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The day is devoted to Goddess Lakshmi. She is the Goddess of wealth and prosperity. Lakshmi Panchami is also known as Shri Panchami or Shri Vrata. Shri is another name of Lakshmi Devi. Lakshmi Panchami falls in the first week of Hindu New Year. It is very auspicious to worship Goddess Lakshmi on this day.