Losing My Religion ! Or What?

Eventhough we met for probably the last time in college, we folks ended up discussing some silly topic as we did the first day of engineering (Our College started on 12th September 2001 and the topic was obvious -- In Pune Any "Intellectuals" start discussions on wierdest topics remember "Bajri Varche Keed" and "Thorle Bajirao Yanche Shudhdhalekhan"!!!).
This time it was - Have Hindus Lost Their Sense of Identity of Belonging To "Hindu" faith or some guys put it as Hindus feel ashamed of their religion. The topic rose from the fact that many people like me (a Kulkarni) met a fellow Marathi (a Pethe) and started talking in English. The discussion imbroiled into a debate on World Religion and Religious Politics.
The points that were stressed were "How do Catholic Missions Get So much Funding" whilst the new generations in the west are indifferent about religion. Also since there were no Muslims or Christians of my class involved (Who comes in Beginning of PL's anyway) we also discussed lots of stuff about Religious fundamentalism and how it is being used as ameans to get Power and sustain it.
Then again I tried to defend the Hindus saying that it has survived 4000 + years (with proof some say its 7000 years) of persecution and has evolved whereas other all used forced conversions and those religions who didn't spread through "evangelists" or "luring" never survived. By Its own openness and greatness our Hindu Religion has survived and is thriving.
Finally we all agreed that in few years Indian Youth read us will sowly pay less attention to religion (similar to the west) and then what about the Hindu Faith Identity crisis???
None of us Hindus ever have a common ritual (religious) by which we can proudly say that this and this is done by all Hindus. Well we concluded that the main feature of being a Hindu is to accept the right in your own way (but then the lines between right and wrong are so obscure).

I wonder if this discussion served any purpose but it was enough to pass time till the peon put up notice for our LAST EVER Oral and practical exam.

Please let me know some of your views on Hindu faith or religion...