Acharya Prashant clarifies that Vedant is a universal philosophy rather than a religion. He explains that while religions typically rely on gods, prophets, and commandments, Vedant is a simple exploration of the truth and the nature of the self. It is not a belief system and does not impose rules regarding rituals, lifestyle, or social conduct. Instead, it addresses the core human condition of suffering and the relationship between the individual and the world. He emphasizes that Vedant is applicable to everyone, regardless of their religious background or lack thereof, because it focuses on the fundamental question of existence: 'Who am I?'