Reliance Foundation to Give Young Storytellers a Digital Platform

May 23, 2017

Nita Ambani, the Co-chair of the Jio MAMI Film Festival and the Founder and Chairperson of Reliance Foundation, recently announced that the festival will have a new category of award – Award for Excellence in Digital Content from the current year.

About the Award for Excellence in Digital Content

The Award for Excellence in Digital Content is meant to create a platform for youngsters to showcase their storytelling talents through short films on a digital medium. Nita Ambani said that through this award, she hopes to encourage young talents and help in taking Indian cinema to greater heights.

The only criterion for applying for this award is that the participant should be between the ages of 21 years and 35 years. Participants will have to submit their entries in the form of a synopsis and a one-liner script at www.jiomamistudios.com by 20th June 2017. All participants who have registered will get to attend an online Masterclass (Webinar).

From these participants, 25 will be shortlisted. The shortlisted ones will then be mentored by Indian filmmakers in a two-day all-expenses paid residential Masterclass in Mumbai. This Masterclass is meant to take the participants from script to screen. They will be mentored for script development, supported for finances, and helped for exhibition and distribution.

The top ten out of these will be chosen as finalists for the award. They will receive a prize money of INR 2.5 lakh each on completion of their respective films. These films will premiere on Jio. They will also be showcased at this year’s Jio MAMI Mumbai Film Festival. The best film from these ten will receive the Jio MAMI Reliance Foundation Gold trophy while the second best film will receive the Jio MAMI Reliance Foundation Silver trophy at the festival’s closing gala.

Reliance Jio’s contribution

Mukesh Ambani led Reliance Jio which was launched in September 2016, offered Internet at 4G speeds, first for free and later at a nominal amount. This boosted spreading of information and growth of digital content across the country.

To give exposure to the top ten filmmakers and their films, Jio will be promoting them by releasing the films on its online platform. This means that Jio’s huge customer base will be able to watch these films.

Growth of Indian digital media segment

The Indian digital media segment has been growing in leaps and bounds. It has given rise to the content being created across varied formats and genres. The number of people who consume this content is also expected to increase in the coming years. Smart phones, high Internet speeds, and enhanced connectivity have also contributed to the rise of this segment.

About Jio MAMI Mumbai Film Festival

Jio MAMI Mumbai Film Festival is run by the Mumbai Academy of Moving Image, popularly known as MAMI. The festival is held in Mumbai. It offers the best of Indian and World cinema, which includes movies from Bollywood, Hollywood, and other international cult movies as well.

Summary

Through its Award for Excellence in Digital Content that will be introduced at the upcoming Jio MAMI Mumbai Film Festival, Reliance Foundation is all set to provide a digital platform to young storytellers for showcasing their films.

Jio to Gain Market Share from Incumbent Telecom Operators

May 16, 2017

As per a report by India Ratings and Research, a rating agency, existing telecom operators are about to lose a part of their market share to Mukesh Ambani led Reliance Jio.

Current status of the Indian telecom industry

According to India Ratings and Research, the top players in the Indian telecom sector will continue to lose revenues and suffer from profitability due to Reliance Jio’s strategies. At the same time, a number of them will also face an increase in their debts owing to the capital spent on network and spectrum.

The agency revised its outlook on the telecom services sector to negative. It was previously stable. This is because the credit profiles of existing telecom operators deteriorated more than expected due to Reliance Jio’s free offerings and deals.

Future of data tariffs and revenues

According to India Ratings and Research, data tariffs are likely to decrease in the current financial year. The average revenue per user (ARPU) is also expected to decline despite the rise in data usage volume. Moreover, the agency claimed that data usage will increase by 35 percent to 40 percent to reach 1,250 MB in the current financial year.

India Ratings and Research expects data to have 30 percent share in the revenue of the telecom sector in the current financial year while the revenues will see an increase of about 15 percent to 20 percent. Despite a high increase in the volume of data, revenue will not have an equivalent increase. Besides, data realization may decrease by 20 percent to 30 percent.

