Mumbai, December 27, 2024 - Billionaire Mukesh Ambani expressed optimism regarding India's potential to evolve into a leading digital society during a discussion with Microsoft CEO Satya Nadella. He projected that India could become the world's third-largest economy within the next decade.
Ambani noted that advancements in mobile networks have positioned India favorably on the global stage, stating, "I can easily say that the mobile networks in India now are better or at par with anywhere else in the world." He emphasized that the country has all necessary components to advance significantly.
India, which became the fifth-largest economy last year, has consistently achieved GDP growth rates of 6-7 percent over the past decade. Ambani highlighted the role of technology in this transformation, citing the launch of Jio in 2016 as pivotal in enhancing internet access and affordability.
He pointed out that before Jio, mobile data was priced between Rs 300 and Rs 10,000 per GB, while prices have since dropped to between Rs 12 and Rs 14 per GB, with 380 million customers migrating to 4G. Ambani also mentioned the rapid growth in UPI transactions, which reached Rs 2 lakh crore following digitization efforts.
Ambani identified gaming as a significant future driver of growth, predicting it will surpass music, movies, and television combined. He underscored the entrepreneurial potential in India, stating that small and medium enterprises are crucial to the economy, providing 70 percent of employment and contributing to 40 percent of exports.
He concluded by commending Nadella's leadership at Microsoft, noting its impact on Indian pride and the importance of empathy and partnership in business.