It is an auspicious day of the birthday of Lord Parasurama who is the sixth incarnation of Lord Vishnu
On this day Veda Vyas and Lord Ganesha began to write Mahabharata.
Jains celebrate this day to commemorate Tirthankara Rishabha's ending of one-year fast by consuming sugarcane juice poured into his cupped hands
The word "Akshaya" means the never diminishing in Sanskrit and the day is believed to bring good luck and success.
The day is considered auspicious for starting new ventures. The legend is that any venture initiated on the auspicious day of Akshaya Tritiya continues to grow and bring prosperity. Hence, new ventures, like starting a business, construction, etc. is performed on Akshaya Tritiya.
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