Mumbai Feb 24 :- Reliance Industries (RIL) chairman and MD Mukesh Ambani on Wednesday said at least 25-30 new Indian companies in the green energy and tech space will grow as big as RIL in the next 10-20 years.
Ambani said it took RIL about 38 years to become a $ 200 billion company. “The next generation of Indian entrepreneurs will achieve this in half the time. What this also means is that India’s community of entrepreneurs will become broader and wealth creation will also become more inclusive,” he said at the Asia Economic Dialogue 2022.
“I have no doubt that the next generation of Indian entrepreneurs will achieve this in half the time. What this also means is that India’s community of entrepreneurs will become broader and wealth creation will also become more inclusive,” Ambani said.
He said India’s technology and digital exports have risen to $150 bn from less than $10 billion 20 years ago. “By 2030, I believe they will exceed half a trillion dollars. Similarly, India’s Clean and Green Energy exports in the next 20 years at the end of 20 years also has the potential of half a trillion dollars of export,” Ambani said.
“If the last 20 years, we were known for India’s emergence as an IT superpower; next 20 years, I believe, along with technology, will mark our emergence as a superpower in energy and life sciences,” he said.
“What is commendable is that the new energy businesses in India are standing on their own two feet, with their own entrepreneurship, and very little support of or basis of any great government subsidies,” he said. Technological progress will make energy affordable on the basis of commercial viability; and it will be technology, and the entrepreneurial spirit, and the new business model that gives values to customer that will drive the business and not government subsidies. “And that’s encouraging about the new energy opportunities that I see,” Ambani said.
“India is today one of the most attractive opportunity for renewable energy investment anywhere in the world,” he said.
India’s per capita income today is around $2,000, compared to Europe’s $38,000. :I believe that with our progress, we will reach $10,000 per capita in the next 15-20 years. This will increase our energy demand,” Ambani said.
“And at the same time, we will be able to meet our incremental energy at affordable rates because of the progress that we are making in technology, because of the abundance of renewable resources that nature has blessed our country with,” he said. “So, I believe that India will be among the fastest growing large economy and our energy needs are going to double in next couple of decades.”
“India will overtake the European Union as the world’s third-largest economy. In my view, by sometime around 2030-2032. So, India has to address three challenges. One, India must increase energy output to drive double-digit GDP growth, and we have to do it at an affordable basis of the use of technology,” he said.
