India has a glorious past. At one point in time it contributed more than 25 per cent to the world’s gross domestic product and controlled about 28 per cent of global trade and commerce. Being an economic power for several centuries, India played a leadership role in all fields – whether it is art, culture, music, dance, food, festivals, architecture or handicrafts. Indian civilization’s contribution to the world heritage has been immense.
The cultural sector directly employs about 4.5 million people as artisans, performers, tourism guides etc. In addition, handicrafts and traditional art industries provide employment to about 6 million people.
The Indian film industry alone contributes around Rs 200,00 (around 2.0 Billion in USD) crore annually to the economy but its global potential is still unexploited. Yoga in the United States has become a $15 billion business annually. Is there a way to ensure that the economic benefits of the wider acceptance of Yoga flow to India?
India has 42 UNESCO World Heritage Sites as of now. A total of 46 new projects have been sanctioned and 27 new pilgrimage sites have been identified across India for development of infrastructure and tourist amenities for enriching the religious tourism experience under the PRASHAD scheme of the central government. Spiritual and religious tourism in India commands a significant portion of the travel and tourism sector, holding a 30 per cent market share and accounting for 60 per cent of the domestic tourism market.
It's interesting how culture can immensely affect an economy positively. It's true in India's case as festivals alone generate a huge demand in the markets.
Curious to know what is 'Culture for Economy' in your country?
Watch it for a glimpse of India's cultural economy!!