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‘Indians already command $5 trillion economic heft’: Samir Jain, Times Group VC and MD | India News


In his special address at ET . Global Business SummitSamir Jain, Vice President and CEO, era groupshared a unique perspective on India’s transformation with the Prime Minister Narendra Modi. India’s transformation thanks to the Prime Minister’s determination and his selfless dedication to the welfare of the people, Jainism speak.
Jain has offered a new way of thinking about India’s economic power and proposed innovative tax policy changes to empower Indian women, asking the Prime Minister to consider these ideas. Pointing out that India is on track to become a $5 trillion economy by 2025, as the Prime Minister addressed, Jain said we should take into account the incomes of millions of expatriate Indians and people of Indian origin abroad – around 3 million – when it comes to India’s Economic Power.

Prime Minister Modi first served society, then India;  as G20 president, he will serve the world: Times Group VC and MD Samir Jain

Prime Minister Modi first served society, then India; as G20 president, he will serve the world: Times Group VC and MD Samir Jain

By that measure, Jain said, the size of the Indian economy has surpassed $5 trillion — because if we think about Indians everywhere, whether here or abroad, they have is part of an economic powerhouse worth more than $5 trillion. He asked business leaders and policy makers to think of ways to capitalize on the dynamism of the expat community towards India.
Jain has asked the Prime Minister to consider tax changes which would reduce taxes for women by one percentage point and increase taxes for men by the same amount. Receiving applause and cheers from the audience as he said this, he wondered how the male business leaders, many of whom were present in the audience, would accept this.

The logic behind this, Jain says, is that the tax differential should have the effect of encouraging women to participate more in the economy and transfer more wealth to women — and thus an instrument of empowerment. In his speech afterwards, Revision a softer way that one can’t be sure what the elite would do if such a tax plan were actually put in place.
Jain also said the ancient wisdom of India is a practical guide for smart and responsible business practices. He told gathered business leaders that business is more than just accumulating wealth, because wealth in Indian thought has a much broader and deeper meaning. Jain explains the concept of Ashta Lakshmi (eight meanings of Lakshmi).
He said, for example, that Adi Lakshmi should be understood in a modern context as denoting the importance of innovation and creativity. We are now in Amrit Kaal, Jain said in conclusion, and the discussions in this business summit will lead to new ways of working towards a strong and prosperous India.

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