Speaking at the 47th annual general meeting of Reliance Industries on Thursday, RIL chairman Mukesh Ambani drew attention to the challenges that the world economy is facing due to conflicts in different regions while also pointing to India voting for continuity and stability in policy in these challenging times.
Ambani began his address to RIL’s 3.5 million shareholders by congratulating Indian Prime Minister Narendra Modiji for winning a third consecutive term. He said, “The 2024 parliamentary elections have produced a resounding victory for stability, continuity, and, above all, for India’s vibrant democracy. This has enhanced India’s reputation globally. And it augurs well for the growth prospects of our economy.”
Reflecting on the state of the global economy, Ambani said, “The world of today brings both hope and concern. On the one hand, we are living in the best of times, with revolutionary breakthroughs in science and technology — especially in Artificial Intelligence, Computing, Robotics, and Life Sciences. They promise a future of unprecedented prosperity and well-being for all of humanity. The birth of AI, perhaps the most transformative event in the evolution of the human race, has opened up opportunities to address a number of complex problems facing mankind.”
“On the other hand, multiple geopolitical conflicts threaten global peace, stability, and even economies of nations. It is also no longer possible, nor acceptable, to ignore the stark developmental disparities amid rising aspirations for a better life in the Global South,” he said.
The RIL chairman expressed hope that India would emerge economically stronger with the government setting a goal of placing the country in the league of developed nations by 2047, when India celebrates 100 years of its Independence from British rule.
He said, “Even in these uncertain times, there is one absolute certainty. And that certainty is the continued Rise of New India as it marches confidently towards the goal of Viksit Bharat in Amrit Kaal.”
“Among its peers globally, India has unmatched demographics and relatively lighter debt burdens with fast growth. Today, India is one of the biggest growth engines, and not just a carriage in the global economic train,” Ambani said.
He said, “The IMF forecasts that by 2027 India is set to emerge as the world’s third-largest economy, surpassing Japan, and Germany. Achieving this proud milestone will be the best way to celebrate the 80th anniversary of our independence.”
Echoing the views of the IMF and the World Bank on the economic growth rate of India over the past few years, Ambani said, “Irrespective of the volatile times globally, India remains the brightest beacon of hope for the world. With its rich cultural heritage, empowered population, surging economic power, and age-old advocacy of peace, our nation will play a pivotal role in changing the world for the better.”
(Firstpost is part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
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India is a growth engine, and not just a carriage: Mukesh Ambani
