NEW DELHI, Oct. 27 (Xinhua) -- Amid reports of economic recession from across the globe, here is an Indian businessman who gifted as many as 600 cars, each costing around 500,000 Indian Rupees (7150 U.S. dollars approximately), as a festival bonus to his employees.

Savji Dholakia, the billionaire diamond merchant is based in Surat, a business township in India's western state of Gujarat, which is also the home state of Prime Minister Narendra Modi.

Over the years he has developed a unique identity for himself for handing out lavish gifts to his employees on Diwali, the festival of lights celebrated with much fervor across India.

This year the Diwali festival falls on November 7.

Apart from the 600 diamond artists and engineers who were handed over car keys, around 900 other employees were given fixed deposit certificates of an equivalent amount.

Over the years, around 1700 diamond artists and engineers of Dholakia's diamond company have been given cars as part of the company's loyalty bonus programme.

In 2016, Dholakia gifted 400 residential flats and 1260 cars as Diwali festival bonus to his employees, while in 2015, he handed out 491 cars and 200 flats as gifts to his loyal employees.