India to become a $40 trillion economy by 2047: Mukesh Ambani
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Mumbai, Dec 29: At the Reliance Family Day Function 2022 on Thursday, Reliance Industries Ltd's (RIL) chairman Mukesh Ambani said that India can become a $40 trillion economy by 2047 and the next 25 years are going to be transformational in 5,000-yr-old history of India when the country's poised to achieve exponential economic growth.
"We can become a $40 trillion economy by 2047, the Centenary of our Independence, in a sustainable & stable manner. This goal is realistic and achievable because India is blessed with the power of young demography, mature democracy & newly acquired power of technology," Ambani said.
“From an era of shortages, scarcity & widespread poverty, India will enter an era of inclusive prosperity, an abundance of opportunities, & unimaginable improvement in the ease of living and quality of life of 1.4 billion Indians," he added. “At a time when uncertainty, volatility, and even regression can be seen in many parts of the world, India is being regarded globally as a ‘Shining Spot’." Mukesh Ambani chairs and runs Reliance Industries, which has interests in petrochemicals, oil and gas, telecom, and retail. Almost 60% of Reliance’s revenue comes from oil-refining and petrochemicals, though, the conglomerate has been reducing its dependence on oil-refining by diversifying into retail, telecommunications, and technology, and is also pivoting into the new energy business. Earlier this year, Ambani unveiled mega investment plans totaling ₹2.75 trillion and outlined a succession plan, positioning the conglomerate for its next growth phase to double the group’s value by 2027, or the end of what it termed its golden decade.
Ambani has also said the company would invest ₹75,000 crores in its O2C business over the next five years to set up India’s first carbon fiber factory and to add capacity in other areas such as polyester and vinyl. The group is also looking to accelerate its commitment to invest ₹75,000 crores towards establishing a fully integrated new energy manufacturing ecosystem in Jamnagar.