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Couple I can’t parse.

48a Very notable time period inspiring each TV serial (4,5)
Looks like ‘soap opera’. So = very and period (or time period) = era, but can’t see the rest.

40d Liberal cleric on vacation’s caught attending colourful festival (8)
Catholic? All I can see is the ‘cc’ for the cleric on vacation.

Each = “a pop”

Holi /hōˈlē/
noun
A Hindu spring festival characterized by boisterous revelry

Thanks Joni, I’m not familiar with Hindu festivals.

Glad I could help. I’ve not seen that festival before either