Karl Polanyi argues that the discipline of economics has emerged from the observations of human beings and their practices existing in a society. Since humans are perceived primarily as social beings rather than economic ones, embeddedness is a necessary and basic condition of the economy. This paper is an attempt to observe study and understand the inter-sectional application of these concepts of embeddedness and ethnic solidarity, in the socio-economic context of the Tibetan refugee community residing in India. Our study’s fieldwork was focused on observing the functioning of the local Tibetan economy in Mcleodganj (Dharamshala), where two Tibetan knowledge systems: the Thangka art and the Tibetan healing system were closely studied, reflecting Tibetan culture, and the community’s effort to preserve and promote these knowledge systems in different economic forms.