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Political stability has given India a new sense of confidence: JKLU Laureate awardee Deepak Parekh

IANS | March 29, 2024 02:59 PM

JAIPUR: Amid geological tensions impacting the global economy, India has maintained its pace of having the fastest-growing GDP rates among major economies, thanks to the political stability that the country enjoys today which has given it a new sense of confidence, said JKLU Laureate awardee Deepak Parekh.

"We have already witnessed the impact of ongoing wars on the global economy. India could not have been more fortunate to have the kind of political stability it enjoys today. The tone at the top has percolated down and this has given the country a new sense of confidence and belief in itself, Parekh said in his address after receiving the award on Wednesday.

"India has turned centre stage globally, not only because of its growth momentum, but also because of its ability to create strong ties and relationships with other countries, " he added.

The JKLU Laureate Award 2024 was conferred on Parekh by JK Lakshmipat University (JKLU), an initiative of the JK Organisation. The prestigious event, hosted at the sprawling campus of the university in Jaipur, was graced by the presence of distinguished dignitaries. Additionally, a global audience tuned in via a live webcast on the official JKLU YouTube channel.

Delivering the Hari Shankar Singhania Memorial Oration, titled 'Viksit Bharat/Vision India 2047: Opportunities for Youth', Parekh said that India's youth are the luckiest to see the country grow like never before.

"It is true that some generations are luckier than others. All you youngsters here, you are undisputedly the luckiest of generations, given how India is developing and being perceived by the global community. Perhaps you had little control over the time of your birth, but you have control over witnessing and harnessing this once in a generation opportunity of seeing India grow like never before, " Parekh said.

"We all know that India is likely to be the third largest economy within the next three years overtaking Japan and Germany. Look at the trajectory, it took 60 years after independence for India to become a 1 trillion-dollar economy. We became a 2 trillion-dollar economy in 2014, and a 3 trillion-dollar economy in 2019. While the pandemic set us back, the next big leap of a 5 trillion-dollar economy is estimated to be in 2027-28. Many forecasts now estimate that this growth thrust will enable India's stock market capitalisation to touch 10 trillion dollars by 2030 from the current level of 4.4 trillion, " he said.

"What has brought about this rapid change? India has held the tag of being the fastest growing major economy for a while now. The tailwinds of improved institutional strength and governance, the rise of entrepreneurship and stable political leadership has catapulted India into a zone where the world wants India and not the other way around, " Parekh stressed.

Renowned for his pivotal role as the former Chairman of Housing Development Finance Corporation (HDFC), Shri Deepak Parekh propelled HDFC to global acclaim, ranking among the top 10 banks worldwide. Beyond HDFC, he serves as the non- executive chairman of Siemens Ltd. in India and on the board of the National Investment and Infrastructure Fund (NIIF). Internationally, he has roles on the boards of DP World - UAE and advisory boards of Accenture, Investcorp International Ltd, Warburg Pincus LLC, and Fairbridge Capital Pvt Ltd.

Esteemed figures such as former President Pranab Mukherjee, former Prime Minister Manmohan Singh, Nobel Peace Laureate Kailash Satyarthi, Former ISRO Chairman Dr. K. Kasturirangan, Lord Meghnad Desai, Bestselling Author Ram Charan, former SBI Chairperson Arundhati Bhattacharya, and former Director General, CSIR R A Mashelkar are among the previous recipients of the Laureate Award, recognised for their invaluable societal contributions.

Throughout his illustrious career, Parekh has received numerous prestigious accolades, including the Padma Bhushan, 'Bundesverdienstkreuz' (Germany's Cross of the Order of Merit), and 'Knight in the Order of the Legion of Honour' by the French Republic, solidifying his legacy as a visionary leader of global stature.

Speaking at the event, Parekh observed, "Though JKLU is a young university, much of its inspiration is attributed to the futuristic vision of Lala Lakshmipat Singhania, the founder of the Lakshmipat Singhania Education Foundation."

Offering advice to the youth, he emphasised, "Beware of the pitfalls of financial greed and arrogance. Cultivate kindness, for while your work may fade, the impact of how you make others feel will endure. Embrace change fearlessly, and never cease learning. Take time to connect with both the elderly and the young, as they offer invaluable wisdom and perspectives."

The event commenced with a warm welcome from Dheeraj Sanghi, Vice Chancellor of JKLU, setting the stage for an inspiring evening. R.P. Singhania, Pro-Chancellor of JKLU, eloquently highlighted the profound significance of the JKLU Laureate Award.

The evening's highlight was Deepak Parekh receiving the award, complemented by a poignant film honoring the extraordinary life and vision of Hari Shankar Singhania, the revered former President of the JK Organisation.

"Today, as we pay tribute to Deepak Parekh and commend the accomplishments of exceptional individuals, we embrace the ethos of advancement and ingenuity. With a vision for an empowered India by 2047 and a pledge to cultivate the potential of our youth, we chart a course towards a future brimming with opportunities and transformative progress. Let us forge ahead with unwavering resolve and perseverance, knowing that progress is assured when fueled by dedication and integrity, " noted R.P. Singhania, Pro-Chancellor, JKLU.

"The Laureate Award symbolises excellence and distinction, representing JKLU's most esteemed accolade. It is our privilege to announce Deepak Parekh as this year's recipient, " remarked Dheeraj Sanghi, Vice-Chancellor of JKLU.

He added, "As a titan in the realm of financial services, Shri Parekh embodies an institution unto himself. When such a personality receives an award, it's not just about him being honored, but also about him honoring us by accepting the award."

Speaking on the occasion, Shri H.P. Singhania, Pro-Chancellor of JKLU, expressed, "It is an honor for us to recognise Parekh amidst this esteemed gathering and to have him graciously accept the JKLU Laureate Award. Our deepest gratitude to him for his distinguished presence here today. We also extend our appreciation to Mr. Parekh for his insightful remarks, particularly his emphasis on embracing change, continuous learning, and fostering diverse collaborations, including his valuable advice to engage with individuals over 70 and below six years of age."

Through this meaningful tradition, JKLU reaffirms its commitment to acknowledging and celebrating visionary leaders who have played pivotal roles in shaping the course of our nation's journey.

Established in 2011 by J.K. Organisation (JKO), JK Lakshmipat University (JKLU) is a pioneering institution committed to bridging the industry-academia gap, carrying forward JKO's illustrious 125-year legacy of nation-building.

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