In ten years, India will be a $7 trillion economy: Ambani

Mumbai: Reliance Industries chairman Mukesh Ambani on Wednesday at the India Mobile Congress said holding of the event itself conveys the fact that India was among the major telecom and digital markets in the world.

Ambani, who has been credited for making 4G internet data affordable for every Indians with the launch of Reliance Jio, also praised the speed with which India's telecom sector has grown. "The pace at which the Indian Mobile Industry has grown is unparalleled in the world," he said.

According to Ambani, in next 10 years, India will grow from a $2.5 trillion economy to a $7 trillion and will rank among the top 3 economies in the world. "The fourth industrial revolution, fuelled by connectivity, data and Artificial Intelligence has begun," he remarked.

Ambani is of the view that the next ten years would be crucial for India's economy that was recently significantly hit by demonetisation. The GDP for first quarter of 2017-18 financial year was recorded at 5.7 per cent, a much lower figure than what the experts had expected.

In India, the 4G coverage will become larger than 2G coverage over next one year and there is an urgent need to invest in creating next-gen tech, break silos, forge partnerships, Ambani added. "Data is the new oil, India does not need to import it, has to ensure every Indian has access to it," he said.