India’s richest man Mukesh Ambani doesn’t carry cashor a credit along with him. “From childhood, I’ve never carried money. I never carry cash in my pocket or own a credit card,” Ambani said addressing the Hindustan Times Leadership Summit 2017 in New Delhi.
I always have someone else pay for me. That works. Mukesh Ambani, Chairman, Reliance Industries Ltd.
Ambani, who has a net worth of nearly $40 billion and owns India’s largest conglomerate, said that money has never meant much to him. “To me, resources only enable you to take risks,” he said. Ambani also has “always abhorred the labels and titles” that are used for him.
In his address, Ambani spoke about a number of topics ranging from his latest venture Reliance Jio to his expectation that India’s economy will triple in the coming years.
Here are highlights from his speech.
On Reliance Jio’s Disruption
Since its launch Reliance Jio has changed the telecom industry. Tarrifs have shrunk while hyper competition has triggered a consolidation of smaller players with their larger peers. Sunil Bharti Mittal, chairman of Bharti Airtel, the largest telecom operator, had said that the industry has seen write-offs to the tune of $50 billion since Jio’s launch.
Ambani agreed that Jio had caused a disruption but said that eventually it benefits the end-consumer which is the goal.
If the country is moving forward, consumer is being benefitted, then it is worth taking those losses. Some of us are big boys who can afford to take those losses. Mukesh Ambani, Chairman, Reliance Industries
He added that Reliance Jio is running ahead of schedule when it comes to turning profitable. “You can see the trend. Watch the next few quarters,” he said.
On Going Digital
Ambani said that he expects India’s data infrastructure to surpass that of the U.S. by 2019. India’s lack of digital infrastructure and older technology is a boon in disguise, according to him.
Not having any legacy technology base means we can skip multiple generations of technologies and directly embrace the next generation. Mukesh Ambani, Chairman, Reliance Industries
In the coming years, going digital will benefit India in the three areas where it is lagging – agriculture, education and healthcare.
Data is not only the new oil. Data can also be the new soil. Mukesh Ambani, Chairman, Reliance Industries
Ambani said that the early adopters of the technological shift will be rewarded by creating “unprecedented societal value” and those who do not “will become irrelevant”.
Just think about it. Mobile telephony, the internet, ecommerce, social networks, virtual assistants, self driven cars. These were science fiction just a few years ago. Today they are facts of science. Mukesh Ambani, Chairman, Reliance Industries
On How He Chooses His Businesses
Ambani said his first criteria for entering a business is whether it will be problem solving.
The economic value is just a by-product of the problem solving. Mukesh Ambani, Chairman, Reliance Industries
On India’s Economy
India has the potential to triple its gross domestic product to $7 trillion from $2.5 trillion currently in the next ten years, Ambani said. He expects India to hit the $10 trillion mark by 2030, closing the gap between established economies like the U.S. and China.
After a short interval of about 300 years of western domination, the centre of gravity of world economy is shifting back to India and China. But today, I make a prediction. By the middle of the 21st century, India’s rise will be higher than China’s rise. And more attractive to the world. Mukesh Ambani, Chairman, Reliance Industries
