The broad finding that people are consistently happier in individualistic cultures overlooks social dimensions of well-being and categorises cultures into sweeping individualistic or collectivist types. This potentially overlooks countries like India that do not typically follow this distinction. In view of this, the current chapter tries to understand subjective and social well-being in India using a relatively new framework in cultural psychology that is based on the notion of honour and dignity. This chapter is based on the review of studies in social and cultural psychology and related social science disciplines that have adopted the framework of honour and dignity in understanding various aspects of well-being, with an emphasis on India. Both honour and dignity relate to a person’s worth, but dignity is an inherent, unchanging concept within an individual, while honour is vulnerable, relying on personal and societal recognition. Considering their equal importance in India, a comprehensive understanding of well-being should encompass both social and subjective elements associated with honour and dignity differentially. This review contributes to the emerging body of research on cultural understanding of India using a new honour and dignity paradigm. It further urges us to consider well-being from a broader perspective by incorporating various domains of well-being and understanding their differential links with different cultural values given the context sensitivity in India.