At the NSE headquarters in Mumbai, the Arthayam Conclave, jointly organised by Organiser and the National Stock Exchange (NSE), continued its deliberations with Session 3: Money Matters. The conclave was dedicated to commemorating sixty years of Pandit Deendayal Upadhyaya Ji’s philosophy of Ekatma Manav Darshan (Integral Humanism), a vision that insists development must harmonise with Dharma, family, and cultural roots.
The session brought together eminent financial thinkers, Kanagasabhapathi Ji, Mrugank Ji, and Shri Satish Marathe Ji, Sahakar Bharati founding member and Director, Reserve Bank of India (RBI), who examined how India’s financial culture, savings habits, and cooperative systems continue to reflect the deep interdependence of society, economy, and spirituality.
Trust, savings and culture as economic foundations
Opening the session, Kanagasabhapathi Ji drew attention to the uniqueness of Bharat’s financial traditions. Unlike in the West, he argued, economic behaviour in India cannot be explained solely through institutions or abstract theories.
“Institutions and units don’t work in India; it is the trust system that works. That’s how I came to work around Deendayal Upadhyaya Ji’s philosophy,” he recalled from his field studies.
According to him, India’s savings culture demonstrates this trust-based model. “Even today, more than 94 percent of families put money into houses, gold, or land, while only about 5 percent invest in the stock market. This behaviour may appear conservative, but it reflects deep trust in tangible and culturally safe assets,” he said.
Kanagasabhapathi Ji stressed that this orientation has been the bedrock of India’s economic resilience. “Seventy years ago, we were a poor economy. Today we are among the most proficient economies. Why? Because of our strong fundamentals, our Sanatan culture, our families, our societies,” he explained.
He illustrated his point with community examples. The Nadar community’s Mahamay system, where a fraction of every rupee spent is mandatorily contributed to a common fund, has sustained community growth for generations. Similarly, in Rajkot, entrepreneurial practices among migrants, where individuals work in urban centres for a few years before returning to establish local enterprises, reflect how relationship-based models power grassroots economies.
Financial inclusion and integral humanism
Building on these cultural insights, Mrugank Ji linked financial inclusion directly to the principles of Ekatma Manav Darshan. He emphasised that modern policies like Swadeshi and Atmanirbharta should not be seen as temporary economic strategies but as expressions of Bharat’s civilisational philosophy, where the focus is always on empowering the “lowest common person.”
“What we have done in the last three years with Jan Dhan, Aadhaar, and Mobile (JAM) is revolutionary. It has made financial inclusion almost a fundamental right. Today, whether I go shopping or transfer money, I can do everything on my phone,” he remarked.
For him, the true test of financial systems lies not in abstract growth rates but in whether they deliver dignity, accessibility, and empowerment to people on the margins. This, he argued, is where Integral Humanism offers a guiding light, connecting technology, accessibility, and Dharma.
Strengthening the rural and cooperative economy
The session then turned to Shri Satish Marathe Ji, Sahakar Bharati founding member and RBI Director, who shed light on the neglected yet vital rural economy. He underscored that more than half of India’s MSMEs are located in rural areas and yet remain underserved by mainstream financial systems.
“India’s cooperative movement is the largest in the world, yet for years we looked at cooperatives as service societies rather than economic enterprises. That is why we demanded and finally got a dedicated Ministry,” he said.
Marathe Ji welcomed the government’s decision to establish 2.5 lakh Primary Agricultural Cooperative Societies (PACS) as a significant move but argued that deeper reforms were needed. He proposed two critical measures:
Aligning PACS with digital payment gateways so that rural enterprises can integrate seamlessly with modern markets.
Providing deposit mobilisation facilities to strengthen the financial base of rural cooperatives.
He noted that rural income patterns have undergone a dramatic shift. “It is not just agriculture anymore. Activities from small manufacturing to services need structured financial support. If we align our cooperative institutions with modern systems, the rural economy will become the backbone of India’s growth story,” he explained.
A dharmic financial model for Bharat
The session concluded with a common recognition that Bharat’s financial story cannot be reduced to Western economic models or corporate theories. Household savings in gold and land, community-based funds like Mahamay, and large-scale cooperative networks highlight how India’s economy is inseparable from its social and cultural fabric.
By rooting finance in Ekatma Manav Darshan, the speakers showed how Bharat’s economic model must remain relationship-based, family-oriented, and culturally conscious. As Kanagasabhapathi Ji aptly summed it up, “We need to work in a relationship-based economic society. That is where India’s strength lies.”
In essence, “Money Matters” reinforced the Arthayam Conclave’s larger message, that Bharat’s path to prosperity and global leadership lies in drawing from its Dharmic ethos, where economy, culture, and society are not separate silos but interwoven elements of a holistic development model.
