1 min read.Updated: 26 Mar 2021, 12:44 AM ISTIshita Guha
Mukesh Ambani said Indian business owners are capable of providing quality that meets demand in domestic as well as global markets at competitive prices
He said India has the potential to be among the top three economies in the world using its technologies
India’s startup entrepreneurs must be ready to work with limited resources but with unlimited determination, said Mukesh Ambani, chairman, Reliance Industries Ltd (RIL).
Speaking at the EY Entrepreneur of the Year Awards, 2020, Ambani said Indian business owners are capable of providing quality that meets demand in domestic as well as global markets at competitive prices. This opens up the global market for Indian entrepreneurs, he added.
Sharing a “personal learning" with startup entrepreneurs, he said, “My young friends, my message is not to be deterred by failure, because only after many failures there is success. I am sure as an entrepreneur, you will have the courage and the determination to succeed. Therefore, I am absolutely confident that you are going to script far bigger success stories for India than the entrepreneurs of my generation".
Ambani-led RIL is India’s largest private sector company, with a market capitalization of ₹12.6 trillion. He said India has the potential to be among the top three economies in the world using its technologies, as emerging sectors such as clean energy, education, healthcare, life sciences and biotechnology, and the traditional ones—agriculture, industrial and services—offer ample opportunities.
“Small, medium and big businesses have once-in-a-lifetime opportunity to meet the needs and aspirations of 1.3 billion people for good quality of life," he said.
Ambani has often spoken of India’s digital prowess and indigenous technologies that can improve quality of life. The launch of Reliance Jio Infocomm Ltd in September 2016 disrupted India’s telecom space, paving the way for 4G wireless services in the country.
RIL-owned Jio Platforms Ltd, which houses the telecom business and a slew of other digital services such as healthcare, payments, gaming, cloud, over-the-top (OTT) content, music, among others, last year raised ₹1.52 trillion from 13 global investors— Facebook, Google, Silver Lake, Vista Equity Partners, General Atlantic, KKR, ADIA, Mubadala, TPG, L Catterton, Public Investment Fund of Saudi Arabia, Intel Capital and Qualcomm Technologies, Inc. to support Ambani’s digital goals.