Mukesh Ambani, chairman of India’s largest private sector enterprise Reliance Industries Limited (RIL), presented a very optimistic prediction of future of India’s economy. At a meeting held on Friday at the Institute of International Finance (IIF), Mukesh Ambani spoke with confidence about the future of India’s economy saying that India would most likely become a USD 5 trillion economy by 2022-25. He reported that the economy may grow at near 9 percent this fiscal year and that the nation must secure its food and energy supply needs to grow at double-digits.
India’s economy currently stands at USD 1.2 trillion. Mukesh Ambani, in addition to many other corporate heads of the country, voiced out the need for ‘inclusive growth’ that can help thrust the economic value to the advocated prophecy of prosperous growth. Mukesh Ambani reflected upon the fact that India was going to surprise the world in the next five-seven years in terms of digital distribution of funds, acclaiming tremendous development in infrastructure for the same. He suggested that although India is treading on a prosperous path, there is a need to bring rural and agricultural development into consideration when going about economic re-structuring whereas the manufacturing sectors need to develop on automation of processes, so as to match up to global standards. He emphasized that the current spate of inflation needs to be overruled by efficient management of supply chain, so as to remove the backlog before commencing on the path to economic augmentation.
Appreciating the Budget for 2011-12, Mukesh Ambani also said that the fiscal consolidation proposed in the Budget would lay the foundation of "strong growth". And to impel this growth, there is a need to focus on production of goods and services based on ‘value’ rather than ‘magnitude’. Financial imbalances that hamper the growth can be done away with by removing elements of derangement, and thereby opening up fresher base to instigate economic overhaul.
It is not unlikely for India’s economy to reach this aspirational goal, given that India has the potential and resources to put the plan into work. In the course of his experience at RIL, Mukesh Ambani has realized the importance of value-addition and inclusive growth for achieving long term escalation of output. And a parallel reproduction can be consigned on a larger scale for India’s economic restructuring.