Akshay Tritiya is a popular festival celebrated predominantly among Hindus and Jains. As per Hindus, who follow the lunisolar calendar, it falls on the third day of the lunar cycle of Shukla Paksha in the month of Vaishakh. This year, Akshay Tritiya falls on May 7.
According to astrology, Akshaya Tritiya is considered as the day when the lines of destiny or fate change and, hence, people pray to the deities to seek their blessings.
It is believed that any initiative made on this day or anything bought on this day is considered to bring good fortune. Therefore, people buy gold and undertake new activities such as building houses or starting a new business on Akshay Tritiya. It’s also one of the most popular days to plan weddings and engagements. People observe fast and carry out charity work too.
As per folklore, it is celebrated to mark the birth of Lord Parasurama and is also known as Parasurama Jayanti. According to Jain belief, on this day the first tirthankara Rishabhdeva ended his year-long asceticism and they refer to this festival as Varshi Tapa.