In biodiversity-rich areas, both conservation and socioeconomic development are at the core of discussions among various stakeholders, such as local people, policymakers, conservationists, resource management professionals, economists, researchers/scientists, and so forth. Various innovations are being provided that aim at promoting both improved livelihood for the people and the conservation and management of natural resources in the Central Himalaya of India. Many studies point out the factors responsible for the tremendous decline of natural resources and also how they have affected the local people’s livelihood options. In this context, the current study was undertaken to evaluate the potential of various solutions/innovations that are being implemented in the Himalayas of India. Unfortunately, only a few are found to be successful in both conservation and sustainable livelihood development. This study reveals that people are still looking for more viable solutions that could help them improve their lifestyle, as well as facilitating ecosystem conservation and supporting existing biodiversity. Based on the present study, it is argued that an in-depth empirical study of any region is a necessary process prior to offering solutions to achieve the desired goals, as considered by development agencies and policy-planners.