Resilience of the Indian economy is apparent: Times Group MD Vineet Jain

NEW DELHI: Prime Minister Narendra Modi has worked towards encouraging investment and enabling business, and green shoots are showing in the Indian economy despite global headwinds, said Times Group managing director Vineet Jain on the first day of the Economic Times Global Business Summit here in New Delhi.

Jain welcomed Prime Minister Modi, who will speak at the Summit today. He lauded measures like the proposed listing of LIC and the scrapping of the dividend distribution tax (DDT) among other measures introduced by the government in this year's budget. "Even with global headwinds, the resilience of the Indian economy is apparent," he said.

Manufacturing, services and infrastructure indicators were showing positive signs. Retail investors too were reposing their faith in the markets by investing in systematic investment plans.


Jain congratulated Modi as well as Finance Minister Nirmala Sitharaman for setting the foundations that led to the country becoming the fifth largest economy of the world, overtaking the United Kingdom and France.

This was made possible due to the drive and ambition of India's entrepreneurs and business leaders, along with the support of a "receptive and reformist government".

Jain also referred to the United States President Donald Trump's statement while meeting Modi in Ahmedabad recently that while India had come a long way since independence, it was nothing compared to the distance it would go.

Making mention of the coronavirus epidemic, Jain said it has now become the main cause of global economic strife,instead of Brexit or the US-China trade war which were concerns last year. "It goes to show that life can throw up unexpected surprises. You never know what can happen next."

Jain said that the gathering of leaders like Modi, defence minister Rajnath Singh, foreign minister S Jaishankar as well as entrepreneurs, technocrats and thought leaders made the Summit the finest forum for ideas in India.