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India's economy shows resilience, growth capability: Times Group MD Vineet Jain

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The Indian economy has shown resilience and capability for growth amid global gloom in the wake of a recession taking hold in the US and other advanced markets, Times Group managing director Vineet Jain said on Thursday.

Jain underscored India’s rise in stature as an economic powerhouse and a strong influencer in global relations, evident in the G20 presidency vesting with the country at a time of great geopolitical dynamism. “At a time when some of the biggest economies are staring at a recession, India remains a highgrowth bright spot on the global map,” Jain said at the Times Now Summit 2022.

Jain said Prime Minister Narendra Modi’s message to Russian President Vladimir Putin that this was not an era of war at a meeting in September has found global resonance. “In a fractured world, he has emerged as a statesman,” Jain said. India’s economic growth is firmly rooted in the principles of welfare and inclusive growth. “The most important aspect of the rise of a New India is that it is being driven not just by the mind, but equally by the heart, by hriday. If proof were required, it comes in the form of the Centre’s food subsidy expenditure, which is set to cross `3 lakh crore,” he said.

The Centre recently extended the Pradhan Mantri Garib Kalyan Anna Yojana, which provides an additional 5 kg of foodgrains per person per month to the poor. Jain said India remains a beacon of democracy, borne out by the fact that millions come out to vote in a peaceful manner. Challenges have been a part of India’s growth story.

“There are many who would like to block our progress towards peace and stability,” Jain said. “But as the Prime Minister and the home minister have demonstrated time and again, while India does not seek conflict, it will not compromise on the safety and security of Indian citizens.” Jain expressed his gratitude to the Prime Minister for his support to the group’s endeavours, recollecting that he had flagged off the first Times Now Summit in 2019. He also thanked home minister Amit Shah for his unstinting encouragement over the years.

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