The festive season has traditionally been a lean period for industrial production, it said, adding that almost every year, growth in industrial production during the Diwali month has been lower than the overall growth for the year.
As per rough estimates, nearly 5-8 lakh people will take off during Diwali, it said.
"The actual level of absenteeism is likely to be even higher, due to pre/post celebrations of festivals. The productivity slump is going to continue till mid-November," it said.
About 60% of the 200 respondents indicated that they make take at least 7-10 days off from work, it said.
Besides, majority of them said they intended to work only about 3-4 hours.
"Workplace productivity in India is expected to drop over the festive seasons, with several festivals like Dhanteras, Bhaiduj, Diwali, Chath and others," it said.
Majority of corporates have come up with celebration plans such as 'rangoli competition', it added.