Reason for increase in data usage

The Indian arm of the global rating agency, Fitch Ratings claimed that the reasons for the increase in data usage in India are:

  • Reliance Jio’s data-centric strategy
  • Wide availability of cheaper smartphones
  • Quick adoption of 4G

Market competition

According to CRISIL, another rating agency, due to the intense competition stimulated by the launch of Reliance Jio, telecom companies will continue to face difficulties in this financial year.

India Ratings and Research further stated that due to this competition, it is highly likely that there will be in total only four telecom companies in India. Smaller telecom operators will be acquired by the larger ones and the larger telecom companies will collaborate subject to spectrum and market share limits under the ‘Telecom Merger and Acquisition Regulations.’

About Reliance Jio

Reliance Jio is the telecom arm of Mukesh Ambani-led Reliance Industries Limited (RIL). With more than 110 crore GB of data traffic per month, Jio became the largest global network. It also registered 220 crore video and voice minutes per day, during the financial year 2016-2017.

As compared to other telecom service providers, Reliance Jio network recorded the highest average 4G data speed in March 2017. This was recorded by the Telecom Regulatory Authority of India (TRAI). Jio’s average 4G internet speed was 18.487 Mbps as of 12:30 a.m. on 1st April 2017.

Summary

According to a report by India Ratings and Research, Reliance Jio is all set to win a larger market share from existing telecom operators.

Reliance Jio Announces JioFiber and JioFi Offers

May 12, 2017

Mukesh Ambani led Reliance Jio is taking steps to bring their Internet services into the arena of home broadband. With the JioFiber Preview Offer, the company is gearing up to launch broadband services in major Indian cities. Besides this, it is also offering discount and cashback on its JioFi devices.

Discount on JioFi3 device

Amazon Great Indian Sale began on 11th May and will end on 14th May. There are a number of discount offers on a variety of products with up to 80 percent off on some of them.

JioFi3 device with MRP INR 2,700 is available on Amazon with a discount of around 30 percent at INR 1,899. Moreover, customers who use a Citibank credit or debit card are eligible for a further cashback of 15 percent on the app or 10 percent on the website.

JioFi is a Wi-Fi hotspot device that lets other devices operate on Jio’s Internet. JioFi comes with a number of benefits. It is recommended to connect the hotspot device with up to ten devices, while it allows connection with up to 32 devices. JioFi has a built-in rechargeable battery, which offers five to six hours of surf time.

Cashback on JioFi devices

Reliance Jio recently announced a cashback offer on the purchase of JioFi device. The telecom company is offering up to 100 percent cashback. On exchanging old dongles, routers, or 4G cards, a user will be eligible to get benefits worth INR 2,010. The benefit is in the form of ten top-up vouchers priced at INR 201 each. If a customer does not opt for the exchange offer, he may still avail of a cashback worth INR 1,005 in the form of five top-up vouchers of INR 201 each. The top-up benefits are valid up to 31st March 2018.

JioFiber service

Reliance Jio’s Fiber-to-the-Home (FTTH) broadband service, JioFiber was first mentioned by Chairman Mukesh Ambani in the September Annual General Meeting (AGM) while he introduced Reliance Jio. A recent tweet by the company’s customer care service revealed that it is currently running JioFiber service on a trial basis in major Indian cities like Mumbai, Delhi-NCR, and Vadodara. It also mentioned that the trials will soon be expanded to more cities.

As per the JioFiber Preview Offer available in selected cities, customers get 100 GB broadband data per month at a speed of 100 Mbps. Apart from a one-time refundable installation fee of INR 4,000 to INR 4,500, the service is free for the first 90 days.

Impact of Reliance Jio

According to some analysts, Reliance Jio’s aggressive pricing policies have intensified competition in the Indian telecom sector, which is forcing existing players to reduce their tariffs. India Ratings and Research, a rating agency in India came to the conclusion that Mukesh Ambani led Reliance Jio is likely to gain market share from existing telecom operators. It said this during the beginning of May 2017.

