The traditional significance of the Holi festival in Indian culture is rooted in the celebration of spring, love, and the triumph of good over evil. Known as the Festival of Colors, Holi sees people throwing colored powders and water at each other, symbolizing the arrival of vibrant new life. The festival commemorates various mythological tales, particularly the victory of Prahlad over the demoness Holika. Holi is also a time for social bonding, as people come together to forgive past grievances and celebrate love and friendship, emphasizing the importance of community.