'Can clearly see 100 new Reliances in India’s startup industry': Mukesh Ambani

“India is the fastest growing large economy in the world. Growing at around 8-10 per cent each year is possible and doable. Sustained double-digit growth is not ruled out,” said Mukesh Ambani, Chairman & Managing Director, Reliance Industries. He was with Larry Fink, Chairman & CEO, BlackRock in Mumbai, as a part of a fireside chat on 'Investing for a new era'. Jio Financial Services and BlackRock formed a 50:50 joint venture in 2023 to deliver tech-enabled access to affordable, innovative investment solutions.

Expressing optimism on India being the largest renewable producer in the world, building digital capacities including 5G, he emphasised on how successive finance ministers have maintained debt at 50 per cent of GDP. “The norm is now 100 per cent in the world.”

On the private sector, he specifically picked out the startup industry. “When I interact with startups and we see young 28–30-year-olds running these companies, I can clearly see 100 new Reliances in terms of where they are going apart from the aspiration and confidence,” said Ambani.

According to him, India possesses the right institutional and corporate mechanism. “Both are aligned with the fact that are utilizing all the technologies to enable this for Indians,” he said. Referring to AI, he outlined how today’s $110 trillion world, using the technology, will go up to $300 trillion and how India has the opportunity to take its share to $35 trillion. “That has to created and people will participate in it for the next three decades. That is why even 100 Reliances may not be enough to get the best out of that opportunity.”

BlackRock’s Fink echoed the view that India can grow at 10 per cent a year. “If that cane be done and one can assume that the stock market grows at 10 per cent a year. That means you're doubling your pool of money every six and a half years and it’s a pretty good outcome,” he said.