Mukesh Ambani Predicts 8-10% Growth for India's Economy

Mukesh Ambani, Chairman and Managing Director of Reliance Industries, expressed confidence in India's economic potential during a discussion with Larry Fink, Chairman and CEO of BlackRock, who is currently visiting India. He highlighted that India is attracting global interest due to its robust economic performance, stable governance, and effective policy implementation.

Ambani compared India's economy to a fruit-bearing tree, referring to the old Indian proverb, 'a tree only attracts attention if it bears fruit.' He asserted that India is currently the fastest-growing major economy in the world, capable of maintaining a growth rate between 8% and 10%.

In his comments, Ambani stated, "We are the fastest-growing economy in the world. 8-10% is possible and doable and I think that sustained double-digit growth is not ruled out. That is why, after a long time, we are attracting all this attention."

He attributed the increased global focus on India primarily to the consistent leadership observed over the past decade and a half. He credited Prime Minister Narendra Modi for providing a sense of continuity and clarity in governance, which he believes is crucial for a nation's success.

Ambani pointed out the government's ambitious goal of transforming India into a developed nation by 2047, a vision referred to as "Viksit Bharat." He noted that this goal has garnered significant acceptance among the populace.

"Stable economic leadership defines a country, and we have to be thankful to Prime Minister Modi for giving us the stability...I also think we have got a very clear goal that we have to be a developed India by 2047, which every Indian aspires to and has started believing in," Ambani remarked.

Furthermore, he highlighted India's capabilities in executing large-scale projects across various sectors, including transportation infrastructure and telecommunications. According to Ambani, the implementation of sustainable and consistent policy frameworks has reinforced the foundations of India's economy.

Larry Fink of BlackRock shared his long-term perspective on India's growth, stating, "This is an era of India over the next 20-25 years. The key for us...is to compel more people to understand what does that mean 'the era of India' and how do you participate in it." He stressed the importance of encouraging more citizens to engage in the country's economic expansion.

Fink emphasised that as more families invest in India's growth, it will reduce the need for external capital imports. He highlighted the essential role of domestic savings and retirement funds in driving investment alongside national progress.

Finally, he reiterated his confidence in the future of India, stating, "I do believe that the importation of capital by 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 and on the back of excess savings."

In a related development, JioBlackRock Broking has announced its goal to provide affordable and technology-driven investment solutions for Indian investors. This entity is a joint venture between Jio Financial Services Limited and BlackRock Inc.

As interest in India's economic trajectory continues to grow, both Ambani and Fink stress the importance of a stable economic environment and the collective participation of its citizens in fostering sustainable growth.