By the middle of 21st century, India’s rise will be higher than China’s rise. And more attractive to the world, says Ambani
India's GDP will double to $5 trillion in the next seven years and reach $10 trillion by 2030, according to Mukesh Ambani, Chairman and MD of Reliance Industries.
"In 2004, I had predicted that India — then a $500 billion economy — will get to the mark of $5 trillion in 20 years. Today, that prediction seems certain. Indeed, it will be achieved well before 2024," he said at a media summit in the national Capital on Friday.
He added that Indian economy will triple to $7 trillion in the next 10 years to become the third-largest economy in the world. By 2030, it can cross the $10 trillion and India can 'most certainly' become the most prosperous nation in the world overtaking the US and China within this century.
"By the middle of 21st century, India's rise will be higher than China's rise. And more attractive to the world," Ambani said.
"India will provide a superior and different development model (which will) create equitable and inclusive growth based on technology, democracy, good governance and a society-wide culture of empathy."
"What manufacturing was for China, super intelligence will be for India. We have the opportunity to not only rapidly grow our own economy, but also to be the provider of intelligent services to the rest of the world," he said.
Addressing foreign investors he said, "Be part of India's Rise. Invest in India. Earn in India. Grow in India. Partner with India and Prosper together with India."
On the topic of growth, he said, "To me, what is most important is did we move the country forward and does the consumer gain. The question you should be thinking is even if there are profits and losses, who gains and who loses. And as long as the consumer gains and the country moves forward, it is worth taking those losses... Some of us are big boys, we can afford that."
His telecom venture Reliance Jio, which entered the market last year, has impacted the margins and profits of existing telecom players by creating a disruption in the market with its free calls and dirt cheap data offers.
"Today, Indians consume more mobile broadband data than users in the USA and China.If Data is Destiny, New India is well and truly ready for its new Tryst with Destiny."
Calling Sunil Mittal, Chairman of Bharti Group, his friend, Ambani though said businesses must stop looking at regulators and governments to guarantee their profits.
Ambani said after the entry of Jio, India has become the world's No.1 mobile broadband market, consuming more data than users in the US and China. "For all of us in the industry, I think profits and losses are risks that we take. I don't think we can rely on governments and regulators to guarantee our profits or losses," Ambani said.
"At Reliance, we want to be the best in the world," he said. "I am sorry if it appears competitive."
He also said that money never meant much to him and he has never carried money since childhood, adding that "I have somebody around who pays for me". Interestingly, he is the richest Indian.
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