How India can leverage its cultural riches to stimulate its economy

economictimes.indiatimes.com:

India has a glorious past. At one point in time it contributed more than 25% to the world’s GDP and controlled about 28% 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. Unfortunately, history took an unpleasant turn and India saw foreign occupation for almost a millennia; in these thousand years we were robbed of our glory and wealth.

There is a close inter-relationship between the culture and the economy. Our economy was an important factor for our glorious civilization and cultural heritage.

The reverse also held true — our cultural content contributed to our strong economy. If India has to assume global leadership position again, it has to be an economic power first. We can use our cultural wealth to catalyze India’s economy.

India's potential in the field of culture is immense.

However, there is a lack of understanding on how to put this accumulated cultural wealth over millennia to achieve economic growth. For realizing the true potential of India’s imbedded cultural content, and identifying variables and their interrelationship for evidence based decision making and resource allocations, we have to work on multiple dimensions of cultural economy; what are its performance and potential Indicators, how monetization can lead to unlocking valuations of cultural activities, what are its financial requisites to be fulfilled by innovative financial instruments for sustainability. According to a study only about 20% of cultural organizations worldwide consider themselves financially