Even as the government faces flak for corruption and lack of transparency, Reliance Industries Chairman and Managing Director, Mukesh Ambani, has stressed that transparency is crucial for businesses.
“Growth, governance, empowerment, transparency and compliance are all equally relevant and applicable to businesses - not just to government. To me, the purpose of business is growth, welfare and enrichment of the nation at large,” Ambani said at the annual general meeting of industry chamber Ficci.
From a $300-billion economy in 1990, India’s economy has crossed $1.3 trillion—-.a fourfold growth in 20 years. According to various estimates, the country’s GDP would be $30-40 trillion by 2050.
Highlighting concerns of the agriculture, health and education sectors, Ambani said the country will need to adopt path-breaking policies to move ahead. “We will need disruptive policies, like the one which changed the future of India in 1991—- the disruptive industrial policy that allowed India to compete with the rest of the world,” he said.
Ambani said the Indian market offers a tremendous opportunity for growth. “India boasts of saving rates of over 25 per cent. Less than 1 per cent of our population uses credit cards for transactions. Consumer loans are at just about 10 per cent of total loan disbursals. All these represent an under-leveraged consumer class, offering tremendous opportunities for volumes and value,” he said.
He also pointed to the fact that India’s share of world GDP has risen from 2.8 per cent in 1990 to the current 5 per cent. However, at the same time, its population base has expanded by over 40 per cent.