The Business of Tradition: How India’s Cultural Economy is Being Monetised

India has always been rich in culture. But for centuries, its cultural wealth was either colonised, commodified by outsiders, or locked into subsistence. Today, something unprecedented is happening. Tradition is not just being preserved—it is being priced. And the cultural economy is emerging as India’s next big growth frontier.

This is not a cosmetic makeover of heritage. It’s a strategic reinvention. Whether it’s Madhubani artists launching NFTs, rural artisans using Shopify, or folk theatre groups collaborating with OTT platforms, India’s oldest traditions are finding new market logic.

The business of tradition is not nostalgia-fueled—it is opportunity-driven. In the age of identity, authenticity sells. And India has no shortage of it.

From Livelihood to Lifestyle

For decades, the traditional sectors—handicrafts, textiles, music, folk art, and temple-based enterprises—were framed primarily in terms of “livelihoods” or “heritage preservation.” They were supported, not scaled. Subsidised, not systematised.

That’s changing. A younger generation of entrepreneurs is looking at traditional industries through a design-thinking lens. A Banarasi sari is no longer just a product—it’s a brand experience. A block-printed kurta is not only ethnic wear—it’s sustainable fashion. Temple cuisine is not mere ritual—it’s a culinary experience waiting to be packaged.

What was once marginal is now premium.

Platforms like Okhai, Jaypore, Gaatha, and Tilfi are bringing rural artisans into direct contact with global consumers. Startups like Indic Inspirations are curating souvenirs that blend ISRO models with traditional Indian craftsmanship. Even global luxury brands are dipping into India’s artisanal ecosystem—for embroidery, dyeing, and storytelling.

This rebranding is critical. When tradition is framed as style rather than charity, it commands higher value—and respect.

Craft Meets Capital

India’s craft economy, with over 3,000 registered GI-tagged products and more than 70 million people engaged in traditional occupations, has long been undercapitalised. But investment interest is growing.

Venture capitalists are slowly entering the space—especially those with ESG mandates. Impact investors see in these businesses the rare alignment of profit, purpose, and pride. Government-backed schemes like SFURTI (Scheme of Fund for Regeneration of Traditional Industries) and PM Vishwakarma Yojana are attempting to create clusters, infrastructure, and branding support.

Private equity is still cautious. But family-run businesses and CSR funds are more nimble. Textile cooperatives in Gujarat, bamboo clusters in the Northeast, and lacquerware units in Karnataka are receiving structured funding—not just handouts.

Credit and working capital remain pain points, especially for micro-enterprises. But digital banking and fintech are beginning to fill that gap. UPI-enabled artisans, WhatsApp-based catalogue sellers, and Instagram-native folk musicians are becoming common.

The traditional economy is going D2C—direct to consumer, and direct to capital.

Cultural Tourism: Not Just Taj Mahal

Tourism accounts for almost 10% of India’s GDP—but most of it is concentrated in a handful of sites: Delhi, Agra, Jaipur, Goa. The real untapped potential lies in cultural tourism, which blends heritage, experience, and narrative.

States like Odisha, Madhya Pradesh, and Kerala are beginning to invest in experiential circuits. In Odisha, the heritage walks of Bhubaneswar are curated by archaeologists. In MP, mahua trails and tribal village stays are attracting culture-conscious millennials. In Kerala, theyyam rituals are performed for cultural tourists—not as performance, but as participation.

The emerging tourist is no longer content with monuments. They want stories, immersion, and interaction. A pottery session in Khurja, a Kathakali workshop in Kochi, or a culinary walk through Lucknow is worth more than a selfie at the Taj.

The rise of homestays, farmstays, and culture camps is feeding this demand. Platforms like AirBnB are tailoring experiences to highlight “authentic India.” If this sector is systematised with ethics, local ownership, and design, it could create millions of new jobs.

Importantly, the tourism of tradition must not exoticise—it must empower.

Intellectual Property, Finally

One of the biggest challenges in monetising tradition has been the lack of IP protection. For decades, India’s indigenous crafts and techniques were copied freely by global fashion houses, corporate brands, and even governments—with little legal recourse.

That too is changing.

India now boasts over 450 GI (Geographical Indication) tags—from Darjeeling tea to Mysore silk, Pochampally Ikat to Kullu shawls. These not only offer legal protection but also brand credibility. Consumers are increasingly seeking GI-tagged products for their authenticity.

Beyond GIs, efforts are underway to digitise and document traditional knowledge. The Traditional Knowledge Digital Library (TKDL), for instance, has over 2 lakh formulations of Ayurveda, yoga, and Unani medicine, pre-empting bio-piracy.

For a country as rich in intangible heritage as India, IP literacy will be a critical pillar of the cultural economy. Law schools, policy centres, and design institutes must invest in creating a cadre of IP-savvy professionals fluent in the language of tradition.

The Digital Dharma

Perhaps the most dramatic shift in recent years has been the digitisation of the traditional. From YouTube channels reviving forgotten musical instruments to NFTs of miniature paintings, India’s cultural memory is going blockchain.

Startups like Kalakrit and Artisia are working to create NFTs from tribal art, ensuring artists get royalties. Folk musicians are earning through Spotify plays. Teachers of Carnatic music are monetising their knowledge via subscription platforms.

Social media has become both stage and store. A single viral video can revive a dying art. The “Kacchi Ghodi” dancers of Rajasthan now have global fans. A 90-year-old weaver in Telangana now takes orders from Japan.

But digital success requires digital literacy. While many artists are being discovered, too many are being exploited. Middlemen have simply changed form—from local traders to Instagram agents. The next frontier is digital ownership.

Tradition Needs Policy, Not Paternalism

Despite the optimism, challenges remain. India’s traditional sectors still face systemic neglect—from poor quality control and supply chain inefficiencies to lack of certifications and design support.

Policy must move beyond subsidies to ecosystems. Every craft cluster needs what a startup ecosystem gets: mentorship, incubation, brand strategy, and access to global platforms.

There is also a danger of over-commercialisation. When heritage becomes a product, it risks losing its soul. Sacred symbols should not be aestheticised into mere motifs. A decolonised cultural economy must foreground consent, community, and continuity.

The goal is not to turn every village artisan into a capitalist. It is to ensure that their knowledge—passed down across generations—earns them dignity, stability, and voice.

Conclusion: Monetising Without Flattening

India’s greatest economic asset may not be its demographic dividend or digital prowess. It may be its cultural surplus.

The challenge is to monetise this tradition without flattening it. To make culture profitable without making it forgettable. To honour the hands that weave, paint, sculpt, and sing—not merely as “heritage workers” but as co-architects of India's modernity.

If India can pull this off, the business of tradition will be more than commerce—it will be civilisation, sustained.