“Can clearly see 100 new Reliances in India’s startup sector”: Mukesh Ambani

“India is the fastest growing large economy in the world. Growth of around 8-10 percent every year is possible and achievable. Sustained double-digit growth is not ruled out,” said Mukesh Ambani, Chairman and Managing Director, Reliance Industries. He was with Larry Fink, Chairman and CEO of BlackRock, in Mumbai for a fireside chat on ‘Investing for a New Era’. Jio Financial Services and BlackRock formed an equal joint venture in 2023 to provide technological access to affordable and innovative investment solutions.

Expressing optimism that India is the world’s largest producer of renewable energy, boosting its digital capabilities including 5G, he highlighted how successive finance ministers have kept debt at 50 per cent of GDP. “The standard is now 100 percent worldwide.”

Concerning the private sector, he specifically chose the startup sector. “When I interact with startups and we see 28-30 year olds leading these companies, I can clearly see 100 new Reliances in terms of the direction they are taking outside of aspiration and confidence,” Ambani said.

According to him, India has the right institutional and corporate mechanism. “Both are aligned in that they are using every technology to enable this for Indians,” he said. Referring to AI, he explained how the current $110 trillion, through technology, will grow to $300 trillion and how India has the opportunity to increase its share to $35 trillion. “This needs to be created and people will participate in it over the next three decades. That’s why even 100 Reliances might not be enough to make the most of this opportunity.”

BlackRock’s Fink echoed the idea that India can grow 10 percent a year. “If this is possible and we can assume that the stock market grows at 10 percent per year. That means you are doubling your money reserve every six and a half years and that is a very good result,” he said.