Mukesh Ambani’s 5 Ideas About India’s Economy: Mukesh Ambani, chairman of Reliance Industries Limited, said on Saturday that he is very confident about the rise of a new India. According to the news agency IANS, Mukesh Ambani wrote in the Times of India that he can see that the spirit of India is better than ever.
Mukesh Ambani on Indian Economy
Ambani said that in the early 1990s there had been a dramatic change in India and the world. The communist Soviet Union collapsed, the Cold War ended and India embarked on a bold new path of economic reforms. Ambani said, “Thirty years later, the global order is changing again. The speed, scale, and essence of this change is unprecedented and unpredictable. But one thing is certain that India’s time has come.”
Our Economy Has Improved
Ambani said, “Luck and momentum are preparing the 21st century India for a giant leap. India stands at the door of prosperity, which is important. With our belief in our ability and collective effort, we can meet the expectations of the world.” Ambani said that the basis of my belief is our recent past. In 1991, India showed foresight and courage in changing both the direction and determinant of its economy. These reforms propelled India towards rapid growth.
Ambani said that its result is in front of everyone. The economy of the GDP of $266 billion in 1991 has grown ten times today. India is included in the five largest economies of the world. Despite the population rising from 880 million to 1.38 billion, the poverty rate has halved. Major infrastructure improvements have been made. Our expressways, airports, and ports are now world-class.
Ambani said that the youth of India today would be surprised to believe that once people had to wait for years to get a telephone or gas connection, or businessmen had to seek government permission to buy a computer.
Ambani said that India has changed from a deficient economy in 1991 to a sufficiency economy in 2021. Now by 2051, India has to be transformed into a sustainable and prosperous economy.
We Have The Right To Dream Big
Ambani further said that with all our achievements in the last three decades, we have also earned the right to dream big. So can’t we celebrate our centenary of independence in 2047 by joining the world’s three largest economies along with India, America and China? Is this a big ambition? No. My visionary father Dhirubhai Ambani who was one of the early advocates of liberalization of India in 1980 used to tell me, it is unbearable for an Indian to think small.
He asked how can this ambition be realized? By following our own unique Indian and self-reliant model of wealth creation, collaborating with the rest of the world, and learning all the right lessons. For this, Ambani has given five broad ideas.
1. Uniform Economic Reforms
Ambani said that my first view is that so far economic reforms have not benefited all Indians equally and inequality is neither acceptable nor it is sustainable. Hence the Indian model of development should focus on the people at the bottom of the economic pyramid. Our biggest strength is India’s huge domestic market, which is still largely untapped. When we are able to bring one billion people into the category of the middle class, then we will see miraculous growth in our economy. When so many people will be able to meet their needs for a better life, they will increase consumption and production. This will lead to an increase in women and young entrepreneurs. Investors from all over the world would like to be a part of the growth of this huge India. Achieving this goal seemed impossible in the past, but not now.
2. Opportunity to Lead the Industrial Revolution
My second thought is that this is the age of technology. The world will see more changes in the next thirty years than in the past 300 years. After losing the first two industrial revolutions and catching up in the third, India now has the opportunity to lead the fourth industrial revolution. By better use of technology, our merchants can achieve a substantial increase in production and efficiency. This will give a boost not only to the big businessmen but also to the agriculture, MSME, renewable energy, and arts sectors. These are the sectors that can provide employment opportunities on a large scale. These can give us equality in education, health, and housing, and this is necessary because by 2050 our population is expected to reach 1.64 billion. In short, technology-led development is the surest way to make a better India and a more equal India for every Indian.
3. Investment will come from innovation
My third view is that India has to become a country of innovators to make these possibilities a reality. Traditionally, India has been more innovative in low-tech activities. Now we have to replicate this skill using hi-tech tools so that they can accelerate the growth. With innovation, we will be able to make high-quality products for India at a low price. Which can also be offered in the export market. This will also increase the collection of valuable foreign money in India. To achieve this goal, we have to increase our skills, along with it it is also necessary to improve the education system. We must rapidly build world-class universities and research centers and upgrade existing institutions to meet the needs of India’s 21st century.
4. Need to change the definition of wealth
Fourth is the idea that we need to change our understanding of wealth and mix it with the ancient wisdom of India. For a long time, we have been measuring wealth only in personal and financial terms. We have neglected the fact that the real wealth of India is ‘Education for all, ‘Health for all, ‘Employment for all’, ‘Good housing for all, ‘Environmental security for all, ‘ ‘Sports, Culture’, ‘Art for All’ and ‘Opportunities for Self-Development for All’. In short, real wealth is the pursuit of ‘happiness for all. To achieve these parameters of wealth, we have to bring in business and society care and empathy.
5. Promote Healthy Competition
The fifth view is that there is a need to re-conceptualize entrepreneurship to create wealth in India. Tomorrow’s successful business partnerships and platforms will be those that promote healthy competition. Running a business alone will not be a profitable deal in the future. Ambani said that at Reliance we see that it is an association of professionals and employees with a ‘proprietary mindset’, joined by partners and investors, who all call Mahatma Gandhi for ‘Antyodaya’ (welfare and welfare of the last man). Working towards a common goal.
Ambani said, “Let us accelerate the progress of our country with positivity, purpose, and passion. It is true, the road ahead is not easy. But we do not have to be distracted by pandemics and unimportant issues like Corona. We have There is an opportunity and also a responsibility that we give our next generation the best history of independent India for the next thirty years.