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

In ten years, India will become $7 trillion economy: Ambani”

The Indian economy will grow almost three-fold in the next ten to years to become one of the world's top three economies, India's richest man Mukesh Ambani said on Wednesday.

India missed cashing in on the first three industrial revolutions, Ambani said as a crowd of about 1,000 people maintained silence to listen to him.

With internet and data consumption on the rise in India, the country's youth, which make up 63 percent of the population, possess the competence to build new digital businesses, said Reliance Industries' Chairman Mukesh Ambani.

"Data is the new oil. We also have to ensure that every Indian has access to affordable smartphone".

Reliance Industries' subsidiary Reliance Jio recently shook up the Indian telecom space with its low-priced data plans. India does not need to import it in superabundance. We have it in super abundance. "The fourth industrial revolution, fuelled by connectivity, data and Artificial Intelligence has begun", he remarked.

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India's top industrialist predicted that India will lead the fourth industrial revolution with a synergy between the telecom and the Information and Technology industry which would lay the foundation of empowering 1.3 billion Indians. He added, "We have to provide ubiquitous, high speed internet data at affordable prices".

He said that he believes that the Indian economy will rank among the top three economies of the world in the next 20 years, given that telecom and IT industries play a foundational role in creating a digital infrastructure. "It will be a new source of value and will create opportunities and prosperity for India and millions of Indians", he said.

"Data is the oxygen for a digital economy".

Secondly, he said digital technologies can be a boon for achieving national priorities of energy security, water security, and resource security and, thirdly, India's human capital is our greatest asset.

The India Mobile Congress is an exhibition cum conclave that will bring together all global stakeholders at one place in India on mobility and technology. The conference programme revolves around in-depth coverage of the current and future mobile industry, highlighting specific areas of growth as well as the latest technological developments, next generation services and growth strategies.

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