Summary

Reliance Jio is offering a discount on JioFi3 through Amazon, a 100 percent cashback offer on purchase of JioFi from Jio’s online portal, and free broadband service under the JioFiber Preview Offer for 90 days.

Reliance Jio to Lease Dark Fiber laid under BharatNet Initiative

May 9, 2017

BharatNet is a Centre-State collective project started under the UPA-II government in 2011. The objective was to create a network infrastructure that offers affordable broadband connectivity to all households. Though the project suffered a few setbacks, it once again came to the fore with Prime Minister Narendra Modi’s ‘Digital India’ initiative.

As per the ongoing talks with the government, Mukesh Ambani led Reliance Jio may become the first telecom operator in the country to lease fiber being deployed under the BharatNet project.

Implementation plan of BharatNet program

BharatNet project’s implementation plan designed earlier was divided into three phases:

  • The first phase was to offer broadband connectivity to one lakh gram panchayats by placing underground optic fiber cable (OFC) lines by March 2017.
  • The second phase planned to supply connectivity to the country’s 2.5 lakh gram panchayats using an efficient combination of underground fiber, radio and satellite media, and fiber over power lines. This was planned to be done by December 2018.
  • The third phase ranging from 2018 to 2023 included the establishment of a robust network.

How Reliance Jio plans to contribute?

BharatNet initiative is to be accomplished through collaboration between the States and the private sector. The project is currently in its first phase with over 2.1 lakh km of optic fiber cable being placed. Out of the total fiber laid under the project, the highest number of active gram panchayats have been achieved in the state of Karnataka with 4,735.

Mukesh Ambani led Reliance Jio is planning to lease dark optic fiber from the government through discussions with the Department of Telecommunications (DoT). The company is currently analyzing business possibilities available in Haryana and Karnataka to utilize the unused fiber.

Given that the backhaul connectivity in Karnataka and Haryana is already in place, N. Sivasailam, Additional Secretary of DoT, confirmed that Reliance Jio has asked for an opportunity in these states.

N. Sivasailam informed that the price point to lease optic fiber differs according to the state; however, the minimum rests at around INR 2,000 per km. Furthermore, he also revealed that Reliance Jio wishes to take the fiber to mobile towers. The company is conducting a feasibility review of different sites in these two states to determine the best business points, he added.

Suggestions for BharatNet initiative

N. Sivasailam suggested the implementation of optical line terminal (OLT) by telecom service providers at a block level and facilitation of digital connectivity by the DoT to link local businessmen and small enterprises.

A panel consisting of experts from the Information Technology (IT) sector had previously recommended reserving 50 percent pairs of dark fiber at gram panchayats for telecom service providers, local cable operators, multi-system operators, and Internet service providers. This would help secure bandwidth with the means of infrastructure established through government investment.

Summary

Reliance Jio is in talks to become the first telecom operator in the country to lease unused or dark fiber laid by the government under the BharatNet program.

RIL Collaborates with Resysta International to Produce Natural Wood Alternative in India

April 28, 2017

On 26th April 2017, Mukesh Ambani-led Reliance Industries Limited (RIL) entered into a license agreement with Germany-based Resysta International GmbH. With this partnership, RIL bagged exclusive rights of production as well as marketing of a Natural Fiber Polymer Composite (NFPC), RelWood™, in India.

The Partnership

According to the Chief Operating Officer (COO) of Petrochemicals, RIL, Mr. Vipul Shah, with the strategic agreement with Resysta, RIL is planning to exclusively produce the RelWood™ compound so as to meet the growing demand for a real alternative to tropical wood.

He believes that the partnership indicates RIL’s dedication towards sustainable projects based on innovative technology. He added that along with the top German innovator Resysta, RIL is looking forward to offering a technologically advanced product as the alternative to real wood to the Indian consumers.

About Resysta

Located near Munich, Germany, Resysta International GmbH was established in 2011. It is a privately-headed technology company which co-operates with top industry partners around the world to leverage the huge potential of the exclusive Resysta material in its various wood replacement applications.

