Reliance Industries Chairman Mukesh Ambani today listed four reasons why he believes that India is on a very strong growth path. First, Indians are embracing technology at a pace unseen even in the developed world, said Mukesh Ambani at Uttar Pradesh Global Investors Summit 2023. Next, he said that India has the world’s largest population of youth, brimming with entrepreneurial energy and passion. Furthermore, Ambani expressed thanks to Prime Minister Narendra Modi’s initiatives, which have led to the regional imbalances fast disappearing. And last, the government has brought a fundamental change in the mindset of the nation. “There is unprecedented hope and optimism among the people. Nobody in the world can question the fundamentals of the Indian economy,” Mukesh Ambani said in his address.
The billionaire applauded the efforts of the present government in reducing the gap between rural and urban India: “the divide between urban India and rural Bharat is closing,” he said. He highlighted the strong fundamentals of the Indian economy, stressing that “nobody in the world can question it, they are robust,” asking enterprises, to take the front seat. He further said that the inclusive economy (Udyog) and cooperation (Sahyog) must go hand in hand.
While talking about the budget, he said “This year’s budget has laid the foundation for India’s emergence as a developed nation. It stands out for its highest-ever resource allocation for building the foundation for the country’s growth in terms of capital expenditure. India is on a very strong growth path.” In this year’s budget, the capital investment outlay has been increased by 33% to Rs 10 lakh crore, which is 3.3% of GDP. The Government has boosted the capital investment budget for the third year in a row. The increasing capital expenditures are consistent with the government’s goal of providing young people with numerous job options, according to economists.
Mukesh Ambani said that Akash Ambani-led Jio will complete its roll-out of 5G to cover every town and village in Uttar Pradesh by December 2023. Reliance plans to invest an additional Rs 75,000 crores in the next four years across Jio, retail and renewable businesses in UP, creating an additional over 1 lakhs jobs in the state.