"A few years ago, the fashion in India was to invest abroad. If you don't invest abroad, you are left out." Not anymore!
India’s richest man Mukesh Ambani is upbeat about investment opportunities in India as he believes that the fashion of compulsive abroad investment is changing and that the country needs to participate in the global economy as first-class citizens. Mukesh Ambani said he expects India’s economy to triple in size in next ten years to $7 trillion from $2.5 trillion, riding on the digital technology.
“A few years ago, the fashion in India was to invest abroad. If you don’t invest abroad, you are left out. We took a contrarian bet and invested over Rs 3.5 lakh crore in a single bet in India. The significant portion of that investment is in Jio,” Mukesh Ambani said while giving his acceptance speech at the Economic Times Awards.
“Jio provides critical infrastructure to India and India needs to participate in the global economy as first-class citizens at par with any other country. Not that ‘vahaan pehle hota hai aur India mein dus saal ke baad hota hai’ (it first happens abroad and India only gets it 10 years later),” he added.
This is not the first time when Mukesh Ambani has expressed being bullish on India’s potential to grow among three largest economies in the next ten years. Last month, while addressing India Mobile Congress, Mukesh Ambani reckoned his views by saying that data is not only the new oil but oxygen for India. Mukesh Ambani had said that the fourth industrial revolution fuelled by the advent of connectivity, data, and artificial intelligence has begun and India has an opportunity to lead at it.
Mukesh Ambani even laid down three-point agenda for both the government and the industry to lead the digital revolution. Mukesh Ambani said that India must tap the potential of the digital medium in creating jobs. Highlighting the need for greater connectivity, Mukesh Ambani said that India must connect everyone with Super IoT. Mukesh Ambani further emphasised the on digitisation of education, skill training and human resource development.