India can be at par with the US and China by 2047.
The understanding of wealth and the ways to pursue it have to change and root them in the primacy of empathy, said Mukesh Ambani recently.
India in 1991 showed foresight and courage in changing both the directions and determinants of its economy, but three decades of economic reforms in India have benefited citizens unevenly.
Hence, he said, there is a need for India to focus on creating wealth “at the bottom of the pyramid. The country can be at par with the US and China by 2047, he stated with conviction,” said Ambani in a column in the Times of India.
“Our greatest advantage lies in India’s continent-sized domestic market, which is still largely untapped. Our economy will begin to witness miraculous growth when we create a middle class of one billion people with rising incomes.
— Mukesh Ambani
Mukesh Ambani, the chairman of India’s largest company by market value Reliance Industries Ltd, said bold economic reforms helped GDP of $ 266 billion in 1991 that grow by over ten times.
“The government placed the private sector also at the commanding heights of the national economy, which the public sector had occupied for the previous four decades. It ended the license-quota raj, liberalised trade and industrial policies, and freed up capital markets and the financial sector. These reforms liberated India’s entrepreneurial energy and inaugurated an era of fast-paced growth,” he wrote.
These reforms helped the Indian economy become the fifth largest in the world.
“With our accomplishments over the past three decades, we have earned the right to dream big. What can be a greater dream than to be able to celebrate the centenary of our independence in 2047 by making India one of the world’s three wealthiest nations, on par with America and China,” he said.
“Our greatest advantage lies in India’s continent-sized domestic market, which is still largely untapped. Our economy will begin to witness miraculous growth when we create a middle class of one billion people with rising incomes,” he stated.