India’s next phase of growth will demand both scale and conviction, with the country needing the equivalent of “100 new Reliances” over the next few decades even as artificial intelligence reshapes global productivity rather than inflating a speculative bubble, Mukesh Ambani and Larry Fink said at a joint interaction on Tuesday.
Speaking at a JioBlackRock fireside chat, Ambani said that India’s economic ambitions — including the goal of becoming a $30 trillion economy — cannot be met without a deep and sustained expansion of its entrepreneurial base. At the same time, Fink rejected the view that the current surge of investment into AI is excessive, saying the larger risk lies in under-investing and losing competitiveness in the next wave of global innovation.
“To my mind, the India opportunity is genuinely a new era,” Ambani said, adding that while many countries struggle to achieve even mid-single-digit growth, India is sustaining close to 10% growth on a large base. That momentum, he said, must now translate into the creation of hundreds of large, globally competitive businesses. “If India has to move to a $30 trillion economy, it will need a hundred new Reliances’ from its start-up ecosystem alone,” Ambani said, adding that even this number may prove insufficient over a 30-year horizon.
Expansion linked to global economic shifts
Ambani linked this expansion directly to shifts underway in the global economy. From a current size of about $110 trillion, the world economy could expand to $300 trillion over the next three decades if AI-led productivity gains are realised, he said. India, which currently contributes roughly $4–4.5 trillion, has an opportunity to claim $30–35 trillion of that incremental value. “That means there is $30 trillion of new market value to be created,” he said, framing it as a once-in-a-generation canvas for young Indians entering the workforce today.
Fink reinforced that argument by pushing back against fears that AI investment is forming a bubble similar to earlier technology cycles. “The real risk is not over-investing in AI, but under-investing,” he said, warning that hesitation would allow China to dominate the next phase of innovation. In his view, AI will cut across sectors — from drug discovery and energy to logistics, finance and national productivity — making it foundational rather than optional. “AI is not optional, it is foundational to competitiveness, prosperity, and the ability of countries and companies to thrive in the decades ahead,” Fink said.
Rising incomes alone won’t be sufficient
Ambani said India’s challenge is not only to generate growth but to ensure broader participation in wealth creation. Rising incomes alone will not be sufficient unless household savings move into productive, compounding assets. “Money in a bank account lying in simple interest is not compounding. Money in the stock market is compounding,” he said, arguing that complexity, cost and access barriers still keep large sections of the population out of formal investment products. Industry, he said, must play a role in simplifying and democratising investing, much as Jio expanded access to telecom services.
Fink described India as uniquely positioned to sustain 8–10% growth for at least the next decade, citing rapid technology adoption and institutional reform. He traced India’s leapfrog moment to the smartphone revolution beginning around 2012, followed by 5G rollout and digital public infrastructure that transformed payments and financial access. These shifts, he said, have enabled India to move faster than many developed economies. “Even the United States is falling behind,” Fink added.
Both speakers acknowledged that AI-led transformation will disrupt jobs in the short term. However, Fink said that over time the technology will be democratising rather than concentrating gains, broadening economic opportunity. Ambani echoed that view, calling AI a “once in tens of centuries opportunity” for India to address structural challenges in education, healthcare, security and taxation. “We shouldn’t get scared of AI. It’s exactly like when the industrial revolution came,” he said, drawing parallels with historical productivity shifts that lifted long-term growth rates.
Fink also sought to downplay near-term market volatility linked to interest rates and inflation, stating that markets reflect economic fundamentals over the long run. The more persistent risk, he said, lies in rising fiscal deficits, though growth remains the only durable solution. “It’s better to be an optimist and wrong than a pessimist who’s right,” Fink said, underlining the need for long-term confidence as India and global investors place their bets on the AI-driven cycle.