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The emerging concern in the last few decades for conserving 'diversity' is an impetus to conserve not only the whole spectmm of biota i.e. the total sum of genes, species and ecosystems but also indigenous culture, traditions, spiritual beliefs and values. This phenomenon is named Biocultural Diversity, which is a synthesis of both Biological Diversity (biodiversity) and Cultural Diversity. 1980 's was considered the decade of biodiversity, 1990's that of cultural diversity and 2000's a new field of Bio-Cultural diversity. In the first half of this paper the . interrelationship and interdependence between biodiversity and cultural diversity is discussed and in the second half how the modern global economic system is engulfing this diversity of life, knowledge, cultural heritage and practices are analysed The global distribution and patterns of biodiversity coincide with that of cultural diversity, therefore if languages and cultures disappear due to global pressure of homogenization we also lose knowledge about our environment leading to biodiversity depletion~ It is quite noticeable that the countries with people speaking largest number of languages; and countries with greatest number of traditional livelihoods and indigenous communities obviously have the greatest biological diversity. Thus only a sustainable approach can bridge the gap between modern visions of human beings and traditional cultural aspirations thereby ensuring holistic development.