No power on earth can stop an idea whose time has come.” Famous words from famous writer, philosopher Victor Hugo. But what is that ideaIJ Twentieth century was about achievements in science and technology, about space and spacecrafts, about moon and mars. What about the present centuryIJ The 21st century. That idea may well be spirituality whose time has come.
As the Indian diaspora spreads its wings all across the globe carrying Indianism with it to the foreign shores, spirituality and its many variations from religion to ritualism seem to be catching up. The wheel seems to be coming a full circle. Spirituality was an Indian discovery that overawed the world once upon a time. It once again seems to be picking up after a long lull of the extended medieval as people seem to be keen to buy it.
Keynes once said that “a man shall do all the rational things but only after exploring all other possibilities”. Spirituality now seems to be that rational thing in the absence of other alternatives. Spirituality and its attendant markets are growing as emptiness and loneliness catches up with increasing number of people. Even the sluggish Indian markets are bullish on spiritual-religious stocks. From lockets to devices promising turn of fortunes, to totems to bring good luck are all the latest craze in the market place.
Indians known for their frugal buying habits become generous on those buys that can connect them to the divine or at least offer possibilities of divinity’s grace. look at the way religious festivals and social customs lead to spending spree. The mindset seems to be affecting more and more people. Religion and spirituality could be the next big idea that may bring investments and see start-ups stand up.
Being one of the largest unorganised segments in the country, many estimate this to grow to somewhere around $30 billion by the next couple of years. A simple research on a sample of some 500 Hindu households carried out by an upcoming entrepreneurial venture estimated just the Delhi/NCR market to be at around $35 million per annum. That was only about pujas, customary rituals, religious festivals and some annually observed religious practices.
If the entire gamut of subjects like marriages, housewarmings, rituals related to births and deaths, occasional family pujas and festivities, astrology and fortune swinging practices is included, the quantum of the market may grow manifold. In fact pilgrimages and religious tourism may also form a part of this. Imagine the business opportunity that may be there for a one-stop shop or an app that provides packaged solutions to such religion-spiritual needs.
Ventures like mypujapaath.com in Delhi are eying precisely this opportunity as there is potential in spirituality. There is need for such efforts to cater to a target market which wants service providers to fulfill all its religious and spiritual requirements on one single platform.
These are the times when the religion-spiritual needs are growing but people are not finding time and the expertise to carry out steps to fulfill those needs. Puja rituals even otherwise involve a cumbersome process and the idea definitely has a market in India. More so because for Indians from Amritsar to los Angles, puja is required. Thus mypujapaath.com and other ventures of its ilk have opportunities waiting for them. Visiting such sites may give an idea of the market.
The writer teaches management at Indian School of Mines, Dhanbad (Jharkhand). He can be reached at ppathak.ism@gmail.com