,000 at a rural market when it comes to urban area its price jumps to 30,000 to 50,000," Hussain told Xinhua.

According to Pakistan Tanners Association, an estimated 8.1 million animals were slaughtered last year during the three-day festival of Eid.

An estimated 3 million cows, 4 million goats, 1 million sheep and 0.1 million camels were sacrificed in the country on the festival in 2017.

Pakistan is one of the biggest raw hides producer in Asia, and about 30-40 percent of the total production is generated on Eid-ul-Adha.

Affluent Muslims slaughter sacrificial animals including goats, sheep, cows and camels on the Eid-ul-Adha festival, which is celebrated on the 10th to 12th day of the 12th month of Islamic calendar every year.

After slaughter, the meat from the sacrificed animal is divided into three equal portions. The one who sacrifices the animal can keep one portion of the meat with himself, the second portion is distributed among the relatives, friends and neighbors, while the third portion is distributed among the poor and needy
http://www.xinhuanet.com/english/2018-08/20/c_137404355.htm
A healthy increase in numbers good for attached businesses
@django

I suspect the figures are significantly higher and the great thing is the money flows from the better off folk to the less well off.Kudos Zibago

 

[Dark-Destroyer]

1 USD = 121 Rupees

If each animal costs 100 dollars then sacrifice of 8 million animals means 800 million dollars.
For 200 dollars per animal, it means 1.6 Billion dollars.
For 300 dollars per animal, it means 2.4 Billion dollars(or 2400 million dollars).

I think title meant to say 2400 million doallrs not mere 24 mln dollars.

Eid Mubarak everyone

Eid Mubarak was wondering where you went haven't seen your posts since the elections

 

[Baby Leone]

some thing wrong with the figure only in my small area of Karachi people spend more then 24 million USD on animals.......In Eid ul Fitr Pakistanis spend more then 10 billion USD on shoppings only.