The Sanskrit term ‘Akshaya‘ means imperishable and eternal in the essence of prosperity, hope, joy and success. ‘Tritiya‘, on the other hand, means third. It is named after the third lunar day of the spring month of Vaisakha in the Hindu calendar, the day it is observed.
In Jainism, it commemorates the first Tirthankara’s ending his one-year asceticism by consuming sugarcane juice poured into his cupped hands. Some Jains refer to the festival as Vashi Tapa. Fasting and ascetic austerities are marked by Jains, particularly at pilgrimage sites in Gujarat.