Brief:

Cultural economy as a discipline is not a growing field today but has always been an established area of practice and tradition in the Indian economy.

Economy of Culture and Culture’s influence on economy are two key dimensions of the cultural studies and an interdisciplinary field examining how shared cultural beliefs, values, and practices influence economic behaviour, institutions, and outcomes, while also studying the economic aspects of cultural goods and services, such as the production and consumption of art, music, and film, cuisine, fashion & Trade etc.

It explores both the cultural dimensions of economic phenomena and the economic dimensions of cultural phenomena, connecting economic theory with disciplines like anthropology, sociology, and cultural studies to understand complex interactions between culture and economy.

Various effort of the present central and state government regarding development of the spiritual tourism (Teerthatan), religious corridors & overall temple economy are extended efforts to formalise our traditional economy to boost GDP and to build a sustainable economic structure.

India Think Council, organises #CEC every year to cover wide range of subjects of the Indigenous economy related to our heritage & History and traditional trade practices prevalent in Indian economy which is also enshrined in our scriptures.

#CEC25 this year, will also focus on Environment, Agriculture, Tribal Economy & family Culture.

Detailed Concept Note:

Indian culture in the ethno-linguistically diverse India; is the heritage of social norms, values, traditions, economies and technologies. This also applies beyond India to countries and cultures whose histories and present ethnic practices are deeply rooted and connected to India by influence of Indian rulers, Spiritual followers and disciples, immigration or colonization particularly in South Asia and Southeast Asia.

India's languages, religions, temples and pilgrimage, philosophy, family life, clothing, festivals, dance, music, literature, school of thoughts, scriptures, epic stories, architecture, art, cuisines and customs are rich sources of larger Indian economy and GDP.

Indian culture which is as a combination of several cultures, has been influenced by a history and philosophy that is several millennia old which is preserved in our temples, shrines, archaeological sites, scriptures and family practices of larger Indian communities.

The term soft power is not a new to our nation which led the world once through its academic excellence, spiritual guidance, life sciences and dharma.

No economy devoid of the religious (Dharmik) and spiritual pursuits and the cultural values of the region can grow sustainably. Materialism or spirituality or culture alone is not capable of thriving unless they coexist in a system of good governance.

While economics is indicative of the prevailing conflicts of a capitalist or aspiring to be capitalist society and its overall business and trade activities; spirituality deals with something that is sacred and possess the power to heal and guide for righteousness according to appropriate dharma of the religious practices. The discipline (Cultural Economy or religious economy) recognizes the value that both economics and dharma lend to each other.

While Dharma (religion) and spirituality is the guiding force of any noble society in every walk of life; culture and tradition are the reflection of beliefs, behaviour and values deeply inherited in the society and prevailed as such to be recognized as an identity and inspiration.

This is also referred as behavioural economics. Cultural Economics studies the relation between with culture and economical values which is created by the culture itself. Cultural finance is a growing field in the behavioural economics that studies the impact of cultural differences on individual financial decisions and on financial markets. We may also call it "The Role of Social Capital in Financial Development”.

It is believed that the concept (cultural economy) as a subject of studies emerged in the mid-90s of twentieth century in the social sciences and economic theories. However, the great Indian philosopher Acharya Kautilya narrates economics, dharma and behavioural science in the 3rd century as;

सुखस्य मूलं धर्मः, धर्मस्य मूलं अर्थः,अर्थस्य मूलं राज्यं, राज्यस्य मूलं इन्द्रिय जयः
इन्द्रियाजयस्य मूलं विनयः, विनयस्य मूलं वृद्धोपसेवः,वृद्धोपसेवाय विग्न्यानं , विग्न्यानेनं आत्मानं सम्पद्येत
समपदितात्म जितात्मम भवति, जितात्मा सर्वार्थे संयुज्यते

There is a wide discussion around for a precise definition and its composition in terms of sectors of activity; however, it is a concept to which is assigned a different meaning. In some cases, it contextualizes the economics associated with the culture and creative industries, tourism and heritage and in other it relates to the economic exploitation of the culture and heritage of a society. And in another case, it means both. It is an understanding and practice of consciousness in business and behaviour. A cross-disciplinary study combining psychology, economics and the spiritual science of the Vedas and Indian culture to explain the vying among rivalry, deceit as success strategy, cut-throat competition, ignorance of culture and ethical values considering as obstacle to growth and development, unending economic hardship, exploitation, inequity, and struggle in this world, economic methods devoid of peace and sustainability and emerging ecological problems.

Since Economics is a man-made creation which is a set of ideas entirely created by human beings, if we want to understand the economic problem and its solution we must understand how and why human beings act in this world? That will give us the insight needed to properly adjust the economic activity and human consciousness and all of the parameters of the economic calculus to get the desired result.

चिन्तामपरिमेयां च प्रलयान्तामुपाश्रिता: |
कामोपभोगपरमा एतावदिति निश्चिता: || 11||

with death. Yet, they remain assured that gratification of desires and accumulation of wealth is the ultimate objective of life.

The verse from the Bhagvad Gita is the substratum of what religious or cultural economy explicates in terms of material and non-material (Spirituality) pursuits of life. Religious Economy or cultural economy as a concept bridges the corporeal, worldly and the transcendental or intangible aspects of human existence.

Pubic Administration literature also identifies the two dimensions through the hierarchy of needs. It suggests that the attainment of basic physiological needs of food and shelter is followed by security needs which are fulfilled by financial gains.

Having achieved these needs, man tends to move into the realm of self-actualization which we refer to spirituality, thus making it imperative to understand that human consciousness does not cease to exist on obtaining wealth. Rather, it constantly impels man for more, which could be misunderstood as material urge. It is this cycle of psychological; security and spirituality need that becomes the principle of humanity.

Spiritual Economics (Religious and cultural) analyses economic behavior as a function of human consciousness, and explains the development of consciousness using concepts from the Vedas and Bhagvad Gita.

Within the framework of the Sustainable Development Goals (SDGs) adopted in September 2015 by the United Nations, the international development agenda refers to culture for the first time. This has been lauded by UNESCO as “an unparalleled recognition”. The safeguarding and promotion of culture is an end in itself, and at the same time it contributes directly to many of the SDGs (5,8,10,11,17)— safe and sustainable cities, decent work and economic growth, reduced inequalities, the environment, promoting gender equality and peaceful and inclusive societies, Revitalize the global partnership for sustainable development. The indirect benefits of culture are accrued through the culturally-informed and effective implementations of the development goals.

The SDGs enshrine a conceptual shift in thinking about development beyond economic growth — envisioning a desirable future that is equitable, inclusive, peaceful, and environmentally sustainable. This bold vision demands creative approaches, beyond the typical linear and sectoral ones that most countries have been used to in recent decades. If the SDGs are grouped around the economic, social, and environmental objectives as the three pillars of sustainable development, then culture and creativity contribute to each of these pillars transversally. The economic, social, and environmental dimensions of sustainable development, in turn, contribute to the safeguarding of cultural heritage and nurturing creativity.

Cultural heritage — both tangible and intangible — and creativity are resources that need to be protected and carefully managed. They can serve both as drivers for achieving the SDGs as well as enablers, when culture-forward solutions can ensure the success of interventions to achieve the SDGs.

Therefore, to delve into such a convergent discipline, we firmly believe that India, owing to its rich and varied historical, cultural and economic attributes would do justice to this conclave.