Mukesh Ambani says India will prove cynics wrong, will become $5 trillion economy – The Financial Express

Mukesh Ambani said that India has developed world-class strengths in chip design.Reliance Industries Ltd (RIL) chairman Mukesh Ambani said that Indian economy will soon bounce back and grow with unprecedented acceleration. Mukesh Ambani said at an event that India will prove cynics wrong by becoming a $5 trillion economy. He said that with increased incomes, employment, and improved quality of life for one billion Indians at the middle and bottom of the economic pyramid, it will be a more equal India.“As the digitalisation of the Indian economy and Indian society picks up speed, the demand for digital hardware will grow enormously,” Ambani said. India has the historic opportunity to become the world’s pre-eminent digital society with ease of living for all. “My conviction comes from the enormous transformative power of the digital technologies,” he added.Related NewsThe confluence of three D’s – vibrant democracy, young demography and digital transformation – is among the factors that will help India. Even in the COVID-19 pandemic induced lockdown, the entire industry consisting of thousands of engineers and employees worked round the clock to provide support to all sections of the society and business.Ambani further said that India has developed world-class strengths in chip design. “I clearly foresee India becoming a major hub for the state-of-the-art semiconductor industry,” he said. RIL chairman said that with the Digital India Mission playing the role of the principal accelerator, India is about to step into a new decade. “Nothing can stop India’s rise, not even COVID-19. This is our chance to create history,” Ambani said.While addressing the India Mobile Congress (IMC) 2020 event, Mukesh Ambani announced that Reliance Jio will launch 5G services in the second half of 2021 in India. It will be powered by the indigenous network, hardware and technology components. Ambani also said that in order to ensure the 5G technology and smartphones in India, policy intervention is needed.Do you know What is Cash Reserve Ratio (CRR), Finance Bill, Fiscal Policy in India, Expenditure Budget, Customs Duty? FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don’t forget to try our free Income Tax Calculator tool.Financial Express is now on Telegram. Click here to join our channel and stay updated with the latest Biz news and updates.