World Hindu Economic Forum to create bank, funding support system for industries

The Indian banking system is highly regulated and it has not been possible so far to form one but the forum is keen on setting-up a financial ecosystem, he said.

Published: 20th September 2019 08:08 AM  |   Last Updated: 20th September 2019 08:08 AM   |  A+A-

Bank, Banks

For representational purposes (File Photo | PTI)

By Express News Service

MUMBAI: The World Hindu Economic Forum (WHEF), a body that connects Indian diaspora entrepreneurs with their counterparts, aims to create a funding base, either through setting-up a bank or a start-up, or venture capital kind of funding system, said WHEF founder Swami Vigyananand.

The Indian banking system is highly regulated and it has not been possible so far to form one but the forum is keen on setting-up a financial ecosystem, he said.

“We wanted to have a bank, we were told we won’t get permission. We wanted to buy a bank in Mauritius, we thought of setting-up one outside. That also we were told would not be allowed to operate here,” said Vigyananand, adding it has looked at opportunities for buying a bank from Surinam to Indonesia, and has not given up the idea.

WHEF’s next edition scheduled to be organised in Mumbai from September 27 to 29 and aims to drive home the point of reviving manufacturing growth. ‘Manufacturing Landscape – Industry 4.0’ is the main theme, which would look at how India can take the advantage of the next generation technology-driven industrial revolution.

The main speakers would be Uttar Pradesh Chief Minister Yogi Adityanath and Maharashtra Chief Minister Devendra Fadnavis and will promote their states with specific themes in terms of economy, informed Vigyananand.

The economic situation might be grim with the June quarter GDP at 5 per cent having shocked the industry and experts, but the forum has lined up industry experts to address theme such as ‘accelerating economy of Bharat from steel to artificial intelligence’ and many more. There is a need to grow at 8 to 8.5 per cent a year, Vigyanand further said.

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