Report on World Hindu Economic Forum, Hongkong 2012

Mauritian Vice-Prime Minister, Hon’ble Anil Kumar Bachoo inaugurated the First World Hindu Economic Forum (WHEF), which was held in Hong Kong on June 30-July 1, 2012. During his inaugural address, he emphasized on the need to develop new economic models which are sustainable and will generate wealth for eradicating poverty, creating employment, and reducing environmental degradation, since prevalent models are collapsing across the world, leading to global political instability and increasing disparity between the rich and poor as well as leading to environmental degradation.

WHEF has been established to make society prosperous through the generation and sharing of surplus wealth. The Forum facilitates sharing of knowledge through reputed economic thinkers, and well established business-persons of the world. The Forum also provides a common platform for strategic and management professionals, industrialists, traders, bankers, investors, technocrats, scientists and economists for creating a prosperous global society and eradicating human misery across the world.

WHEF-2012 was attended by over 250 prominent businesspersons, industrialists, economists, bankers, international traders, and business association leaders from different countries from Europe, Asia, Africa, and Pacific region.

Dr. Subramanian Swamy former Union Minister of Commerce and Law in the Government of Bharat, an alumnus and professor of the Harvard University delivered the keynote address at the Forum. In his address, he argued that the world needs a new economic agenda and business ethical framework in lieu of current greed-based model, which will not only propel and expand global economies.

Prof (Dr.) Gautam Sen taught “Politics of the World Economy” at the Department of International Relations, London School of Economics & Political Science emphasized the need to organize Hindu economy not only for creating wealth, but also for promoting economic equity across the world and help underdeveloped countries, and communities.

Prof (Dr.) R. Vaidyanathan, Professor of Finance at IIM Bangalore elaborated on the linkages between the ongoing economic crisis in the Western world and the breakdown of the institution of family in Western societies. He saw these crises as an opportunity for reinventing global economic model founded which is more feminine, eco-friendly, relationship driven and community oriented.

Shri Subhash Thakrar Chairman London Chamber of Commerce and Industry briefed the Forum on emerging sectors of business in current turbulent world. He identified Africa as the next area which could witness significant economic growth and boom.

The Forum held extended discussions on the immediate and long-term goals in context of needs of the global economy. Towards this end, it resolved to set up an institutional framework with cross-continental footprint which will provide market intelligence to people interested in furthering the goals of the Forum. Such a framework will also network millions of existing and aspiring entrepreneurs.

The Forum also intently listened to Dr. G. Madhavan Nair, ex-chief of Indian Space Research Organisation and head of Chandrayaan (Bharat Moon Mission) on how innovations in aerospace technologies is opening up new markets, wide range of products, and economic possibilities.

Dr. Vijay Bhatkar, ex-Director Centre for Developing Advanced Computing, and inventor of PARAM supercomputer made a very strong case for investing in innovation and education as these will be the two factors which will separate successful business ventures from unsuccessful ones.

Shri D. N. Kulkarni from Jain Irrigation, a global leader in drip-irrigation technology explained how helping the marginal farmer by providing best technology and expertise at affordable prices is not only a commercially a sound practice, but can also create mass-scale prosperity globally. Shri Bhanwarlal Jain, started his company on a modest six-acre patch of arid land, and today he runs a MNC with operations in 120 countries with a turnover of over 800 million USD.

The Forum has also launched Young Hindu Business Leader Forum, which will offer diverse services to aspiring entrepreneurs in areas pertaining to mentoring, capital access, training, networking,Internships and market research. Young Hindu Business Leader Forum will hold its first meeting in Mumbai, January 2013.

The Forum held several panel discussions covering topics as diverse as “Developing Global Economy”, “Making Small and Medium Sized Enterprises Successful in the Global Market Place”, “Mega Trends in the Global Economy and Future Prospects” and “Mantra for a Successful Business Enterprise”.

The Forum’s meeting at Hong Kong is a grand success and all the delegates and speakers were inspired and interested in furthering the cause of World Hindu Economic Forum. World Hindu Economic Forum will meet next in Bangkok in 2013.

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