The two-day conference, themed “Innovation, Self Reliance and Prosperity”, was inaugurated by  Maharashtra Chief Minister of Devendra Fadnavis, with his Madhya Pradesh counterpart Mohan Yadav, WHEF founder Swami Vigyananand, WHEF Organising Committee chairman Rajesh Sharma, leading industrialists like H M Bangur and JSW Group Chairman Sajjan Jindal, policymakers, startup founders and investors also in attendance.

H M Bangur handing over a letter-of-intent to invest Rs 2000 crore in Maharashtra to CM Devendra Fadnavis. Photo: WHEF

A key highlight of the opening day was  Shree Cement Ltd chairman Bangur’s address, during which he handed over a letter of intent (LoI) to invest Rs 2,000 crore in Maharashtra to CM Fadnavis. He also submitted another LoI of Rs 1,000–1,500 crore for Madhya Pradesh to CM Yadav.Stressing that economic growth must be rooted in responsibility, Bangur said “dharma guides artha” in Indian culture.

“We must get out of the Macaulayan education system and reinvest in our old values. For centuries India alone accounted for nearly 30 percent of the world economy. But something negative happened with the coming of Europeans who successfully looted the country.

A Hindu Economic Forum was necessary and it has been created and is working fine. The Forum may take a year or 10 years, but it will surely be successful,” he said.

The Macaulay Education System, introduced by Thomas Babington Macaulay in his 1835 "Minute on Indian Education," was a British colonial policy to establish English as the medium for higher education in India, promoting Western literature and science while deeming Indian traditions inferior.

H M Bangur hands over a letter-of-intent to invest Rs 1000 to 1500 crore in Madhya Pradesh to CM Mohan Yadav. Photo: WHEF

Highlighting the importance of innovation, Bangur cited Shree Cement’s experience in improving energy efficiency.

“Power plants in India usually shut down below 60 per cent capacity utilisation. Our engineers made some innovative changes and brought down the capacity utilisation threshold and we could run our power plants at 30 per cent capacity. This reduced a lot of coal from unnecessary burning. The energy ministry noticed this innovation and came to inquire from our engineers how we did it,” he said.

Calling for a shift in mindset, Bangur added, “We should unshackle ourselves and bring innovation in our thinking and in our education.”

CM Fadnavis described WHEF as a vital platform for collaboration.

“World Hindu Economic Forum is a great medium to forge connections. We believe there is an underlying Hindu philosophy at the core of our economic system. If we understand this philosophy we will stand up as a very prosperous nation, create a harmonious society and effectively contribute to the world vision that we have,” he said.

On the sidelines of the conference, CM Yadav said India’s growing global stature presents opportunities for states to play a larger role.

“India, under Prime Minister Narendra Modi, has created its own space and identity in global affairs. As our country moves towards becoming the third largest economy in the world, every state has an important role to play. When we talk of innovation and rapid economic growth, Madhya Pradesh is one of the frontal states in the country having garnered 8.5 lakh crores of investment,” he said, adding that the state is advancing rapidly in mining, energy, tourism and religious tourism.