If asked about the importance of October 31st in terms of Indian History, 
However there are two more important incidents which took place on October 31st, and they too hold an important place if we talk about the History of India.
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October 31st is Sardar Vallabhbhai Patel’s Birthday –
Yes, on the same day in the year of 1875, the great freedom fighter, also known as the ‘Iron Man of India’, Sardar Vallabhbhai Patel was born. You can read more about Sardar Vallabhbhai Patel here. This is heartbreaking to see how we have forgotten this hero, why is it that we don’t hear about Sardar Patel at all even on this day. 
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October 31st is Death Anniversary of S.D Burman –
One of the most famous Indian music composer and singer, who gave us the music which has a never ending impact on the heart of every Indian, and father of another
This somehow has been very common in recent times, the association of a great personality/ celebrity with a day or date becomes so popular that we end up forgetting the same event which too was and equally historic moment in terms of our culture and history; we have seen the same happening with the Gandhi and Shastri Jayanti as well. Remembering a historical figure is definitely a great and respectable emotion, but that somehow doesn’t privilege us to keep forgetting another equally important event or personality, because if we keep doing this for long we might end up losing an important part of our culture and history.