Role of finance in yoga related to health, education, and allied industries

Abstract

Yoga has been popularized worldwide mainly due to its utility in health and education. Hence, Yoga has gained a societal relevance in contemporary world. Thus, the traditional purpose of Yoga, which is for spiritual upliftment, has changed to fitness and other immediate physical and mental health benefits. As a result, it may appear that the contemporary practice of Yoga has been largely deviated and diluted. The strength of momentum that is gained in physical culturing through Yoga is indomitable. But it cannot neglect altogether the traditional source and purpose. Yoga, however, should be acknowledged as the easiest and fastest means to bring the first impression about holistic health, and harmony and hence can be a best anchor for building further foundation, deep-rooted in traditional values. In order to facilitate addressing the current needs of the society in a large scale, and to put an anchor through Yoga for later higher spiritual practices, understanding the economic dynamics around Yoga is essential. Economic analysis of Yoga-based activities in India is not adequately presented in terms of scientific research publications. Policy-makers in the government largely depend on accurate data on the economics of Yoga, which is crucial to make strategic decisions. Gathering data on these least explored aspects of Yoga finance is a monumental task involving many government, non-government and corporate agencies. In this thesis, I have attempted to explore these unique dimensions to propose a set of recommendations for policy makers in the state and central government systems. The ideas, options and recommendations proposed in this thesis could create, shape and vi implement a systematic scientific approach to generate financial insinuation records surrounding all Yoga-allied activities that include healthcare, education, and commerce. This will immensely help future stakeholders in various industries to take evidence based decisions on using Yoga as a means to develop their service or business ventures to suit the needs of their targets, goals, and clients. Thus, this thesis has sown a tiny seed in the form of Yoga finance for future development of an entirely new sub-field of intensive research in the economic studies of Yoga. In order to elucidate this idea, I have attempted to present precise observations and outlooks under different chapters with an in-depth logic to pursue practical advances. Chapter 1 provides the general introduction of the entire thesis, covering the important aspects of the whole thesis, that includes role of finance in health, education, and business. Chapter 2 explores the scriptural perspective of Puruṣārthas that forms the foundation for the human pursuit to incorporate Dharma, Artha, Kāma and Mokṣa. Furthermore, it is elaborated on how Artha is the basis for even Kāma and Mokṣa. Particular focus has been made on Dāna and how the Corporate Social Responsibility can be naturally groomed to achieve it. Chapter 3 explores the needs, challenges and opportunities for using Yoga as the core intervention to treat various types of ailments. In order for the government and policy makers to decide on using Yoga as an important tool to address health care needs, vii systematic studies and quantitative data on financial viability of implementing Yoga interventions should be available. Chapter 4 attempts to review the contemporary issues related to the implementation of Yoga in the Indian education system. There is an urgent need to integrate the wisdom of ancient education system to the modern education system, because there are many pitfalls in the modern education system that is difficult to manage with the current approach followed in schools and colleges across India. Chapter 5 presents how Yoga is emerging as a huge business opportunity in India and elsewhere in the world. The key strategy to tap into the emerging economic resources are discussed in this chapter. Specific attempt has been made to evaluate the extent to which tourism sector was affected especially during the COVID-19 pandemic period. Chapter 6 focuses more on elaborating how Yoga can be promoted to meet the expectations of the UN’s Sustainable Development Goals (SDGs) framework. The role of Yoga-based learning and how it could possibly enhance the SDGs are discussed in detail. Chapter 7 summarizes all the previous chapters to propose action-oriented list of recommendations, which can be easily acted upon by the government, policy makers, local bodies for the effective promotion of Yoga to reap the best financial benefits out of this huge economic opportunity emerging out of Yoga. The last chapter 8 concludes by appraising the strengths and weaknesses of the presented thesis.