Resysta successfully developed a water and weather-resistant material which portrays the look and feel of wood. Moreover, the fully recyclable material is procured using a renewable resource, does not rot over a long duration, and is unaffected by termites.

It also has the capability to withstand the sun, wind, and salt water. The innovative material was required to combat the shrinking rainforests crisis as well as address the substandard quality of wood composite products that were used earlier.

This is based on a unique technology through which natural fiber is dispersed within the polymer matrix. Owing to the partnership, RIL will be using RelWood™ as the raw material for producing sheets and different profiles utilized in a large number of replacement applications of wood and plywood. The initiative will help prevent deforestation and offer water-resistant, durable, and recyclable raw material to Indian consumers.

CEO speaks

The Chief Executive Officer (CEO) of Resysta International, Bernd Duna, stated that currently, Resysta is licensing its technology across the globe. According to him, RIL is Resysta’s perfect partner for India. He believes that the local manufacturing of Resysta Compound will enable the products to become easily available and more environmentally friendly. Since RIL is a leading manufacturer of petrochemicals in India, it is ideally poised to manufacture at par with Resysta’s high global standard. In partnership with RIL, Resysta looks forward to continuing its success story in India, he added.

About RIL

The largest Indian private sector company, RIL, has a consolidated turnover of INR 330,180 crore and a net profit of INR 29,901 crore for the financial year 2016-17.

Moreover, RIL is the first Indian private sector company to make it to Fortune’s Global 500 list of ‘World’s Largest Corporations’. Currently, RIL is on the 215th rank with regard to revenues, and 126th rank with regard to profits.

Mukesh Ambani led RIL also ranks 238th in the FT Global 500 list (2015) of world’s largest companies by Financial Times. Furthermore, RIL stands at the 21st position on the Forbes Global 2000 list (2016). RIL’s businesses include petroleum refining and marketing, hydrocarbon exploration and production, retail, petrochemicals, and 4G digital services.

Summary

RIL went into a partnership with Germany-based Resysta International to manufacture an innovative alternative to natural wood in India.

Reliance Industries Commissioned World’s Largest Ethane Plant in Record Time

April 21, 2017

On 19th April 2017, Mukesh Ambani-led Reliance Industries Limited (RIL) announced that it has started the ethane plant at its Dahej manufacturing facility in Gujarat. The company completed the construction of the largest and most complex plant in the world in record time by spending USD 1.5 billion.

Statements from RIL

In a statement released, the company said that it is pleased to announce the flawless and successful completion of its ethane project at the Dahej manufacturing facility in Gujarat. It also said that it has begun ethane cracking, and ethane receiving and handling facilities at the plant in less than three years, which is a record time.

RIL stated that the successful start-up shows the company’s capacity to create a world-scale infrastructure with the help of complex technologies. The company added that the execution of this project at such a large scale is first-of-its-kind in the world.

RIL said that the supply of ethane will offer feedstock security and flexibility. It will let the company choose the most optimal feed mix depending on market conditions.

The statement further mentioned that this will improve the cost competitiveness of the company’s present crackers and let RIL optimize its portfolio in a volatile market environment.

Transportation of ethane from the US

Natural gas ethane is produced in abundance in North America because of the shale gas revolution. The revolution has generated cooking gas, Liquefied Petroleum Gas (LPG) and Liquefied Natural Gas (LNG) in large quantities. In the past five years,  North America’s shale gas industry has witnessed a phenomenal growth and this has reduced ethane prices.

RIL will import ethane from North America in large quantities and use it in its cracker as feedstock to make petrochemicals. The company has planned to transport 1.5 million tons of ethane every year from its shale joint ventures in the United States (US) to its manufacturing plant in Gujarat. Ethane is mainly used as a petrochemical feedstock. It makes ethylene by the process of steam cracking.

Mukesh Ambani led RIL has two joint ventures in Marcellus Shale of Pennsylvania. One of its joint ventures is with Chevron. The company has made an investment of USD 1.7 billion for this. Its other joint venture is with Carrizo Oil & Gas. For this, RIL has made an investment of USD 392 million.

