The World Hindu Economic Forum (WHEF) 2024 commenced with a tribute to the late Padma Vibhushan Shri Ratan Tata, as 1300 delegates observed a moment of silence. The forum set the stage for discussions on wealth creation, entrepreneurship, and Bharat’s economic future, featuring key speakers who provided insights into various aspects of economic development.
Shri Rajesh Sharma, Chairman of the Organizing Committee for WHEF 2024, opened the event by underscoring the critical importance of wealth creation and entrepreneurship for community advancement. He emphasized that these elements are essential for fostering a prosperous society and highlighted the forum’s objectives in promoting these values.
Maharashtra Chief Minister Shri Devendra Fadnavis delivered a compelling address, positioning Mumbai not only as Bharat’s financial capital but also as an emerging fintech hub. He contrasted Western civilization’s “survival of the fittest” mentality with Hindu philosophy, which emphasizes community support and collective well-being.
Fadnavis pointed out Bharat’s historical economic strength, noting that it once accounted for 35-49% of the global economy without resorting to colonial exploitation. He spoke about how ‘Hindu rate of growth’ was once derided by a socialist Marxist economist, but Bharat is now recognized as the fastest-growing large economy globally. By 2030, he projected that Bharat could become a $5 trillion economy, with some forecasts suggesting potential growth to $7-9 trillion.
Fadnavis emphasized the importance of transparency and inclusivity in Bharat’s growth model, which has successfully lifted 250 million people out of poverty. He also discussed infrastructure development, announcing plans for new ports and logistics improvements to enhance Maharashtra’s role in global supply chains. He stressed that technological advancements will be crucial for future growth and highlighted ongoing water conservation efforts rooted in Hindu values. He said that under PM Modi’s leadership, Bharat is experiencing an economic and cultural renaissance.
Mohandas Pai provided a historical overview of Bharat’s economic trajectory, tracing its decline due to invasions and colonial exploitation. He noted that since economic liberalization in 1991, Bharat’s GDP has grown significantly, emphasizing strengths in digital technology and a robust startup ecosystem. Pai predicted that Bharat could become a $10-15 trillion economy by 2047 through advancements in AI and digital transformation. He called for empowering youth and leveraging the global Bharatiya diaspora to build a ‘Viksit Bharat.’
WHEF Founder Swami Vigyananand highlighted the importance of economic well-being in ancient texts like Kautilya’s Arthashastra and Mahabharata. He advocated for pursuing wealth (Artha) through righteous means (Dharma) as essential for societal prosperity. Swamiji criticized negative portrayals of wealth creators in media and called for a fair taxation system that supports rather than stifles economic growth.
Goa Chief Minister Dr. Pramod Sawant focused on “Goa Advancing Towards Viksit Bharat”. He celebrated Goa’s achievements in social development and GDP growth despite its late independence from Portuguese rule. Sawant talked about initiatives aimed at promoting spiritual tourism and restoring significant temples while highlighting infrastructure developments across various sectors. He said the ‘Swayampoorna Goa’ initiative aimed at self-reliance through agriculture and fisheries, has successfully doubled incomes for many farmers post-COVID-19. Sawant also discussed Goa’s thriving pharmaceutical industry and plans for a marine cluster to boost shipbuilding. He invited WHEF delegates to invest in Goa’s economy while promoting sustainable practices.
Shri Ashish Kumar Chauhan, Managing Director and CEO of the National Stock Exchange (NSE), articulated a vision for Bharat as an economic superpower through its stock market. He emphasized the vital role of stock exchanges in driving liquidity and transparency while fostering trust in entrepreneurship. Chauhan noted that approximately 20% of households in Bharat are engaged in investing, reflecting growing confidence among citizens. Chauhan predicted substantial wealth creation over the next 50 years driven by technological progress and a youthful population, asserting that stock exchanges play a crucial role in supporting small and medium enterprises (MSMEs).
In a session on self-reliance in defense and aerospace, Shri Amit Kalyani emphasized Bharat’s historical significance as a manufacturing center. He argued for the necessity of strong defense capabilities to safeguard prosperity and stressed the need for industrialization to employ millions effectively. Kalyani highlighted ongoing partnerships between industry and academia to foster innovation.
The first day of WHEF 2024 concluded with the WHEF LaunchPad event, showcasing innovative startups across various sectors to potential investors. The conference aims to facilitate discussions on economic growth while reinforcing trust in entrepreneurship as essential for Bharat’s future prosperity.
As WHEF continues over the coming days, delegates will hear from prominent leaders such as UP CM Yogi Adityanath and Gujarat CM Bhupendra Patel, further enriching discussions on building a prosperous future for Bharat through collective efforts in entrepreneurship and economic development.
