Indian Culture and Economy

How India can leverage its cultural riches to stimulate its economy

The article first appeared in The Economic Times on Jul 6, 2024.

India’s rich cultural heritage and historical economic prowess are vital assets that can drive its future growth. Once contributing over 25% of global GDP and controlling 28% of world trade, India’s civilization has long been a center of art, culture, music, dance, and commerce. However, centuries of foreign occupation depleted India’s wealth and cultural resources, hindering its progress. To reclaim its global leadership, India must first restore its economic strength, using its cultural wealth as a catalyst for growth.

The cultural economy represents a powerful yet underutilized resource in India. While Indian culture is globally admired, it remains largely disconnected from economic growth strategies. The key to unlocking its potential lies in understanding the interrelationship between culture and economy and monetizing cultural assets in a sustainable manner. The Indian government’s role is crucial in this process. Cultural Economic Governance—through policy formulation, resource allocation, and financial instruments—is essential for the growth of this sector. India’s vast cultural sector directly employs millions of artisans, performers, and workers in handicrafts, with many still lacking access to formal training or market alignment.

Investing in skill-building, vocational training, and capacity-building for artisans can yield significant economic returns, enhancing productivity and expanding market reach. A UNESCO survey reveals that 70% of artisans feel their skills do not meet current market demands, indicating the need for reforms in the cultural education system. By establishing social and economic linkages for traditional art forms and performing arts, India can create substantial employment and revenue streams. For instance, India’s film industry, valued at Rs 180,000 crore annually, holds vast untapped global potential. Similarly, the growing global popularity of yoga—worth $15 billion in the U.S. alone—presents an opportunity to boost India’s economy if managed strategically.

Furthermore, India’s spiritual tourism, driven by its temples and festivals, plays a crucial role in the economy. The redevelopment of sites like the Ram Temple in Ayodhya and the Kashi Vishwanath Temple has increased tourism significantly, showcasing the potential of spiritual landmarks as economic hubs. Festivals, such as the Kumbh Mela, generate billions in revenue, supporting local businesses and infrastructure.

Read more: The Economic Times

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