Reliance Industries Chairman Mukesh Ambani has said that long-term double-digit economic growth is entirely possible in India and the foundation of any country’s progress is laid by stable economic leadership. He was addressing a program of GeoBlackRock.
What are the expectations expressed regarding energy needs?
Ambani said that in the next decade, India will not import about 80 percent of its energy needs, which will further strengthen the country’s self-reliance. Emphasizing on digital infrastructure, he said that today 5G network is available in every village of India, which is better and cheaper than any other country in the world.
I can see 100 new Reliance emerging – Ambani
Describing law and order and social harmony as necessary for economic development, he said that stable law and order and social harmony for 15-20 years is a prerequisite for development. Ambani expressed confidence, “I can clearly see 100 new Reliance emerging in the country.”
India can overtake the world in 20-30 years
Ambani said that today India is rapidly making its place in the $110 trillion global economy with a GDP of about $4.5 trillion. He said that I like to see India growing faster than the world. I believe that in the next 20-30 years India can overtake the rest of the world and become a $25-30 trillion economy.
Ambani further said that through technological breakthroughs, India is moving towards becoming self-reliant to a large extent in the energy sector. Emphasizing the need to create physical infrastructure with modern technology for 1.4 billion people, he said that there is a possibility of investment of hundreds of billions of dollars in this. He said that these investments will give sustainable and compounding returns in the long run. This will require permanent capital, both domestic and foreign.
India’s digital initiatives appreciated
In the same program, BlackRock CEO Laurie Fink praised the digital initiatives of the Modi government, calling it the era of India. Fink said the digitization of the rupee has transformed commerce across the country and other countries, even the US, seem to be lagging behind in this regard. He said that India’s growth story should not be seen from short-term political or market fluctuations, but from a long-term perspective.
