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India will rank among top 3 economies in 10 years: Mukesh Ambani

"I believe Indian economy will grow to $7 trillion a year in next 10 years", Mukesh Ambani said.

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Mukesh Ambani was speaking at the 3-day long event of India Mobile Congress.
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Reliance Industries chairman, Mukesh Ambani on Wednesday said that the Indian economy in another 10 years would rank among top three economies of the world.  

Speaking at the 3-day long India Mobile Congress, Ambani said, "I believe Indian economy will grow to $7 trillion in next 10 years."

Mukesh Ambani's statement came amidst the widening debate over the slowdown of economy. 

Emphasising the importance of digital India, Ambani said, "Data is the new oil and India possesses its abundance." He said that the firms need to provide ubiquitous data to every Indian at an affordable prices. 

"Data is the oxygen to digital economy", he added. 

He said, "4G coverage in India will become larger than 2G coverage in the next 12 months". Highlighting the increased use of data in the country, he said that India has potential to lead fourth industrial revolution as India does not need to import data. 

He also mentioned that how India has become the largest telecom market in the world. 

The three-day event will also be attended by communications minister Manoj Sinha, law and IT minister Ravi Shankar Prasad, railways minister Piyush Goyal, among others. Telecom secretary Aruna Sundararajan and electronics and IT secretary Ajay Prakash Sawhney will also be part of the event apart from telecom CEOs.

The entry of Reliance Jio in the telecom sector last year has impacted the profits of the existing players. The tariffs have come down to a new low with voice calls virtually free. The incumbents have been asking for financial incentives from the government since the stress in the sector has increased manifold after the entry of Reliance Jio, according to them. The cumulative debt of the industry is around Rs 4.5 lakh crore.

The latest bone of contention between Reliance Jio and existing telcos is the cut in IUC to 6 paise per minute from 14 paise a minute to be applicable from October 1, announced by the telecom regulator Trai recently. The IUC will be brought down to zero from January 2020 as per Telecom Regulatory Authority of India.

While Reliance Jio was demanding a zero IUC, existing players wanted it to be doubled to 35 paise.

Operators plan to move court over Trai decision to cut IUC.

Interconnect usage charge is paid by the telecom operator on whose network call originates to the operator on whose network the call terminates. The reduction in IUC means fewer revenues for existing players and savings for the new entrant Reliance Jio.

COAI director general Rajan Mathews also said eight embassies, including those of the US, the UK, Finland and Germany, are participating in the event and close to 150 foreign delegates have confirmed their participation.

Following is the full text of Mukesh Ambani speech: 

Shri Ravi Shankar Prasadji 
Shri Manoj Sinhaji,  
Shri Dharmendra Pradhanji 
Smt. Aruna Sundararajan, 
Shri Ajay Prakash Sawhney,  
My good friends from the industry – Sunil Mittal and Kumar 
Mangalam Birla  
Distinguished delegates,  
Ladies & Gentlemen, 
 
A very good morning to each and every one of you. 

Today is a proud day for all of us to be at the first Indian Mobile Congress. 

My compliments to the Government of India, Shri Ravishankar Prasadji, Shri Manoj Sinhaji and their entire team for conceptualising and organising this event.  

An event that signals that India is one of the biggest telecom and digital markets in the world. 
Indian Mobile Congress will soon become a must-attend global event. 

India has leapfrogged from a lowly 155th in Mobile Broadband penetration to being the world’s largest mobile data consuming nation in just one year.  

The pace at which the Indian mobile industry has grown is unparalleled in the world. 

Dear Friends, 

I believe that in the next 10 years, India will grow from a $2.5 trillion economy to a $7 trillion economy and rank among the topthree economies in the world.  

And to make this happen, the Indian telecom and IT industry has to play a foundational role in creating the digital infrastructure.  

As a nation, we missed out on the first three global Industrial revolutions – namely mechanization, mass production and automation. 

The Fourth Industrial Revolution, fuelled by connectivity, data and Artificial Intelligence has begun. 
India now has the opportunity to lead the Fourth Industrial Revolution, which is set to usher in more dramatic transformations globally than the three previous revolutions. 

Mobile Internet and cloud computing are the foundational technologies in the Fourth Industrial Revolution.  

Data is the new oil. 

India does not need to import it.  

We have it in super-abundance. 

It will be a new source of value and will create opportunities and prosperity for India and millions of Indians.  

Dear Friends, 

As an Industry, we have the urgent task of empowering 1.3 billion Indians with the tools needed to flourish in the digital marketplace. 

Data is the oxygen of a digital economy. 

We cannot deprive Indians of this vital life-sustaining resource. 

We have to provide ubiquitous access to high-speed data at affordable prices.  

At the same time, we have to ensure that every Indian has access to an affordable smartphone that connects him to limitless knowledge and the power of the Internet. 

Young Indians, who account for 63% of the nation’s population, have the competence to build new digital businesses. 
They are bustling with ideas and entrepreneurial energy.   

If we give them the right tools, and create the right eco-system, they will transform India into a nation of a million start-ups.  

The Indian mobile market is now overflowing with data. 

All of us have worked to create a robust digital circulatory system to carry data to each one of the 1.3 billion Indians, including those living in the remotest village. 

4G coverage in India will become larger than the 2G coverage within the next 12 months. 
There is an urgent need to apply the revolutionary powers of digital technologies to India’s pressing needs and challenges.  

Today, I want to submit THREE must-do tasks for the consideration of both the government and our industry. 
One: We must explore and implement innovative ideas to generate employment, self-employment and income-generation opportunities for millions of Indian youth. 

We must foster confidence in the society that new technologies, such as Artificial Intelligence, Robotics, Internet of Things (IoT), Cloud computing, Big Data analytics, 3-D printing, Blockchain, Nanotechnology, etc. are enablers of a new wave of wealth and employment for all. 

I believe that we must especially tap the potential of these new technologies to transform, and create jobs in the rural and agricultural sectors. 

Two: Digital technologies can be a boon for achieving our national priorities of energy security, water security, and resource security.  

New sources of energy and new modes of transportation with unparalleled efficiencies have become possible thanks to convergence of several technologies.  

India must embark on the task of connecting everything and everyone via the Super-Internet of Things.  
This will enable 130 crore Indians to collaborate directly with one another, democratizing economic life like never before. 

Three: Our nation’s human capital is our greatest asset.  

Therefore, digitalisation of education, training and human resource development in a comprehensive manner must be regarded as a precondition for the success of Digital India.  

To accomplish all these tasks, the telecom and IT industry will have to partner with every sector of the economy and government, every business and every institution, from the biggest to the smallest.  

Dear Friends, 

To realise the Digital India dream to the fullest, we have to start by becoming the change that we seek to create. 

We have to invest in building next-generation technology assets. 

We have to root out inefficiencies across the digital ecosystem. 

And we must break silos and forge partnerships. 

No corporate, nor the government, can do it alone. 

Together, we can achieve the unimaginable. 

Let’s not forget – India provides a big enough opportunity for all of us to grow – and prosper – together. 

The opportunity to pave the path for our nation’s progress, and create a better quality of life for every Indian beckons us. 

To turn this opportunity into reality should be the clarion call of this First Indian Mobile Congress. 

Today, we are an unstoppable nation.  

May God bless our nation as we journey to an exciting and glorious future. 

Thank you.

 

 

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