The time is ripe for Bharat to make use of its historical wisdom, embrace global opportunities, and drive towards a prosperous and inclusive future
As Bharat aspires to become the third largest economy in the world, it must not only achieve this goal but also focus on sharing surplus to create a vibrant and inclusive society. The author of ‘Arthashastra’, Acharya Chanakya, says ‘Dharmasya Moolam Arthah’ (Economy is the Strength). Hence, the land of Chanakya needs a clear vision—Making Society Prosperous with a mission of creating and sharing surplus wealth. The ancient wisdom of the Vedas, “Sat Hasta Samahara, Sahastra Hasta Sankira,” translates to “Create wealth with 100 hands and share it with 1,000 hands.” Hindus contributed significantly to the world economy from the 1st to the 15th century CE, reflecting their understanding of wealth creation and distribution.Hindu civilization's prosperity is evident in the magnificent monuments of past and present such as Harappa and Mohenjo-Daro, Lothal, Nalanda and Takshila University, Ayutthaya in Thailand, Angkor Wat in Cambodia, Prambanan and Borobudur in Indonesia, and the temples of Rameshwaram, Brihadeshwara, and Meenakshi in Bharat. However, this prosperity was lost during periods of Islamic invasion, colonial rule, and the Industrial Revolution.
The 21st-century economy is driven by knowledge and youth, and with a significant portion of the Hindu population being young, there is an inherent potential waiting to be unlocked. The current economic boom, coupled with the recession of major economies, has created turmoil worldwide. Traditional responses, such as cost-cutting and protectionism, are insufficient. What is needed is a new and creative approach to generating surplus wealth and rescuing the global economy from its current crisis.Today, while some economies face turbulence, emerging economies offer great opportunities. The challenge is how to leverage the global situation for collective growth.
Hindus should cooperate and collaborate globally to facilitate market access across geographic zones and countries, from Auckland to Alaska and Oslo to Johannesburg. Similarly, there should be cooperation in capital availability and technological innovation, matching technically savvy Hindus with those who can turn innovation into business opportunities.The fundamental problems of hunger, poverty, and illiteracy cannot be solved merely through donations and charity.
A growing population has growing needs, which can be addressed only by creating surplus wealth and empowering the masses, especially those at the bottom of the pyramid.
This approach aligns with the philosophy of creating “That, which sustains,” and aims to eradicate hunger, poverty, and illiteracy.Historical evidence shows that the British plundered Bharat extensively. Economic historian, Utsa Patnaik's research suggests the British colonial regime looted almost USD 45 trillion from India from 1765 to 1938.
This astronomical sum is fifteen times the annual GDP of the UK today.This wealth funded the Industrial Revolution in England, highlighting the significant economic contribution of Bharat. Nations and communities regain their economic strength through cooperation and dedication. For instance, the Jews rebuilt themselves after the Holocaust through networking, community support, and self-organization. Similarly, Japan and Germany emerged as economic superpowers after World War II, and China has become the second-largest economy since 1950. The GDP of Bharat in 2015 was USD 2.07 Trillion. Now it is slightly over USD 3 trillion. In the next three years, the nation aims to achieve USD 5 trillion.
The concept of linking Hinduism with economic growth first emerged in February 1973, when BPR Vithal, writing under the pseudonym Najin Yanupi, referred to the rate of growth of India's per capita income, suggesting a range of 1% to 3%. This notion, termed the "Hindu rate of growth," was later popularized by economist Raj Krishna. Former Chief Economic Advisor Kaushik Basu defended this term in a 2007 paper, noting, “Hindu rate of growth' is the tongue-in-cheek expression coined by the Indian economist, the late Raj Krishna, to capture the frustrations India’s planners faced with growth.
No matter what they did, growth seemed, invariably, to revert back to 3.5%, almost as if this magic figure was written in the land’s scriptures.” Since then, many economists, including former Deputy Chairman of the Planning Commission Montek Singh Ahluwalia (1995) and former Chief Economic Advisors Shankar Acharya (2002) and Arvind Virmani (2006), have explored the theme of the Hindu rate of growth.
The smooth legitimization of this phrase, despite its contemptuous undertones towards Hinduism in a predominantly Hindu country, highlights the tolerance and acceptance of those who practice this faith. Equating slow GDP growth with Hinduism and attributing economic stagnation to religion is being seen as a challenge now.
Credits go to an IIT alumnus Swami Vigyananand, the Founder, of the World Hindu Economic Forum (WHEF) who created a global forum with a mission to ‘Making Society Prosperous.’ The journey of economic resurgence for the Hindu community began in 2012 in Hong Kong and has since traversed global locations such as Bangkok, New Delhi, London, Los Angeles, Chicago, and Mumbai. Despite the challenges posed by the COVID-19 pandemic, the movement has continued to expand through digital business networks and local chapters.
Rooted in the philosophy of the Bhagwad Gita, the focus remains on forward-thinking and sustainability to generate surplus wealth and enhance societal well-being. This socio-economic non-governmental organization is set to host its highly anticipated event- WHEF 2024 in Mumbai. The mega business conference and exhibition will be organized from December 13th to 15th, 2024. With the theme “Think in Future, for the Future,” this forum aims to cultivate forward-thinking and sustainable economic strategies. ‘Viksit Bharat,’ (Developed India), Industry 4.0, Skill Development, E-Commerce, Capital Market, and Regional Opportunities are expected to be in focus. Hindus now aim to gain at least 16% of the world's GDP in proportion to their population share.
By fostering cooperation and collaboration globally, facilitating market access, supporting financial ecosystems, and encouraging technological innovation, the community can drive economic empowerment and social development. By fostering and mentoring enterprise and entrepreneurship, the community can collectively drive economic growth and secure a prosperous future.Communities and nations regain their economic strength when they work with a spirit of cooperation and single-minded dedication. This collaborative approach can lead to significant contributions to the world GDP, visibility, acceptability, and respectability for the Hindu community.As Bharat marches towards becoming the third-largest economy, the focus needs to be on creating and sharing surplus wealth. By leveraging historical wisdom, fostering global cooperation, and embracing forward-thinking and future-ready strategies, the community can drive economic empowerment and social development, ultimately contributing to a prosperous and inclusive society.
(The author is a senior journalist and the views expressed are personal)
