Mukesh Ambani credits stable leadership under PM Modi for India’s growth momentum

Reliance Industries Limited chairman Mukesh Ambani

• Mukesh Ambani praised PM Modi for stable and steady leadership in India.
• Ambani and BlackRock CEO predict India can sustain 8-10 percent economic growth
• Larry Fink said India's digitised rupee has transformed commerce in the country

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Reliance Industries Limited chairman Mukesh Ambani on Wednesday commended Prime Minister Narendra Modi, thanking him for ensuring stability and steady leadership for the country.

Speaking at a JioBlackRock event in Mumbai, Ambani said sustained double-digit growth for India is possible, and that stable economic leadership defines a country.

"India, and the tree of the Indian economy is bearing fruit with great visibility, with sustainability and abundance,” Ambani said, adding that India can sustain growth of 8-10 per cent and could even achieve double-digit expansion sustainably.

Mukesh Ambani said the developments were driven largely by two successive phases in the past 10–15 years -- ten years of growth-focused governance under Manmohan Singh, followed by nearly 15 years of sustained and stable leadership.

“Stable economic leadership defines a country. We have to be thankful to Prime Minister Modi for giving us the stability. We have also got a very clear goal -- to become a developed nation, or ‘Viksit Bharat’, by 2047 -- an aspiration that every Indian now shares and believes in,” he said.

Meanwhile, BlackRock CEO Larry Fink, who was also present alongside Mukesh Ambani, said the next 20-25 years will be the era of India, which over the next decade or more is going to grow at 8-10 per cent. India, he said, has less need for the importation of capital.

"I do believe the combination of importation of capital from foreign investors who believe in the era of India, but the fundamental foundation of any country is having the domestic economy being built on the back of retirement savings," he said.

He went on to say that India over the next 10-plus years is going to grow from 8-10 per cent. "That is where I want to invest and encourage Indians to invest in."

Praising the Modi government, he said digitised rupee has transformed commerce in the country. "Across the board, I am very worried about other countries, even the United States is falling behind," he added.