World Hindu Economic Forum 2024: A Collaborative Push Toward Economic Strength For Hindus Everywhere

Four Chief Ministers from different states of Bharat, nearly a hundred business leaders, innovators, and entrepreneurs from around the world, along with attendees from various industries and walks of life, attended the three-day World Hindu Economic Forum 2024, which concluded this evening at the Jio World Centre in Mumbai.

Driven by the philosophy of 'Dharmasya Moolam Arthah' (Economy is the strength), WHEF has been relentlessly pursuing the cause of strengthening Hindu society since its first edition in Hong Kong in 2012. The forum brings together financially successful individuals, enterprises, and top minds to discuss a range of topics, including finance, defence, sustainability, renewable energy, AI, fintech, and more.

It is ironic that it was the plight of Tamils in Malaysia in 2001 that sparked the idea for a collaborative movement of financially successful Hindus in the mind of Swami Vigyanananda, whose brainchild is the WHEF.

“It is unfortunate that today our Tamil people have voted for a government whose leaders vow to wipe out Sanatana Dharma, but when the riots broke out in Malaysia it was the Tamil Hindus alone who were being attacked. Although it was said to be an attack on Indians, only Hindus and temples were being targeted,” says Swami as he reflects on the journey of the WHEF, which started as a thought in 2001, when he visited Malaysia, as an Asia Pacific Coordinator of the Vishwa Hindu Parishad.

"Everyone complained back then. I told them I couldn’t get an Army to save anyone; I could only work with you. You’re already sinking, and with this process, you’ll disappear soon. But if you start fighting, there’s a chance you’ll bounce back. That’s how we started a Hindu Resurgence Programme," he says.

This led to the Hindu Buddhist Shinto Tao Conference, uniting all schools of thought rooted in Dharma. As a result, Taoists gained recognition in Malaysia. During this, he met Prof. Tan, who explained how the Chinese took control of the South Asian market despite India’s world-class players. "Indians are individually smart, not collectively," he remarked, says Swamiji, sharing China’s journey of organising itself over three decades to disrupt competition and create its wealth cycle.

It is this thought that planted the seed for the creation of a forum to organise economic thought and effort.

It was during his visit to Kuala Lumpur that Mahathir Mohammad organised the OIC conference, set up the World Islamic Economic Forum, and became its patron, with many Islamic nations and companies funding it.

“While everyone else was organising themselves and talking about the business economy, we Hindus were the only ones focused on rituals, Pooja and path, not giving any thought to strength or substance,” says Swamiji. He adds that he saw Islamic Economic Forums and Christian Economic Forums worldwide and within the country, but not one where the entire Hindu society came together as an umbrella organisation to work towards economic welfare and strengthening.

Thus was born the World Hindu Economic Forum, with its first conclave held in Hong Kong in 2012. Subsequent forums were held in Bangkok (2013, 2023), New Delhi (2014), London (2015), Los Angeles (2016), Chicago (2018), and Mumbai (2019, 2024).

The 2024 Mumbai edition was inaugurated by the newly elected Chief Minister of Maharashtra, Shri Devendra Fadnavis, along with Padmashri TV Mohandas Pai, Shri Ashok Chowgule, and NSE CEO Shri Ashish Chauhan, among others.

In his inaugural address, Fadnavis stressed the Hindu Growth Rate Model, once despised, now showing the world the path to inclusive development. He contrasted the Western ideology of "survival of the fittest" with Hindu philosophy, which promotes community support and collective well-being, emphasising how this has led Bharat to be recognised as the fastest-growing large economy, poised to become the third-largest globally.

“This Hindu growth model has demonstrated that inclusive development is achievable, rooted in the policies initiated by Atal Bihari Vajpayee and further advanced under Prime Minister Narendra Modi. While capitalism in many parts of the world has led to significant income inequality, Bharat has successfully lifted 250 million people out of poverty, showcasing the effectiveness of the Hindu growth model as a global example,” he said, speaking to a packed audience at Ratan Tata Hall.

He also committed that as Bharat moves towards becoming a $5 trillion economy, Maharashtra will be the nation's first $1 trillion state economy by 2028-2030.

Swami Vigyananda then addressed the audience, emphasising the need for the business community to reclaim its image as “respectable” in society, a reputation tarnished by decades of negative portrayal as exploitative and ruthless. He contrasted this with the esteem held by the business class and traders in ancient texts and history, where they were regarded as equal to nobility.

‘Shreshti’ is the word used for the wealthy, individuals whom society turned to when pursuing noble causes,” he explained, highlighting the etymological evidence for variants of the term in different languages, such as Seth, Setty, Shet, Sethi, etc.

Goa CM Pramod Sawant addressed the conference, sharing how the smallest state has successfully implemented all central schemes while consciously shifting its perception from ‘sun, sand, and sea’ to spiritual and temple tourism.

Day two saw Uttar Pradesh CM Yogi Adityanath address a packed hall, inviting attendees to Prayagraj for the upcoming Mahakumbh, which is expected to host over 40 crore pilgrims. Highlighting the Kumbh tradition, Yogi ji emphasised its role as a timeless forum for intellectual and spiritual discourse and churning.

He noted the unique privilege of being born in Bharat, a land that has long exemplified the ideals of Ram Rajya — a governance model devoid of natural, social, and intellectual sorrows. Drawing from scriptures, Yogi Adityanath explained that Bharat has always been home to the four purusharthas — Dharma, Artha, Kama, and Moksha — and has cared for global well-being.

Yogi ji underscored Bharat’s economic legacy, noting that it accounted for 40 percent of global GDP on average from the 1st to the 15th century CE. He contrasted this with the economic decline during Islamic invasions and British colonial rule. He further highlighted the resurgence of Bharat’s economic strength under Prime Minister Narendra Modi’s leadership.

“From being the 10th or 11th largest economy a decade ago, we are now the fifth-largest and are on track to become the third-largest by 2027,” he said. He highlighted the government’s dual commitment to heritage and development, noting that “economic power cannot be achieved by neglecting our roots.”

Gujarat CM Shri Bhupendra Patel addressed the audience on day three, along with fellow panellists, discussing ‘Gujarat: An Industrial Powerhouse Driving Economic Growth’.

A total of 28 sessions were held over three days, with more than 1000 delegates in attendance. Distinguished speakers discussed Bharat's journey and future in sectors such as renewable energy, self-reliance in defence and aerospace, pharma growth and export potential, textiles, real estate and urban expansion, capital markets, AI transforming digital to smart infrastructure, EVs, e-commerce, banking revolution, and travel, tourism, and hospitality.

In a first, the forum hosted ‘Launch Pad,’ an initiative connecting startups, innovators, and investors. This provided startups the opportunity to pitch to global investors, with 10 startups shortlisted for presentations at the event.

The forum also saw the announcement of HARHAR – Hindu Association of Restaurants, Hotels, Aahar, and Refreshments, which will unite Hindu hotel and restaurant owners, soft drinks and beverage industries, as well as food processors, caterers, and supply chain businesses.