Friday, Apr 19, 2024 | Last Update : 04:29 AM IST
Ambani bets big on Indian economy, calls it 'biggest investment opportunity'
Ambani also said that with technology, he believes the world will change more in the next 20 years than it did in last 300 years.
Mumbai: Betting big on the Indian economy, Reliance Industries Ltd (RIL) chairman Mukesh Ambani said he expects the Indian economy to triple in size from USD 2.5 trillion to USD 7 trillion economy.
Receiving the award for being the 'Business Leader of the Year' at the Economic Times Awards for Corporate Excellence, the business tycoon said that India represents the biggest investment opportunity in the world right now.
Ambani-owned RIL churned out a 12.5 per cent profit in the quarter ended September and is one of the top 10 companies in terms of market valuation.
"A few years ago, the fashion in India was to invest abroad," Ambani said. He went on to say RIL took the plunge and invested Rs 3.5 lakh crore in India, which did wonders for the company. "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."
Reliance Jio has meanwhile made quite a bang in the telecom scene in the country with its virtually free-of-cost unlimited calls and unlimited data at rock-bottom prices. Other incumbent operators have termed Jio as a “disruptor” and are struggling to keep up with the price battle.
Ambani however said the relationship with other telcos was “amicable”. "The prime minister's vision is backed up by the concrete action in terms of open, transparent and fair policies where even some ragging by incumbents is tolerable and fun and we can still be friends," he proclaimed to an audience that included Bharti Group chairman Sunil Mittal, Aditya Birla Group chairman Kumar Mangalam Birla and Vodafone India CEO Sunil Sood.
The owner of Jio and the second-time receiver of the ET Award also said that he believes with digital technology and exponential technology, the world will change more in the next 20 years than in the last 300 years. "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."
