The chairman of Reliance Industries Ltd (RIL), Mukesh Ambani, stated at the Reliance Family Day Function 2022 on Thursday that India can reach a $40 trillion economy by 2047 and that the next 25 years will be transformative in the country’s 5,000-year-old history because of its potential for exponential economic growth.
By 2047, the 100th anniversary of our independence, we can sustainably and steadily grow to a $40 trillion economy. This objective is feasible and attainable because India is gifted with the strength of a young population, a developed democracy, and recently gained technological might Ambani remarked. India will transition from a time of scarcity, shortages, and widespread poverty to one of inclusive wealth, plenty of possibilities, and unthinkable improvement in the standard of living for its 1.4 billion people Added he. India is being viewed as a ‘Shining Spot’ globally at a time when uncertainty, volatility, and even regression can be witnessed in many parts of the world.
Video Courtesy: Business Today
Reliance Industries, which has holdings in petrochemicals, oil and gas, telecom, and retail, is chaired and managed by Mukesh Ambani. However, the conglomerate has been lowering its reliance on oil-refining by diversifying into retail, telecommunications, and technology, and is now pivoting towards new energy business. Reliance generates about 60% of its revenue from oil-refining and petrochemicals.
Ambani announced massive investment plans earlier this year totaling 2.75 trillion and laid out a succession plan, putting the conglomerate in a position for its next growth phase to quadruple the group’s worth by 2027, or the end of what it called its golden decade.
The first carbon fibre factory in India would be built, and Ambani also stated that the company will invest 75,000 crore in its O2C business over the next five years to expand capacity in other areas including polyester and vinyl. The group also wants to move more quickly on its promise to invest 75,000 crore in creating a Jamnagar ecosystem for the production of new energy.
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