vineet jain: India remains lone bright spot amid global economic gloom: Times Group MD Vineet Jain

The Indian economy has shown resilience and capability of growth amid the onset of global gloom in the wake of a recession taking root in the US and other advanced markets, Vineet Jain, MD of the Times Group said at the Times Now Summit 2022 in New Delhi on Thursday.

Jain underscored India’s rise in stature as an economic powerhouse and a strong influencer in geopolitical relations, evident in the G20 Presidency vesting with India at a time of immense geopolitical dynamism.

“At a time when some of the biggest economies are staring at a recession. India remains a high growth bright spot on the Global Map,” Jain said.

Jain said prime minister Narendra Modi‘s insistence with Russian President Vladimir Putin that the era of war was over, at a meeting in September this year over the Russia-Ukraine war, has found global resonance. “In a fractured world, he has emerged as a statesman,” Jain said.
India’s economic growth has also been firmly rooted in its principles of welfarism and inclusive growth. The country’s recent decision to spend Rs 3 lakh crore on. food subsidy counts among the many manifestations of this policy.

“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 Hrudhay. If proof were required, it comes in the form of Centre’s food subsidy expenditure, which is set to cross Rs 3 lakh crore,” he said.

Recently, the Centre extended the Prime Minister Garib Kalyan Anna Yojana (PMGKAY) till December this year. The scheme envisages 5 kg of foodgrain per person, per month, for all beneficiaries covered under the National Food Security Act, and those covered under the Direct Benefit Transfer scheme.

Jain said India also remains a beacon of democracy, borne out by the fact that “millions” come out to vote in a peaceful manner.

However, challenges have been a part of India’s growth story, he said. “There are many who would like to block our progress towards peace and stability. 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 Prime Minister Narendra Modi for his support to the Group’s endeavors.

He recollected that PM Modi flagged off the first Times Now Summit in 2019, and underscored Home Minister Amit Shah’s unstinting encouragement over the years. The Times group’s Hindi news channel Navbharat has grown into a significant voice in a new space, within a short span of time.