Sunday, 10 December, 2017

India's GDP to double to $5 tn in 7 yrs: Mukesh Ambani

India’s economy will overtake China’s by the middle of the 21st century Mukesh Ambani India's GDP to double to $5 tn in 7 yrs: Mukesh Ambani
Theresa Hayes | 02 December, 2017, 07:55

Mumbai:India is the "biggest investment opportunity" in the world and it will become a $5 trillion economy by 2024, said Reliance Industries chairman Mukesh Ambani on Friday.

Speaking at the national capital on the first day of the India Mobile Congress in September, Ambani had said, "Mobile connectivity and cloud computing are the foundational technologies of the fourth industrial revolution. I don't think we can rely on governments and regulators to guarantee our profits or losses", Mr Ambani said. Reliance's entry in the telecom industry has also triggered consolidations in the space: Idea merged with Vodafone India, Airtel acquired Tata Teleservices (Tata Docomo). "Agriculture is hard, education is important, and healthcare is most hard and we will think about what we can do in each one of these areas", Ambani said.

Asked if competition motivates him, Ambani said, "Our DNA is that we are very focussed".

"As we move forward, we will look at issues that create more and more value for all Indians. And more attractive to the world", Ambani said. We have almost completed this investment cycle and we are now ready to commit even more in our next investment cycle. To substantiate his statement, he said India has become the world's No 1 mobile broadband market, consuming more data than users in the USA and China. He then went on to talk about the three defining characteristics, namely - the world is moving from linear to exponential, that the world goes from scarcity to abundance, and migration from goods and services economy to one powered by intelligence services. "Agriculture is hard, education is important, and healthcare is most hard and we will think about what we can do in each one of these areas", he added.

Jio disrupted India's telecom sector with ultra-cheap offerings that made data available to millions of Indians and made India the largest consumer of data in the world, ahead of even the U.S. and China.

"Just one year back, India was ranked 150th in the world for mobile broadband".

"Today, Indians consume more mobile broadband data than users in USA and China".

He said, "We are in the age of super-intelligence".

He said India's United States dollars 2.5 trillion economy would most certainly hit the USD 5 trillion mark well before 2024 and then double by 2030. "If data is destiny, new India is well and truly ready for its new tryst with destiny", he added.

His blueprint for the next industrial revolution involves use of digital infrastructure and technology in the farm sector to bring about a green revolution by rejuvenating soil and improving efficiency in supply chains.

He also said everything changes with time.