India can grow at 10% annually, raise per-capita income 4-5x in 2 decades: Mukesh Ambani at Reliance AGM

India has the potential to grow its economy at 10 per cent annually and raise per-capita income four to five times within the next two decades, Reliance Industries chairman and managing director Mukesh Ambani said while addressing shareholders at the 48th Annual General Meeting of Reliance Industries Limited (RIL) on Friday.

“Under the determined leadership of our visionary Prime Minister Shri Narendrabhai Modiji, India’s GDP is growing faster than all major economies. With the right set of reforms, advanced manufacturing capabilities, and a national priority on Deep Tech, our economy can grow at 10% annually. More importantly, India need not copy any foreign model. We have the ability, and the responsibility, to create an India-first model of development,” Ambani said.

He explained that such an India-first development model would blend technology with values.

“This model will use Deep Tech to bring prosperity and security to India, improve the quality of life of each and every Indian, and protect the environment. This model will also harmonise technology with democracy, economy with culture, spirituality with science, and national aspirations with friendship across all nations. This is the collective dream of nearly 1.5 billion Indians – to build a nation that leads with both prosperity and compassion. This, my dear shareholders, is the Indian Dream,” Ambani said.

Placing India’s growth in a global context, Ambani said the world was entering an era of abundance powered by technology.

“In today’s inter-dependent world, the prosperity of each country is inseparably linked to the prosperity of all. Paradoxically, while uncertainty surrounds us, humanity also stands at the threshold of a golden age in the 21st century – an age defined no longer by scarcity, but by super-abundance and super-affordability for all eight billion people on this planet. This has become possible because of the convergence of three powerful technological transformations,” he said.

Ambani identified three breakthrough areas:

• “Breakthroughs in clean energy are unlocking a future of abundance, sustainability, and security, raising hopes for overcoming the climate crisis.”

• “Breakthroughs in genomics promise dramatic improvements in cure of diseases, longevity, and overall health.”

• “Breakthroughs in artificial intelligence and allied deep technologies have already begun to boost productivity, efficiency and human potential to unimaginable levels.”

On AI’s transformative power, Ambani said, “Owing to its miraculous power, AI can now be called the new Kamdhenu – the divine wish-fulfilling cow of our age.”

He underlined that Reliance is positioning itself at the forefront of these transformations.

“At Reliance, we see these three convergent transformations not as distant possibilities, but as immediate opportunities for India. Therefore, we are building the world’s most advanced clean energy ecosystems. We are expanding into the frontiers of digital health, life sciences and genomics. And we are developing AI as a new growth engine, besides embedding AI across all our businesses – from retail to telecom, from energy to entertainment,” Ambani said.

Disclaimer: Firstpost is a part of the Network18 group. Network18 is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.