It's more of a social obligation to celebrate this one day. I say obligation because that's what everyone talks about when you go to school/work on the 2nd. Everyone boasts how awesome their party was and something like that.

But I fail to understand the motive behind the hype. For one, you end up spending your entire Christmas bonus in one night. Second, people are EVERYWHERE. That means, if you want to reach a restaurant by 9, you have to leave your house 2 hours before.

And well, since people are everywhere, you have to wait at restaurants/clubs/etc.

Of course, it's mostly just grown-ups that get to celebrate. But, even the kids are hyper before midnight on the 31st. Then, when it's midnight, they wish everyone by text, calls, Whatsapp, Facebook (can't meet in person because they're still kids) and everyone's really happy for 15 - 30 minutes.

After that, we all realize that that's it. We realize our holidays are about to end and we need to start studying again. So, that's it. The hype is about 15 - 30 minutes.

Even worse, in my opinion, are the cheesy messages you receive. Most ironical, as far as I know, is the fact that you get messages saying "May this year be full of joy...blah blah...and all your wishes come true." from people you haven't even heard from in months.

And the worst of all is the fact that this day or transition from one year to another does not count for anything. It amounts to nothing, at least in India. If you think about it, you'll realize, our fiscal year starts in April. (Source) And our academic year begins in June (for schools) and July (for colleges).

So, there is no apparent reason for celebrating.