KARACHI: Mian Zahid Hussain, President of the Pakistan Businessmen and Intellectuals Forum, announced that the revival of the Basant festival in Lahore has emerged as a significant economic driver, generating Rs 6 to Rs 8 billion in revenue over three days. This was disclosed in a statement highlighting the festival's impact on the struggling economy.
According to Pakistan Businessmen and Intellectuals Forum, the festival's administrative oversight has bolstered investor confidence, leading to a trade surge of over Rs 1.5 billion in the kite-flying industry. With over 1 million kites and 20,000 spools sold in Lahore alone, the economic activity has extended benefits to various segments, including bamboo cutters, paper artisans, and street food vendors.
Mian Zahid Hussain compared Basant to Dubai's Shopping Festival, noting the festival's potential to attract global attention. He reported significant increases in hotel occupancy and rooftop rental prices, injecting liquidity into the hospitality sector. In addressing safety concerns, he advocated for the "Safe Zone Model" to regulate kite flying safely, suggesting that technology and regulation should replace prohibition.
He proposed forming a permanent "Basant Regulatory Board" to manage the festival effectively, ensuring job sustainability while maintaining safety standards. The festival, he argued, also enhances Pakistan's "Soft Image," countering negative narratives by showcasing a vibrant and peaceful cultural celebration.
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