RIL Family Day 2022 | India can become $40 trillion economy by 2047, says Mukesh Ambani

RIL chairman and managing director Mukesh Ambani (Image: Reuters)

The world is seeing the 21st century as "India's century", and the country can become a "$40 trillion economy by 2047", Reliance Industries Ltd (RIL) chairman and managing director Mukesh Ambani said on December 28, in a virtual address marking the 90th birth anniversary of RIL founder Dhirubhai Ambani.

"India will enter an era of prosperity, an abundance of opportunity and unimaginable improvement in the ease of living and quality of life of 1.4 billion people", Ambani said in his RIL Family Day address, further noting that the country is being considered globally as a "shining spot".

The next 25 years will be the most transformational in the 5,000-year-old history of India, he added.

"This is when India is poised to achieve exponential economic growth. We can become a $40 trillion economy by 2047 in a sustainable and stable manner," Ambani claimed.

The RIL Family Day, this year, also marked 20 years since Ambani took over as the chief of the mega-conglomerate.

Also Read | Redefining scale: Two decades of Mukesh Ambani at the helm of Reliance Industries

On RIL's future, the billionaire businessman said the company will continue to grow like a "banyan tree". "Its branches will spread wider and roots will go deeper. We will always remember our founder Dhirubhai Ambani with immense gratitude, who planted the seed of this tree," he said.

Ambani also lauded the leadership of his son Akash Ambani and daughter Isha Ambani, who are heading Reliance Jio and Reliance Retail, respectively.

"Under the leadership of Akash Ambani, Jio’s 5G deployment will be complete by 2023. I congratulate the Jio team for further consolidating their No. 1 position. Jio Platforms should now get ready for India’s next big opportunity – to provide unique digital solutions to both domestic and international markets," he said.

Also Read | How the Jio juggernaut turbocharged the start-up ecosystem

Under Isha's leadership, RIL’s retail business has "grown rapidly", and has the "widest and deepest reach" in India across all product baskets, Ambani claimed.

"Reliance Retail created over 2 lakh new jobs last year, becoming India’s one of leading employers. Discipline is key to Reliance Retail’s success. Through the retail business, Reliance is ensuring inclusive development. Our farmers will have higher income, our SMEs will become more productive and our trader partners will become more prosperous," he added.

Ambani also highlighted the success of the company's oil-to-chemical business, with new capacities and capabilities. "Our team continues to work harder to provide energy security to India," he said.

'Next big growth cycle to be innovation-driven'

Ambani, while stressing on the importance of adopting a futuristic outlook, said, "The next major growth cycle in Reliance will not be resource driven, but innovation driven." He went on to congratulate the company's new mobility team that has delivered the "world’s first, made-in-India hydrogen engine-powered heavy duty truck".

Ambani further stated that the RIL’s new energy business has the potential to transform not only the company and the country, "but the entire world".

"We are making rapid progress in making our gigafactories in Jamnagar ready. From being India’s largest and most valuable corporate, Reliance is now well on its way to become India’s greenest corporate. The goal for our new energy team is very clear – enable India to achieve security and self-sufficiency in energy, by reducing dependence on imports."

On the media and entertainment business, Ambani said the focus on its integration with digital services will "reinvent the industry completely".

'New talent capital'

Indicating towards a generational shift, Ambani said the conglomerate has begun implementing two key tasks - "empowering RIL with new leadership capital, especially young leaders", and second, "we are enriching RIL with new talent capital."

"We will pay a lot of attention to developing capacity, capability and competence to serve the country," he added.

Recalling a message of Dhirubhai Ambani, he said, "My father taught me and all his colleagues that winning in business takes both - leadership and teamwork."

"All of you who watched FIFA’s final match would agree that Messi could not have won the cup on his own. Similarly, Argentina couldn’t have won if it wasn’t for Messi’s inspiring leadership. Together they were like Arjun, who saw nothing but the eye of the bird. This is also how our founder Dhirubhai Ambani built Reliance."

Ambani, before concluding his address, also lauded the work undertaken by Reliance Foundation, the philanthropic arm of RIL, which is headed by his wife Nita Ambani.

"Under Nita’s leadership, Reliance Foundation is working on even more ambitious and innovative initiatives in education, healthcare, sports, women empowerment and environmental conservation. 2023 will be a year of renewal and revitalization of Reliance Foundation," he said.

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