Vasant Panchami is dedicated to Saraswati, the Goddess of knowledge, music, arts, science and technology.
But there is more to Basant than honouring Saraswati.

Musings on Basant

The most romantic season, after Saawan, Basant, interestingly enough, was celebrated in Delhi at the Yog Maya Mandir, in Mehrauli.

Nizamuddin Auliya became fond of Basant, when he was passing through a bereavement— His concerned chief disciple, Amir Khusrau, wearing yellow garments, danced before him to dissipate the gloom— first making the saint smile and then laugh.

In Mughal times Akbar and Jahangir got attracted to the festival of spring, which was celebrated in a grand manner at Humayun’s Tomb to the strains of Basant raags.
Jahangir particularly relished the season because of his love for nature— the flowers, birds and bees which found expression in his paintings. Among the later Moghuls, before Muhammad Shah Rangila, Muizuddin Jahandar Shah picked his concubines at this time, among whom Lal Kanwar and Zohra found pride of place.
Rafiushhan, father of Shah Jahan II (1719), is said to have lost his heart to a village belle in a Basanti sari who was carrying a pitcher on her head. That he did not get to marry her is another story.

The mela during Bahadur Shah Zafar’s time was held behind the Red Fort.

Maharaja Ranjit Singh held an annual Basant fair and introduced kite flying which later became as a regular feature of the fairs.
Maharaja Ranjit Singh and his queen Moran would dress in yellow and fly kites on Basant. The association of kite flying with Basant soon became a Punjabi tradition. Indeed, Maharaja Ranjit Singh held a darbar or court in Lahore on Basant which lasted ten days during which time soldiers would dress in yellow and show their military prowess.
Other traditions of the Basant continue in India. Yellow rice and yellow clothes.