India can triple its GDP growth rate in next 20 years: Mukesh Ambani

Stating that the Indian economy has the potential to grow at a much faster rate, chairman of Reliance Industries Mukesh Ambani said that Ind...

Stating that the Indian economy has the potential to grow at a much faster rate, chairman of Reliance Industries Mukesh Ambani said that India can triple its GDP growth rate to 15 per cent in next 20 years. This, according to Ambani, can be achieved by increasing agriculture production and relying on export-led industrial growth.

Speaking at the Ficci AGM, Ambani said “if India has to attain global economic leadership, growth rates have to accelerate significantly to double digits – from about 5-6 per cent now to about 15 per cent per cent in 20 years.” “This will raise the GDP to about $9 trillion and bring our per capita income closer to the world average,” Ambani added.

Stating agriculture was a victim of low investment, low yield and water-inefficient model of farming, he said India must target $2 trillion in food and agricultural output through expansion of volumes.

Story continues below this ad

Manufacturing industry, he said, should target export markets, focus on scale and improve efficiency to achieve $2 trillion of output in 20 years. Ambani said India must compete for getting sizeable amount of FDI rather than being apprehensive of foreign investment.

India can easily increase its current FDI of $2.6 billion by 15 times and attract $30 billion per year if a supportive policy regime devoid of red tap and free from controls was put in place, he said.

India should harness its natural advantages of educated, english speaking and techno-savvy labour to make information and communications sector as the growth engine of economy, Ambani said. India must also lobby for gaining access to the US and European markets through removal of subsidies there.

Advocating a bold new vision and a feasible action plan for making India a global economic superpower, he said the nation should harness global opportunities in food and agriculture, manufacturing, infocomm, healthcare and tourism sectors besides managing its water and energy resources judiciously.

Story continues below this ad

He added that significant investment should be made in infrastructure, professional resource development, education and research.

Ministry of External Affairs spokesperson Randhir Jaiswal

India says no talk between Modi and Trump after US Prez claim on Russia oil

India1 hr ago

MEA clarifies that there was no conversation between PM Modi and US President Trump, contradicting Trump's claim that Modi assured him of stopping Russian oil purchases. India's import policies prioritize safeguarding the interests of its consumers and ensuring stable energy prices, MEA had earlier said.

View all shorts

Live Blog

PHOTOS