India Among Fastest Growing Economies: JSW Group Chairman Sajjan Jindal

JSW Group chairman Sajjan Jindal on Thursday countered US President Donald Trump's recent remarks on India, saying India is one of the largest and fastest growing economies in the world.

Speaking at the listing ceremony of JSW Cement at the NSE here, Jindal said India is the fastest growing large economy and has a great future ahead, days after US President Donald Trump's remark of India being a dead economy.

"We are going to see a great future for India, because India is growing, it's one of the largest, fastest growing large economies in the world. Whatever Trump may say, that doesn't matter. We are the fastest growing large economy in the world," Jindal said.

Amid the trade policy negotiations, Trump had called India as a "dead economy" while expressing disappointment with New Delhi's posturing to continue buying cheap oil from Russia.

"I don't care what India does with Russia. They can take their dead economies down together," Trump had reportedly said.

Stating that JSW Cement will grow fast as accelerated growth is in the DNA of the Group, he said, "we can't be conservative, we have to be aggressive and that's what India requires. India needs aggressive companies, India needs growth." Meanwhile, shares of JSW Cement Ltd listed with a premium of over 4% against the issue price of Rs 147 on Thursday.

The company's stock opened at Rs 153, up 4% from the issue price on the BSE. Later, it jumped 5.23% to Rs 154.70. At the NSE, it listed at Rs 153.50, a premium of 4.42%.

The company's market valuation stood at Rs 20,914.02 crore.

The capital markets are not just about raising funds, it's about winning the trust of the investors, Jindal said and added that "in the long run, you don't need to take a big jump, but small steps and the investors are always with you." JSW Cement Managing Director Parth Jindal said that he was aiming to take the company to the top two in the industry. "I have to dream to be in the top two and we all will dream to be in the top two and to build this company," he said.

"We have just begun and I hope that we can create value for all our minority shareholders and take this company to its rightful place and be a big part of the future growth story of the JSW group," he said.

He said that at present a lot of JSW group companies have the vision to go public, adding that, "Now, I'm fully trained, fully ready and geared up to take all of you public as well."