For five straight days, millions of Hindus, Jains, Buddhists and Sikhs around the globe will celebrate the holiday of Diwali, known as the festival of lights starting Wednesday.

Also known as Deepavali, the five-day festival will see the celebrators rejoicing over the triumph of good over evil and light over darkness.

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The annual holiday aligns with the Hindu New Year, which falls between the middle of October and the middle of November.

Diwali literally means "row of lanterns" and its actual day of celebration falls on the third day of the five-day holiday  which is on a Wednesday this year.

The first day of the holiday coincides with the start of the new financial year in India.

Various faiths celebrate the Diwali for a variety of reasons. Indians trace back the origin of the Diwali to the 15th century, particularly in the legend of Lord Rama and wife Sita, who both returned home after defeating the demon king Ravanna.

Different faiths around the world place great significance on days leading up to the Diwali, with Indians celebrating it across regions by honoring their gods and goddesses that include Lakshmi, the goddess of wealth.

For Buddhists, Diwali marks the day their Emperor Ashoka decided to pursue the path of peace while for the Sikhs, the day marks the time the Guru Hargobind Ji was released from prison. The Jains celebrate the holiday, which they believe was the day the soul was liberated from death onto rebirth.

Diwali is a significant holiday in India, but it is also celebrated around the region in countries including Nepal, Bangladesh and Malaysia.

A large Indian community in the United Kingdom celebrates the festival in Leicester, with more than 35,000 people attending the city's lighting ceremony. The celebration is one of the largest celebrations of Diwali outside India.

Families inIndia celebrate Diwali by lighting candles, lanterns, putting on lights and colorful decorations, as well as preparing a fireworks display to honor Lord Rama. Earthen lamps or diyas are also lit during the celebrations.

TagsDiwali, Hindus, Buddhists, Jains, Sikhs, Festival of Lights, Deepavali, Hindu New Year, Lord Rama, Sita, demon king Ravanna, Lakshmi, financial year, Nepal, Bangladesh, Malaysia, leicester, UK, Emperor Ashoka