The entire process chain began from securing ethane refrigeration capacity in Gulf Coast in the US. The next step was delivering dedicated Very Large Ethane Carriers (VLECs) to ship ethane to the West Coast of India from the US Gulf Coast. The VLECs later transported liquefied ethane to the Dahej terminal in Gujarat.

RIL constructed ethane receipt and handling facilities at its manufacturing plants in Dahej, Nagothane, and Hazira. The construction included setting up of pipelines and upgrading of crackers to receive ethane. The liquefied ethane received in Dahej will be used to supply feedstock for crackers in RIL’s Dahej, Nagothane, and Hazira manufacturing facilities.

Summary

RIL completed the construction and commissioned the largest ethane plant in the world in a record time at its Dahej manufacturing facility.

Mukesh Ambani on Why Reverse Brain Drain is Necessary

April 11, 2017

The Chairman of Reliance Industries Limited (RIL), Mukesh Ambani expressed his views on different subjects at the India Today Conclave held in March 2017. 

Mukesh Ambani’s views on reverse brain drain

Mukesh Ambani supported the policies of the United States (US) President Donald Trump and stated that a reverse brain drain is bound to happen. He said that the brightest and best brains should now work to benefit the country and Indians. According to Mr. Ambani, the world is entering the fourth Industrial Revolution and it is also the first technological revolution that will have an impact on us.

He believes that if Indians working outside are brought back, then India will be blessed and its developmental pace will escalate. Mukesh Ambani also believes that all the things in the world happen at the right place and at the right time.

He informed that every month, RIL brings back at least two to three leaders from across the world. He said that people always remain Indian from their heart and they want to come back home. RIL gives them an opportunity for this, he added. 

Mukesh Ambani’s views on Narendra Modi

At the conference, Mukesh Ambani praised Prime Minister (PM) Narendra Modi for his demonetization and digitization drives.

He said that demonetization has converted unproductive money to productive money and brought it to use. It has also enabled the country to move from a cash economy to a digitally enabled optimal cash economy. He believes that currently, India is performing well and has a promising future.

Mukesh Ambani said that India today has a potential leader which would help it lead the industrial revolution. He feels that the country has a leader who understands the world and technology along with understanding his people.

Mukesh Ambani was impressed by PM Narendra Modi when he visited the US. The Indian Prime Minister joined the then US President Barack Obama for dinner and they only discussed how technology would help to develop the poor in a country.

Mukesh Ambani’s views on technology

Speaking of the industrial revolution, Mukesh Ambani said that technology will play a significant role in the revolution. He believes that technologies like cloud computing, robotics, nanotechnology, mobile Internet, artificial intelligence, and genomics will be the foundation of this revolution.

Mukesh Ambani said that in today’s technological world, it takes a fraction of a second for information to travel all around in digital form. According to him, technology is a leveller as it does not discriminate on the basis of caste, creed, and religion.

Mukesh Ambani feels that India has the ability to lead the industrial revolution. He stated five reasons for this. They are India’s majority of the youth population, a wide scope for technological infrastructure, citizens connected to the global Internet, large and an open market, and an ambitious leader.

He believes that India’s street smartness and the global technology will form an unbeatable combination to enable the country to lead the digital revolution. He revealed that post the launch of Reliance Jio, India became the highest data consumer in the world in just 170 days and said that Jio will be connecting 58,000 schools and colleges to overcome the challenges of education in India.

Summary

At the India Today Conclave 2017, Mukesh Ambani expressed his views on reverse brain drain, technology, and digitization, and praised Prime Minister Narendra Modi.

Reliance Jio Collaborates with AT&T and The Linux Foundation for the ONAP Project

April 5, 2017

The telecom arm of Reliance Industries, Reliance Jio Infocomm led by Mukesh Ambani has joined hands with the US-based telecom operator American Telephone & Telegraph Company (AT&T) and The Linux Foundation. Reliance Jio will be working with open source communities via the Open Network Automation Platform (ONAP) project as a Platinum member. The collaboration will enable Jio to propel innovation in the telecom industry in areas of software-defined networking (SDN) and network functions virtualization (NFV).

