Cultural Heritage and Indian Economy

Abstract

Cultural Heritage, classic and contemporary, contributes to the identity and branding of territory, so relevant in an age of globalization and fierce competition, as also the base for sustainable and endogenous development.

It constitutes an essential engine for economic development being the major measure of economic impact on heritage conservation entailing jobs for household income; center city revitalization; heritage tourism; property values and small business incubation. Central to building a sustainable local economy is import substitution, creating locally what otherwise would be purchased from elsewhere. Heritage conservation is locally based upon, using expertise, labor and materials available in the local market, but import substitution also requires efforts to train local workers.

India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries and a multitude of services.

Services are the major source of economic growth, accounting for more than half of India's output with less than one third of its labor force.

We all know that India has a very rich cultural heritage. However, it is not known to many that India was a well developed country in terms of its economy and business. Excavations, written records, literature and above all, India’s immense wealth had attracted several foreigners to attack India that bear testimony to the fact. The Indian civilization was not only agriculture based but there was also flourishing trade and commerce both inside and outside the country. It had contributed immensely to the world of business in different fields. Indian business was unique, innovative, dynamic and qualitatively superior to many other countries at that time.