Sri Lakshmi Panchami is a famous festival in the Hindu community. This festival is dedicated to Goddess Lakshmi, the goddess of wealth and prosperity. Lakshmi Panchami is usually celebrated on the fifth day of Chaitra month, this festival falls on the fifth day of Shukla Paksha of Chaitra month. Lakshmi Panchami is also known as Shree Panchami and Shree Vrat. The other name of Shri Devi Lakshmi is 'Shri'. Most of the people are confused between Vasant Panchami and Shri Panchami. Basant Panchami is dedicated to Saraswati, the goddess of knowledge and Sri Panchami is dedicated to Lakshmi, the goddess of wealth and prosperity.
The day of Lakshmi Panchami falls during the first week of the Hindu New Year. Worshiping Goddess Lakshmi at the beginning of the year is considered very auspicious. People observe a one-day fast and worship Goddess Lakshmi at home as well as in the office. Some business houses and traders perform elaborate pujas on the same day.