Jodhpur, Mar 17 : Traders here are performing a ritual in honour of Lakshmi, the Goddess of Wealth, to ward off global recession.

The nine-day ritual being held at the central grounds here commenced on Friday and will conclude on March 21.

Over 400 priests have been performing the rituals amid Vedic chants which reverberate in the entire neighbourhood.

According to head priest Prakharji Maharaj, the ritual would release latent energies of intellectuals and enable them to solve the global recession.

"In the current scenario, there are no means to solve this problem. In this scenario, a Yagna was organised so that the brain’s latent energies are awakened as a result of which many doors will open up to solve this crisis of recession," said Prakharji Maharaj.

The trading community and the public is also participating in the ritual with outmost devotion.

Some traders have travelled long distances to participate in the event.

"Mahalakshmi Yagna which is being organised for the first time in 25-30 years is considered to be very lucky for the trade and industry, particularly at this is the time of global recession that is why I''m here," said Jyoti Maniyal from Ahmedabad.

Prior to the global recession, India witnessed an annual growth rate of eight to nine per cent. (ANI)