Why Hindu modernity is incomplete without Hindu Capitalism

With the recent debate emerging on what constitutes Hindu modernity, the general conclusion of the discussion being that the first stage of Hindu modernity was the Bhakti movement which reflected social reform. It helped synthesizing complex philosophical metaphysics through devotionalism, reduced caste barriers and made incremental changes; to create a modified society without breaking its structural edifice.

The second stage of Hindu modernity would constitute the reforms of the 19th century starting from the Bengal Renaissance and then finally culminating into the caste egalitarian, temple entry movements all the way until the early to mid-20th century. Between these two milestones, a number of creditworthy causes such as abolition of child marriage, the removal of Sati, allowing widow remarriage and banning of dowry were also achieved. New religious sects such as Brahmo Semaj, Arya Samaj, Ramakrishna Mission emerged, whose dynamism created a new way of looking at Dharma. While the first stage of Hindu modernity looked at making the message immensely acceptable to the masses, the second stage helped in enabling Hinduism to keep its feet into the modern world in the socio-cultural sphere. What was left out though from both these stages was economic development and general prosperity of the masses. For Hinduism to truly emerge in the contemporary world, it needs to bridge this final lap, the last mile to get it over the hump.

For any religious philosophy to truly emerge and make an impact on a world stage, it needs to be backed up not just by soft power but by hard power. For too long ashrams, yogis, gurus and mantras have helped keep Hindu soft power going but relying too much only on soft power can only take you so far. Greek and Roman philosophy had huge impact on the world stage as they were backed Alexander’s and Caesar’s feats of military innovation. The Druids who represented the elites of Celtic society also had a well-organized, structured and an established religion, but the core of their framework was lost and failed to make a mark, as they failed in defending their homeland. In the polytheistic world, the Gods were a free market with their rise and fall shadowing those of their patronized cities. Hence, going by this historical evidence, it is quite remarkable that Hinduism managed to make the impact that it did against all odds, despite facing centuries of hostile foreign rule.

It is because of the brutality of the Turkic, Mughal and British rule that almost all the reform movements tended to focus on religion, theology & society rather than economy. For the economic discourse to emerge, Hindus needed to be masters of their own destiny. While they most often resisted these foreign rulers, they were seldom truly able to enjoy uninterrupted and peaceful reigns to focus on their general economic well-being.

With the advent of Independence, a glimmer of hope had risen but with the economy left in tatters, after a long period of colonial rule and the following decades of socialism; Hindu vitality was lost. In fact, not only did fail to make a mark economically but even in matters of religion, there was an inordinate decline, with the Nehruvian consensus hitting at the heart of the Hindu Dharma in ways that even the foreign invaders did not in the past.

The 1991 reforms had created a hope and indeed worked initially. But the lack of follow-up, from successive governments led to the petering away of the advantages that were gained initially. The economy laboured through, from agriculture to services with vast rural to urban migration. The intervening stage of industrialization eluded it fully and India was neither able to create the required ecosystem for industrial growth, nor able to train enough skilled manpower to harness its demographic dividend. The result being that growth started stagnating and a vacuum was created.

Hindu society needs to address this vacuum quickly. For if Hinduism is to make the next level of modernization, it is important to resolve this very component with an immediate sense of urgency. For without this, all the philosophical gravitas and cultural capital it acquired in the previous centuries would be lost and the vitality of Dharma itself will be at a threat.

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Vineet

I do a podcast on YouTube on my channel The Indic Explorer. It is an Indic cultural podcast which focusses on the theme of different facets of Indic culture and its interplay with modernity. Twitter- https://twitter.com/theindicexplor1 Instagram- https://www.instagram.com/theindicexplorer/ Substack- https://digitaldharma.substack.com/

4 thoughts on “Why Hindu modernity is incomplete without Hindu Capitalism”

  1. some notes:
    i) surprising that this rather good article hasn’t had comments so far.
    ii) the element of capitalism was always present in the hindu society, but was masked by nehuruvian socialism. as many have noticed, the vasiyafication of the hindu society is almost complete, with all castes taking to trade. however, the traditional vysias are taking lead in the new economy businesses, which shows that they are accepting the new challenges.
    iii) the ‘neo vasiays’ should come up with a good self regulating model so that the likes of nirav modi, malya, et al are punished by the community and not wait for the great indian system. this will make trading more acceptable.

  2. Roughly this is what happens:
    1) Good education, which imo means long ‘honest’ conversations with a person/books/yourself, opens up the mind of a few gifted folks who become entrepreneurs. These folks see the world ‘clearly’ and statistically make better moves.
    2) To maximize the utilization of such folks capital should be available via open competition i.e. the markets, VCs, or banks.
    3) Everyone else from religious folks, researchers (mediocre ones i.e. almost all of them), bankers, house wives, children, train drivers, teachers, … just rides the success (while making up their own BS stories) of the few who manage to see the world for what it is.

    India fails at both 1 and 2. It is hard to get real education in India, we only learn facts and trivia. The individual (especially Indian boys) is so degraded and considered so worthless on their own that they mindlessly go after jobs or Amreeka.

    Hindus shit themselves at the thought of raising money, or getting indebted for non-property assets. Many reasons for it. Only Bania folks have some access to money via their families.

    What we need are more examples of folks who did well by going their own way, more Ambani, Adani, type folks. That will give confidence in ourselves.

  3. This article completely ignores the ‘subaltern’ churning like Phule in Maharastra , Dravidian movement in Tamilnadu, BSP, dalit movements which bring ultimately capitalism to the masses. I have been studying Dravidian movement ; for all it’s outlandish claims it is firmly capitalist and a kind of dog eat dog capitalist

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