Reliance Jio’s association with ONAP

ONAP is the fastest-growing open networking initiative as it has unified open source community members and industry leaders from Europe, North America, and Asia.

President of Reliance Jio, Mathew Oommen expressed his delight over the collaboration with the ONAP community. He stated that Reliance Jio’s assets and resources in the association will help to make telecom a cloud-centric digital platform. Developers, customers, and partners will then be able to contribute and add value to the platform, he added.

Reliance Jio has established an excellent all-Internet Protocol (IP) network with 4G Long Term Evolution (LTE) technology. Jio is the only network that supports Voice over LTE (VoLTE) technology and has been established as a mobile video network from the ground up. Jio’s pan-India 4G network has made the company, the largest data carrier in the world.

Jio’s involvement in the ONAP project proves its dedication towards network transformation. Through open source network, the company aims to move beyond its all-IP and 4G LTE network technologies. The open source program will assist Jio in offering quick, innovative and affordable services across wireless and wireline technologies.

Mathew Oommen also said that Jio will be an active participant in the ONAP initiative and this will enhance its delivery, management, and service creation.

About ONAP

ONAP is a joined project and one of the largest open source programs, created in February 2017. The project is operated by The Linux Foundation’s Open Orchestrator Project (OPEN-O) and AT&T’s Enhance Control, Orchestration, Management & Policy (ECOMP). The initiative lets open source community developers and software, cloud and network providers to work together in an open ecosystem, thus encouraging innovative services.

ONAP project has members like AT&T, China Mobile, Nokia, China Telecom, Tech Mahindra, ZTE, Cisco, Ericsson, VMware, GigaSpaces, Bell Canada, Huawei, Amdocs, IBM, Orange, and Intel, among others. Reliance Jio became the first Indian telecom operator to join ONAP.

Chris Rice, the Chairperson of ONAP and Senior Vice President of AT&T Labs said that ONAP is excited to have Reliance Jio as a member. The company will help ONAP to expand its global reach. He further stated that ONAP aims to make and promote a robust networking automation community with Jio’s support.

Mukesh Ambani led Reliance Jio is establishing global centers of excellence and offering resources for new initiatives. Its association with ONAP will expedite the process and support The Linux Foundation in future service innovations and developments.

Summary

Reliance Jio collaborated with The Linux Foundation and AT&T for the Open Network Automation Platform (ONAP) project to drive innovation in the telecom industry.

Most Jio Users Happy with the Speed, Prime Members to Receive Cashback Offers

March 24, 2017

Mukesh Ambani led Reliance Jio has established itself as a major telecom brand after only a few months of its launch. The network operator’s services have been positively received by the masses, making it a leading brand in terms of customer base.

Jio’s cashback option for Prime members

Reliance Jio will begin charging for its services from the 1st of April. However, the brand has introduced a scheme for Prime members, wherein they may recover the INR 99 paid as a subscription fee. Users who pay their membership fee through the JioMoney app become eligible to receive INR 50 as cashback. Under the membership, those who opt for INR 303 monthly plan and do the recharge using JioMoney, will receive another cashback of INR 50. In this way, users can easily recover the subscription amount of INR 99.

The offer will help Jio in drawing customers to its Prime membership plan. The cashback option on the monthly INR 303 recharge will also enable the brand to add high-value users to its network and consequently increase its average revenue per user (ARPU) base.

Partnership with Paytm

Wallet applications like Paytm have partnered with Jio to offer the benefit of cashback to its users. Individuals who pay via Paytm for the Prime membership will receive a cashback of INR 10.

Mukesh Ambani  led Jio had declared in February that existing customers, as well as those who opt for the network provider’s services by March 31st, could enroll in the Prime membership plan by paying a one-time subscription amount of INR 99. It had also introduced the INR 303 monthly plan, which offers 1 GB data per day for 28 days, along with free STD and local calls.

