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India@100 could be as rich as America and China, says Mukesh Ambani

5 ideas to ensure equitable, sustainable prosperity for allIndia and the world changed dramatically in the early 1990s. The Communist Soviet Union collapsed. The Cold War is over. And India has embarked on a bold new path of economic reform. Thirty years later, the global order is fundamentally changing again. The speed, scale and content of this change is unprecedented, even unpredictable. However, one thing was completely predictable: India’s time had come.

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Destiny and Drive are getting the beloved nation of the 21st century ready for a giant leap forward. India stands on the threshold of significant and inclusive prosperity, while bringing comprehensive development to people through democracy. With faith in our potential, confidence in our collective abilities and unity in action, we can surpass the world’s expectations. The source of my optimism is our recent past. In 1991, India showed foresight and courage in changing both the direction and determinants of its economy. The government also placed the private sector at the top of the national economy, which the public sector had dominated for the previous four decades. It ended license quotas, liberalized trade and industrial policy, and freed up capital markets and the financial sector. These reforms unleashed India’s entrepreneurial energy and ushered in an era of rapid growth.

Results for all to see. India’s GDP of $266 billion in 1991 has grown more than tenfold. Our economy has become the fifth largest in the world. Poverty rate has halved despite population increase from 880 million to 1.38 billion. Critical infrastructure has improved beyond recognition. Our highways, airports and harbors are now world-class, and so are many of our industries and services. No young Indian today believes that people have to wait years for a phone or gas line, or that businesses have to get government permission to buy a computer.

India transitioned from a scarce economy in 1991 to a supply economy by 2021. Now, India must transform into a sustainable and equitable prosperous economy by 2051. India, equity will be at the heart of our collective prosperity.

With our achievements over the past three decades, we have earned the right to dream big. What greater dream could be to be able to celebrate our 100th anniversary of Independence in 2047 by making India one of the three wealthiest countries in the world, on par with the US and China? Is the pursuit ambition too high? Are not. My visionary father Dhirubhai Ambani, one of the earliest advocates of economic liberalization in the 1980s, once told me – “Thinking small is not worthy of an Indian”.

How can we realize this ambition? By following our unique model of wealth creation in India and atmanirbhar, while collaborating and learning all the right lessons from the rest of the world. Let me present five broad ideas.

The first day. So far, economic reforms have benefited Indians unequal. The disparity is neither acceptable nor sustainable. Therefore, India’s development model should focus on wealth creation for those at the bottom of the economic pyramid. Countries prosper when they expand their markets and move steadily up the value chain. Our biggest advantage lies in India’s continental domestic market, which remains untapped. Our economy will begin to see miraculous growth as we create a growing middle class of one billion people with incomes. Demographically, this would result in adding all the US and Europe together to the current size of the Indian market. When so many people are enabled to fulfill their aspirations for a better life, they create a virtuous cycle of consumption and production. This will cause an exponential increase in young entrepreneurs, including female entrepreneurs. Investors and businesses from all over the world will want to take part in this huge India Opportunity.

To achieve this previously seemed impossible. Not so now.

Hence my second idea. This is the age of technology disruption and acceleration. The world will see more changes in the next 30 years than it did in the last 300. After losing the first two times Industrial Revolutionand catching up third, India now has a chance to lead the Fourth Industrial Revolution. By rapidly deploying our technologies, our entrepreneurs can achieve quantum gains in productivity and efficiency. This will transform not only our major industries and services, but also agriculture, MSMEs, construction, renewable energy, arts and crafts, etc. highest potential for large-scale job creation, which is India’s most pressing need. These technologies can help us achieve quality, affordability, and equity in education, health care and housing at scale at scale – something that is desperately needed as our population is projected to grow rapidly. are expected to increase to 1.64 billion by 2050. They also have the potential to reverse the degradation of the environment and make it safe for all. In short, technology-driven development is the surest way to create a better India and a more equal India for all Indians.

The third day. To make these exciting possibilities a reality, India should become a nation of innovators. Traditionally, India has always innovated in low-tech activities. We must now recreate this power using high-tech tools so that they become the drivers of faster growth. Innovation will enable our entrepreneurs to deliver affordable yet high quality services and solutions to meet India’s needs. The same can be offered to export markets, where they will capture a higher value. As a result, wealth will move from developed countries to India. Of course, a key requirement to achieving this goal is rapidly re-skilling our workforce and reforming our education system to create a future for our children and young people. In particular, we must urgently build world-class universities and research centers and upgrade existing facilities to serve India’s 21st century needs.

Wednesday. We need to change our understanding of wealth and the ways to pursue it and bring them into line with ancient Indian wisdom rooted in the primacy of empathy. For too long, we’ve only measured wealth personally and financially. We have ignored the fact that the real wealth of India lies in achieving ‘Education for all’,’Health for all‘, ‘Jobs for All’, ‘Good Housing for All’, ‘Environmental Safety for All’, ‘Sports, Culture and Arts for All’ and ‘Development Opportunities’ selves for everyone’ – in short,’Happy for all‘. To achieve these redefined parameters of prosperity, we must put care and empathy at the core of everything we do in business and society.

Furthermore, our concept of people’s well-being must be extended to the well-being of our planet. After all, India is called upon to play a leading role in realizing the arduous Climate Action 2050 targets. Therefore, at Dependence Our latest and most ambitious business initiative is to provide ‘Affordable Green Energy’ solutions to India and the global market.

Fifth, India’s model of wealth creation requires a re-understanding of entrepreneurship itself. The successful businesses of tomorrow will be the partnerships and platforms that foster both healthy competition and effective cooperation. Furthermore, running future businesses cannot be a single play. At Reliance, we see it as a gathering of professionals and employees with a ‘master mind’, joined by partners and investors, all working for the common goal of what Mahatma Gandhi called ‘Antyodaya’ (the welfare and happiness of the last man).

Starting my own business while India was still in the pre-reform era, I have great hopes and beliefs about the Rise of the New India. I can see that the spirit of India is rising like never before.

Let us accelerate our nation’s march forward with positivity, purpose and passion. It is true that the road ahead is not easy. But let us not be discouraged by unexpected and temporary problems, such as a pandemic, or distracted by unimportant matters that drain our energy. We have the opportunity, as well as the responsibility to our children and young people, to make the next 30 years the best ever in the history of independent India.

– Mukesh D Ambani
President and CEO,

https://economictimes.indiatimes.com/news/economy/policy/india100-could-be-as-rich-as-us-china-says-mukesh-ambani/articleshow/84700764.cms | India@100 could be as rich as America and China, says Mukesh Ambani

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