The 90s was an epoch-making for the country and the world. The Cold War ended with the dissolution of the Soviet Union. The economic liberalization that transformed the country began 30 years ago. Now once again the country and the world are on the verge of rapid change. These things have been mentioned by Mukesh Ambani, chairman of Reliance Industries, in an article written for a newspaper. He has said that everything is unprecedented and India's time has come.
Ambani says that the country is ready to touch new heights today. He has mentioned many things to support his point. According to him, the seed of economic progress which was planted by liberalization has become a huge tree today. He abolished the license quota raj, liberalized trade and industrial policies, opened up capital and finance markets. All of them gave a new dimension to the energy of entrepreneurship of the country and the highway of progress was opened.
Ambani says that India has moved from a period of absence in 1991 to a state of self-reliance in 2021. Then the Indian economy of just $266 billion has become the fifth largest in the world today. The economy has become so strong that by 2051 India will be among the economically prosperous countries. Its prosperity will be based on the principle of equality for all.
By the hundredth year of independence in 2047, the country could become the third-largest economic power in the world after the US and China. Referring to this, Ambani said that this goal is not impossible. He reiterated his father Dhirubhai Ambani's repeated saying – The thing that makes Indians think small now does not fit. Mukesh said that everything can be made possible by taking the right lessons from the unique model of self-reliant India of prosperity and cooperating with the world. Ambani has given five formulas for this:
First, the benefits of economic reforms are not shared equally. Inequality is not acceptable under any circumstances and it is not going to last long. Therefore, the model of development has to be made with a view to enriching the most vulnerable section of society. India's strongest aspect is the continent-sized market, which has not been thoroughly explored.
If we can bring the rising middle-class population to one billion, then the desire for the betterment of this class will start a positive cycle of production and consumption. This will encourage the growth of all types of young entrepreneurs including women and foreign investors who will try to seize the immense opportunities that exist in India.
Second, technology-based development will go a long way in building a better and more equitable India. This is an era of rapid change in technology. What has not happened in the last 300 years, the same change will happen in the next 30 years. What India missed in the first and second industrial revolutions, it is making up for the third. It now has an opportunity to lead the Fourth Industrial Revolution. The use of technology will boost not only large industries and service sectors but also sectors like agriculture, MSME, construction, renewable energy, art, and craft, etc.
Third, we have to become a country of innovators to make the possibilities a reality. The skills acquired from a traditional advance in the innovation of low-tech tools will now have to be used to create high-tech tools. This will help entrepreneurs to create the best products and services that meet the needs of the country and the world at a low cost.
But in order to reverse the flow of all this money towards India, it is necessary that the workforce should be taught the necessary skills rapidly. The education sector needs to be reformed so that children and youth can be prepared for the future. For this, world-class universities and research centers will have to be opened and existing educational institutions will have to be upgraded.
Fourth, we have to change the way we think about money and its acquisition and mold them according to the old beliefs dominated by sensation. For a long time, the measure of wealth has remained only privacy and money. But we have forgotten that the real wealth of the country is 'education for all', 'health for all', 'employment for all', 'good house for all', 'good environment for all', 'sports for all, art and Culture' will be created by securing 'opportunities for self-development for all'. We need prosperity not only for ourselves but for the whole world. Keeping this in mind, Reliance Industries has taken the initiative of Affordable Green Energy for the country and the world.
Fifth, the concept of entrepreneurship also needs to be changed in line with the Indian model of wealth creation. Successful businesses of the future will depend on partnerships and platforms based on competition and collaboration. At Reliance, it is seen as working in tandem with a professional and employee-ownership mindset. In this, the partners and investors work for a common cause as per Mahatma Gandhi's 'Antyodaya'.
Finally, Ambani says that his career began before the liberalization phase, so he was very optimistic about the emergence of a new India.
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