Bank of America Merrill Lynch’s survey

Bank of America Merrill Lynch (BoAML) had conducted an online survey, which found that 57 percent of Jio subscribers believe that the telecom operator’s data speed is much faster than that of incumbent operators. BoAML surveyed 1000 individuals from Jio’s 100 million customer base. A similar survey conducted back in December 2016 revealed that 55 percent users believed the network to be faster than that of competitors.

According to the report, about 84 percent Jio users were expected to opt for Prime membership post the expiration of the free offer. It also revealed that 70 percent of users would opt for the INR 303 monthly plan and 96 percent would pay for Jio’s services. From the 96 percent, 12 percent would prefer non-Prime plans, while the remaining 84 percent would pay through the Prime offer.

The BoAML survey also found that 65 percent of users have been using Jio as their primary SIM. However, the previous survey conducted in December 2016 revealed that 50 percent individuals used it as their primary SIM.

The findings further suggested that 80 percent users remembered their Jio mobile number, while 92 percent said they had shared it with their contacts. Besides these, the survey suggested that Jio has improved its voice calling services over the months.

Summary

Reliance Jio offers cashback option to Prime members. A survey by BoAML also revealed that 57 percent of users feel Jio’s speed is faster than that of competitors.

Mukesh Ambani Speaks About India’s Potential to Lead the Fourth Industrial Revolution

March 21, 2017

Speaking at the India Today Conclave 2017, the Chairman of Reliance Industries Limited (RIL), Mukesh Ambani praised Prime Minister Narendra Modi’s demonetization and digitization initiatives and spoke about India’s technological potential.

Mukesh Ambani’s views on demonetization and digitization

With reference to demonetization, Mukesh Ambani said that India has moved from being a ‘cash economy to a digitally-enabled optimal cash economy’. He stated that India is great today and will be fantastic in the future. The industrialist added that when Prime Minister Narendra Modi met the then United States (US) President, Barack Obama, for a dinner at White House, they only discussed technology and how it could benefit the poor in a country.

With reference to the Narendra Modi-led Bharatiya Janta Party’s victory in the Uttar Pradesh elections, Mukesh Ambani stated that the Prime Minister understands the people of India, the world, and technology. He even said that the country is blessed to have him as a leader.

According to Mukesh Ambani, the credit in India has always been large in value but low on volume and hence available only for a few people. He said that Aadhaar-based identity will be linked in the coming years, after which taking a loan could be done through a mobile phone within a few minutes.

Mukesh Ambani revealed that India is the fifth largest and the fastest growing economy. According to him, the country’s current pace of growth could make it the third largest economy.

Due to the launch of Reliance Jio, India has recorded the highest data consumption in the world. Mukesh Ambani informed that Jio will be connecting 58,000 colleges and schools through digitization, thereby establishing the most digitally-enabled education system in the world.

India’s technological potential 

Mukesh Ambani said that the world is entering the fourth industrial revolution and India has the potential to lead this revolution. He believes that bringing back the brightest minds working overseas will enable the country to achieve this goal.

He stated that physical, biological and digital sciences are merging, which in turn will allow humans to redesign and rediscover all the aspects of life that exist on the planet. He further stated that technologies like robotics, artificial intelligence, cloud computing, nanotechnology, genomics, and mobile internet form the base of the revolution.

Speaking on India’s capacity to lead the industrial revolution, Mukesh Ambani stated five reasons for it. He revealed that India is a young country with 63 percent of its population aged under 35 years, with the skill to adapt faster to modern technology.

He feels that the lack of digital infrastructure in India will be helpful as it will enable the country to skip multiple generations of technology and directly adopt the upcoming generation.

According to him, India has a large and open market and is one of the most attractive places for business, technology, and global talent. Moreover, the leadership in India believes in connecting the country to the world. Lastly, he stated that India has the determination, political vision, capacity, and leadership to excel in technology.

Summary

Mukesh Ambani said that India has the capacity to lead the fourth global industrial revolution. He also praised Prime Minister Narendra Modi for his initiative to demonetize and digitize the country.