Relevance in 2026 and Beyond
Living Dharmic Development in the Age of Viksit Bharat
How the teachings of dharmic economics apply to modern life, from India's semiconductor mission to personal career choices, from GDP debates to everyday consumption decisions.
The Question India Can't Avoid
In August 2024, a surprising statistic made headlines: India had overtaken Hong Kong as the world's fourth-largest stock market by market capitalization. $4.3 trillion in equities. Yet the same week, a UNDP report noted that 16.4% of Indians still live in multidimensional poverty, not just low income, but deprivation in health, education, and living standards.
This isn't just a paradox for economists to puzzle over. It's the central question of India's next two decades: What does 'developed' actually mean? When Prime Minister Modi speaks of achieving Viksit Bharat by 2047, India's centenary of independence, is the goal to match Western per capita income? Or to chart a fundamentally different path?
The dharmic economics framework explored in this chapter isn't ancient history. It's the most relevant lens through which to understand India's choices today.
The Modern Challenge: GDP vs. Wellbeing in 2024-2025
India's economic rise is undeniable. In 2024, India became the world's fifth-largest economy, growing at 7-8% annually while most of the developed world stagnates. The government projects India will reach $7 trillion GDP by 2030. Manufacturing is returning through PLI schemes, Apple now makes 14% of global iPhones in India, up from zero in 2017. The digital infrastructure built through India Stack, Aadhaar, UPI, DigiLocker, processes more real-time payments than any other nation.
Yet the HDI gap persists. India ranks 134th in human development, 126th in happiness, and faces ongoing challenges:
- Environmental stress: Delhi's air quality remains among the world's worst; groundwater depletion threatens agriculture in Punjab and Haryana
- Inequality: India's top 1% hold 40% of wealth; 50% of the bottom hold just 3%
- Employment quality: 90% work in the informal sector without job security or benefits
- Social cohesion: Communal tensions and regional disparities persist
This is precisely the scenario the Arthashastra warned against: artha (wealth) growing without corresponding growth in dharma (institutional ethics), kama (quality of life), or moksha (meaning and purpose).