Reliance Industries Ltd Chairman and Managing Director Mukesh Ambani has voiced robust optimism about India's economic trajectory, stating that sustained double-digit growth is not only possible but achievable for the nation. During a fireside chat at the "Investing for a New Era" event organized by JioBlackRock in Mumbai, Ambani highlighted India's position as the world's fastest-growing large economy.
Ambani's Vision for India's Economic Future
Ambani drew on an old Indian saying to illustrate his point: "A tree only attracts attention if it bears fruit. Today, in this new era, India and the tree of the Indian economy is bearing fruit with great visibility, sustainability and abundance." He emphasized that growing at around 8-10% is feasible and doable, with sustained double-digit growth not ruled out. This confidence stems from India's current economic momentum and structural advantages.
GDP Projections and Debt Management
Looking ahead, Ambani expressed hope that India's current GDP, estimated at close to $4-4.5 trillion, will outpace the world's GDP over the next two to three decades. He projected that India could reach a staggering $25-30 trillion during this period. Additionally, he praised India for maintaining fiscal discipline, noting that while the global debt-to-GDP norm stands at 100%, India remains at a healthier 50%.
Larry Fink's Endorsement of India's Long-Term Potential
Echoing Ambani's optimism, Larry Fink, Chairman and CEO of BlackRock—the world's largest asset manager with over $13 billion in assets under management—affirmed that India's growth story is not a short-term phenomenon. "You could say maybe this is the era for India over the next 20-25 years," Fink stated, underscoring the long horizon for India's economic expansion. He believes this period represents a transformative era for the country on the global stage.
Focus on Startups and Innovation
Ambani also lauded the contributions of India's youth, particularly those in the startup sector. He envisioned the emergence of 100 new companies akin to Reliance Industries in the coming years, highlighting the vibrant entrepreneurial spirit driving innovation and job creation. This aligns with his broader vision of fostering a dynamic economic ecosystem.
Embracing Artificial Intelligence for Growth
On the topic of artificial intelligence, Ambani urged people to embrace AI rather than fear it, calling it "real" and "hugely advantageous" from India's perspective. In December, he unveiled an ambitious draft 'Reliance AI Manifesto', describing AI as "the most consequential technological development in human history." He outlined plans to transform Reliance into an AI-native deep-tech company, aiming to deliver a ten-fold impact on India's economy and society.
Fink's Perspective on AI Investment
Larry Fink added his insights on AI, dismissing notions of an artificial intelligence bubble. "I believe the greatest risk we have is if we don't invest and continue to invest, China will win. And I believe the need to rapidly expand AI opportunities is necessary," he remarked. This underscores the strategic importance of AI in maintaining competitive advantage and driving future growth.
The event, which brought together two of the world's most influential business leaders, served as a powerful endorsement of India's economic prospects. With Ambani's domestic expertise and Fink's global investment perspective, their combined outlook paints a promising picture for India's journey toward sustained high growth and technological leadership over the next few decades.
