Sri Sri Ravi Shankar will give a keynote address at the event where some 1,000 NRI leaders will participate, the group said in the statement.
These 500 villages have been selected based on highest farmer suicide rates, high unemployment rates and need for immediate support, OVBI President Satej Chaudhary said.
"We are bringing together geoscientists, agricultural experts and entrepreneurs to help double the income of farmers by 2022," Mr Chaudhary said.
OVBI said it organised a water summit last year and successfully connected specialists from the US with the Art of Living ground team working on river rejuvenation projects.
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