World Hindu Economic Forum 2024: Restoring ethos of Bharatiya Economics

While explaining how Bharat has historically advanced through hard work and enterprise rather than colonial exploitation, Maharashtra Chief Minister Devendra Fadnavis said, “At one point, it accounted for 35 per cent to 49 per cent of the global economy without resorting to invasions or colonialism. Bharat has always revered only those Kings who worked for the common good and welfare of ordinary people.”

Shri Fadnavis’s statement was made on the first day of the three-day World Hindu Economic Forum (WHEF) 2024 that was held at the Jio World Convention Centre in Mumbai, Maharashtra from December 13–15, 2024. It saw over 1,000 global delegates observing a moment of silence in tribute to the late Padma Vibhushan Ratan Tata.

Addressing a packed hall, Maharashtra CM Devendra Fadnavis emphasised that Mumbai is not only the financial capital of Bharat but is also on the verge of becoming the fintech capital. He discussed the importance of carrying out development in sync with Hindu ethos, contrasting Western civilisation’s “survival of the fittest” mentality with Hindu philosophy, which promotes community support and collective well-being.

Shri Fadnavis also discussed the economic models adopted post-Independence that led to the derisive label of ‘Hindu rate of growth,’ a term coined by Leftist economists for slow economic growth. However, he asserted that Bharat is now recognised as the fastest-growing large economy and is poised to become the third-largest economy globally. “This Hindu growth model has demonstrated that inclusive development is achievable, with its roots in the policies initiated by Atal Bihari Vajpayee and further advanced under Prime Minister Narendra Modi.”

Noting that Bharat’s growth is both transparent and inclusive, Shri Fadnavis said, while capitalism in many parts of the world has resulted in significant income inequality, Bharat has successfully lifted 250 million people out of poverty. “This showcases the effectiveness of the Hindu growth model as a global example.”

Looking ahead, Fadnavis stated that by 2030, Bharat aims to become a $5 trillion economy, with some forecasts suggesting a potential reach of $7-9 trillion. He expressed a commitment to make Maharashtra the nation’s first $1 trillion State economy by 2028-2030, emphasising that traditional business practices are no longer sufficient in an era marked by accelerated growth. To support this vision, an Economic Advisory Council has been established in Maharashtra to develop appropriate policies.

Uttar Pradesh Chief Minister Yogi Adityanath, Goa Chief Minister Dr Pramod Sawant, and Gujarat Chief Minister Bhupendra Patel, were the key speakers.

On the first Day of WHEF 2024, Goa Chief Minister Dr Pramod Sawant highlighted his State’s journey towards Viksit Bharat. Dr Pramod Sawant, while delivering a compelling speech focusing on the theme “Goa Advancing Towards Viksit Bharat,” began by emphasising the importance of divine guidance in all endeavours, echoing Prime Minister Narendra Modi’s mantras of “Aatmanirbhar Bharat” and “Ek Hain to Safe Hain” (Safety in Unity), suggesting that these principles should inspire not only the forum but everyone involved in nation-building.

Reviving Bharat’s Civilisational Pride

In a spirited address, Uttar Pradesh Chief Minister Yogi Adityanath captivated delegates at the WHEF on December 14 by underscoring the convergence of tradition and development while elaborating on the transformation of Uttar Pradesh and its role in shaping a prosperous Bharat.

While speaking about the debilitating impact of foreign invasions and colonialism on Bharat, Yogi expressed concern over the fact that certain segments of society remain entrenched in a colonial mindset, attempting to undermine Bharat’s civilisational pride. He stressed the resilience of Bharatiya traditions, emphasising that Hindu civilisation has neither imposed itself on others nor wielded power through coercion.

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 Adityanath underscored Bharat’s economic legacy, pointing out that it accounted for 40 per cent 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. However, we have witnessed a resurgence of Bharat’s economic strength under Prime Minister Narendra Modi’s leadership.

Yogi Adityanath credited Prime Minister Narendra Modi’s leadership for Bharat’s rise to the fifth-largest economy, projected to become the third-largest by 2027.

“The State’s GDP has soared from Rs 12 lakh crore to Rs 32 lakh crore during his tenure, and its per capita income, which was once a third of the national average, is now approaching parity. The One District One Product (ODOP) scheme, which promotes local industries like Bhadohi carpets and Moradabad brassware, has boosted exports to Rs 2 lakh crore annually,” he said. The Chief Minister highlighted the transformation of UP’s tourism and infrastructure sectors.

Yogiji highlighted Ayodhya and Kashi as examples of how heritage-driven development can boost tourism and economy. Pilgrimage sites are being renovated, and the upcoming Mahakumbh in Prayagraj is expected to attract 40 crore visitors. Law enforcement improvements have created a safer environment, fostering growth and investment in the State.

Remembering Sardar Patel

The final day of the World Hindu Economic Forum (WHEF) 2024 was a blend of historical reflection, economic insights, and discussions on future innovation. The day coincided with the punyatithi (death anniversary) of Sardar Vallabhbhai Patel, making it particularly significant. Swami Vigyananand, in his address, highlighted Sardar Patel’s monumental role in preventing Bharat’s disintegration post-Independence by effectively countering British colonial strategies concerning the princely states, and avoiding fragmentation akin to the USSR or Czechoslovakia.

Swami Vigyananand emphasised Sardar Patel’s economic contributions, noting his strategic portfolio management during the interim Government formed before Independence. His foresight about industrialisation being crucial for a nation was lauded. Swami Vigyananand attributed Bharat’s economic underperformance to Nehru’s policies, which heavily taxed industries post-independence, stifling private enterprise until PV Narasimha Rao initiated economic liberalisation in the 1990s.

Gujarat Chief Minister Bhupendra Patel also paid tribute, emphasising Patel’s legacy in fostering cooperatives and economic progress, which has inspired the visionary leadership of Prime Minister Narendra Modi. Bhupendra Patel spoke about the role of Gujarat as Bharat’s industrial and economic hub. The state accounts for over 30 per cent of exports and is poised to become a semiconductor and renewable energy hub, with three semiconductor firms under development and green hydrogen policies gaining momentum. Dholera was highlighted as an emerging logistics hub, and the state is the first to chart a roadmap for a developed Gujarat by 2047, aiming for a $3 trillion economy.

The WHEF 2024 concluded by reaffirming its commitment to fostering collaboration and innovation to achieve common goals, aligning economic growth with sustainability and inclusivity.