Digital Desk: Mukesh Ambani, Chairman and Managing Director of Reliance Industries(RIL), said on Wednesday that Asia is leading the way toward a more equitable global economy and that India is on track to overtake countries to become the world's third-largest economy by 2030.
In an interview with Dr. Raghunath Anant Mashelkar at the Asia Economic Dialogue, he stated that "the centre of focus for the world economy has shifted to Asia."
According to the RIL Chairman, in 2020, Asia's GDP will surpass the combined GDP of the rest of the globe. "Asia accounts for 60% of the world's population," he stated, adding that "the demography-development mismatch is closing."
"The fact that India is on track to replace Japan as Asia's second largest economy and the oldest third largest country by 2030 adds to the trend. Dr. Mashelkar, I am convinced that India's growth story will be as thrilling as, if not more exciting than, a kid in the future decades. It is India's moment to shine "according to the billionaire,
Mukesh Ambani's remarks come when the Indian economy is on the mend after being hammered hard by the COVID-19 outbreak, which crippled several industries.
In its February monetary policy statement, the Reserve Bank of India (RBI) stated that the central bank has been making constant efforts to mitigate the economic disruption caused by the pandemic. According to the report, RBI's policy efforts have delivered the expected results, and the central bank is now focusing on rebalancing liquidity.
But on the other hand, the central bank indicated that continuous policy support is required for a long-term and broad-based recovery.
According to global stockbroker Barclays, the Indian economy is expected to have grown by 6.6 percent in the December quarter.
While the economy enjoyed a relatively stable third quarter, with many sectors returning to pre-pandemic levels of activity, the weak third wave did have an impact, perhaps putting the earlier growth prediction of 10% in FY22 in jeopardy.
Mukesh Ambani also advocated for a green industrial revolution at the Asia Economic Dialogue, citing climate change as the greatest threat to humanity.
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