A New Asset Class for a New Era of National Wellbeing

By Sanjeev Kumar — Founder, HARLEY of LONDON

India stands at a rare moment in history — a moment when its spiritual heritage, economic ambition, and global influence can converge to create something unprecedented. For centuries, India’s spiritual institutions have shaped culture, community, and consciousness. Today, they can also shape the future of national wellbeing and economic resilience.

This is the beginning of that journey.

India’s Untapped Spiritual Capital

Across the country, religious organisations collectively hold one of the world’s largest pools of:

• Land and real estate
• Gold reserves
• Endowments and donations
• Cultural assets
• Pilgrimage-linked economic flows

These assets are stable, enduring, and deeply trusted — yet they remain outside the formal capital markets.

Imagine if this spiritual capital could be transformed into a structured, transparent, sovereign-backed financial instrument that strengthens India’s infrastructure, wellbeing, and global soft power.

That is the vision behind the Spiritual Money Bond.

What Is the Spiritual Money Bond?

The Spiritual Money Bond (SMB) is a proposed tax-free, self-liquidating bond regulated by the Reserve Bank of India and secured against segregated, audited assets of participating religious organisations.

It is designed to:

• Unlock dormant spiritual assets
• Channel global and domestic donations into nation-building
• Improve infrastructure around key religious sites
• Strengthen India’s spiritual economy
• Enhance community wellbeing and mental health
• Create a new asset class rooted in trust, culture, and continuity

This is not just a financial instrument. It is a national wellbeing strategy.

RBI Oversight

The RBI manages:

• Custodial oversight
• Asset valuation standards
• Annual audits
• Disbursement and repayment mechanisms
• Investor protection protocols

This ensures credibility, transparency, and global investor confidence.

How the Bond Repays Itself

The SMB is self-liquidating through diversified income streams:

• Annual earnings of religious organisations
• Global donations and diaspora contributions
• Pilgrimage tourism
• Cultural tourism and retreats
• CSR allocations
• Ethical merchandising and handicrafts
• Digital spiritual platforms
• Heritage conservation funds
• Among others

This ensures predictable, low-risk cash flows — while keeping ownership of assets with the institutions themselves.

Where the Money Goes: Building India’s Spiritual Infrastructure

The proceeds of the bond will be used to:

1. Transform Religious Sites into World-Class Destinations

• Roads, airports, rail connectivity
• Clean water, sanitation, waste systems
• Accommodation and hospitality
• Digital ticketing and crowd management
• Safety and emergency services

2. Strengthen the Spiritual Economy

• Meditation and wellbeing centres
• Addiction recovery and mental health programs
• Community kitchens and elderly care
• Youth engagement and cultural literacy
• Loneliness and community health initiatives

This is spirituality as public health, not just tradition.

Why This Matters Now

The world is facing a silent epidemic of:

• Loneliness
• Anxiety
• Addiction
• Loss of meaning
• Social fragmentation

India has something rare — a spiritual ecosystem that naturally builds connection, belonging, purpose, and community.

The Spiritual Money Bond is a way to scale that ecosystem, modernise it, and make it accessible to all.

HARLEY of LONDON: Building the House of Spirituality

At HARLEY of LONDON, we believe the spiritual economy is not a niche — it is the next frontier of human wellbeing and national development.

The House of Spirituality is our commitment to:

• Architecting new models of spiritual infrastructure
• Designing systems that uplift communities
• Creating frameworks for emotional and mental resilience
• Building a global narrative around India’s spiritual leadership

The Spiritual Money Bond is the first step in this new beginning.“India already hosts a USD 65–80 billion spiritual economy — one of the largest in the world — and is on track to exceed USD 130 billion by 2033. Globally, the spiritual economy is estimated at USD 450–600 billion, making it one of the most under‑formalised yet high‑trust sectors. The Spiritual Money Bond positions India as the architect of the world’s first structured spiritual asset class.”

Size of the Spiritual Economy in India

Based on the latest available market intelligence:

India’s spiritual economy is currently between USD 64–80 billion.

Here’s the breakdown from the sources:

• The Indian religious and spiritual market reached USD 64.42 billion in 2025.
• Another report places it at USD 65.0 billion in 2024.
• Forecasts suggest it will grow to USD 130 billion by 2030.

There is also a qualitative reference describing India’s spiritual ecosystem as a “trillion‑rupee parallel economy” (approx. USD 12–13 billion), but this appears to refer to a subset of the broader ecosystem.

And the estimated global spiritual economy is between USD 450–600 billion.

“India already hosts a USD 65–80 billion spiritual economy — one of the largest in the world — and is on track to exceed USD 130 billion by 2033. Globally, the spiritual economy is estimated at USD 450–600 billion, making it one of the most under‑formalised yet high‑trust sectors. The Spiritual Money Bond positions India as the architect of the world’s first structured spiritual asset class.”

A New Asset Class for a New India

India has the world’s largest spiritual heritage. It is time to transform it into the world’s most trusted asset class.

The Spiritual Money Bond is more than a financial innovation — it is a cultural renaissance, a wellbeing movement, and a national strategy for the next century.

And this is just the start.