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1-min read

Slowdown in Some Sectors of Economy Temporary, No Power Can Stop India from Rising Higher: Mukesh Ambani

The Chairman and Managing Director of Reliance Industries Ltd showed confidence in India’s target of becoming a five trillion dollar economy by 2024.

News18.com

Updated:August 12, 2019, 2:41 PM IST
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Slowdown in Some Sectors of Economy Temporary, No Power Can Stop India from Rising Higher: Mukesh Ambani
Reliance Industries Limited chairman Mukesh Ambani.
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New Delhi: Chairman and Managing Director of Reliance Industries Ltd (RIL) Mukesh Ambani on Monday bet big on India’s economy and said the country’s economic fundamentals are “very strong”.

“The slowdown in some sectors of the economy is temporary. The fundamentals of the Indian economy are very strong. The opportunities will grow further with structural reforms,” Ambani said while addressing stakeholders at the 42nd AGM.

The conglomerate’s CMD also showed confidence in India’s target of becoming a five trillion dollar economy by 2024.

“Our Prime Minister Shri Narendra Modi has set the goal of making India a five trillion dollar economy by 2024. I fully endorse this ambitious goal,” he said, adding: “Indeed, I can clearly see India becoming a 10 trillion dollar economy by 2030, with every Indian as a beneficiary.”

Ambani termed the target as achievable, necessary and inevitable.

Elaborating on the reason he believed so, he said: “I say this because digital-driven GDP growth is not only exponential but can also be inclusive. Our own value creation strategy will prove this.”

Ambani, during the annual meet on Monday, announced a slew of new measures that the company aims to take in the recent future along with announcements that took investors by surprise.

Apart from launching JioFibre, home broadband connections and other inclusive forms of technology, Ambani also announced RIL’s deal with Saudi Aramco and BP for 49 per cent and 20 per cent stakes respectively in Reliance O2C and retail businesses.

He also went on to list reasons why India’s growth story is set on a strong footing.

“India has political stability. The government is laying the foundation of new institutions for business promotion and regulation. New long-term measures are being taken to improve ease of living for all citizens, and reduce income inequality,” he said. “India is rising. No power on earth can stop India from rising higher,” he added.

(Disclaimer: News18.com is part of Network18 Media & Investment Limited which is owned by Reliance Industries Limited that also owns Reliance Jio)

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