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India will be at par with US, China by 2047, thanks to three decades of economic reforms: Ambani

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New Delhi: Industrialist Mukesh Ambani, the country’s richest man, believes that the benefits to citizens of India’s three decades of economic reforms have been “unequal”. He said that the ‘Indian model’ of development is necessary for the creation of wealth at the lowest strata of the society. However, with this, Ambani expressed confidence that by 2047, the country can reach at par with the US and China.

On the occasion of the completion of 30 years of economic liberalization in the country, the Chairman of Reliance Industries has said in an article that due to bold economic reforms, our Gross Domestic Product (GDP) which was $266 billion in 1991, today it has increased ten times. Already happened. Ambani, who heads the largest Indian company by market capitalization, has rarely written such articles.

Ambani has said in his article published in ‘The Times of India’, “India was a deficit economy in 1991, which turned into a surplus economy in 2021. Now India has to transform itself into an economy of surplus and equal prosperity for all at a sustainable level by 2051.

Ambani wrote that India showed the vision and courage in 1991 to change both the direction and determination of the economy. “The government also placed the private sector at an impressive height in the national economy. Due to this, in the last four decades, this place was available only to the public sector. This ended the licence-quota raj, liberalized trade and industrial policies, and made the capital market and financial sector ‘free’.

Ambani said that these reforms enabled India to become the fifth largest economy in the world. During this period, although the population increased from 88 crores to 138 crores, the poverty rate was halved. Ambani said, “Critical infrastructure has improved much more than we thought. Now our expressways, airports and seaports are world class. Same is the case with our industries and services.

He wrote, “Now it would seem unimaginable that people had to wait for telephone or gas connections. Or else companies had to get government approval to buy computers. He said that in 2047 we will celebrate the centenary of our independence. What can be a bigger dream than this that by that time we will be able to make India one of the three richest countries in the world. We will be at par with America and China.

Ambani said that the road ahead is not easy but we do not have to panic about the sudden temporary problems like the epidemic. Nor is it to distract your attention by non-important issues. “We have the opportunity as well as it is our responsibility to turn the next 30 years into the best years in the history of independent India for our children and youth.” Ambani said that to achieve this goal, it is necessary for India to be self-reliant and cooperate with the rest of the world.(Agency)

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Bhagyashree Soni
Bhagyashree Soni is a software engineer with soft writing skills. She is a degree holder from the International School of Entrepreneurial Leadership. She has been a state-level badminton champion and chess player. A woman with a forthright attitude enjoys her writing passion as her chosen career. Writing in the context of feminism, social-cause and entreprenurship is her forte.
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