Economic reforms benefited unevenly; wealth creation at bottom of pyramid needed: Mukesh Ambani
In a piece commemorating 30 years of economic liberalisation, Ambani wrote that the way people think about money and how they chase it must change, and that they must be rooted in empathy. Three decades of economic reforms in India have benefited citizens inequitably, and the "Indian model" of development must focus on creating wealth at the bottom of the pyramid, according to Mukesh Ambani, India's richest man, who expressed confidence that the country will catch up to the United States and China by 2047. In a rare essay commemorating 30 years of economic liberalisation, the chairman of Reliance Industries Ltd, India's largest business by market value, claimed bold economic reforms enabled the country's GDP of USD 266 billion in 1991 expand by more than 10 times. "In 1991, India's economy shifted from one of scarcity to one of sufficiency by 2021. By 2051, India must convert itself into an economy of long-term abundance and shared prosperity for everybody. Equity will be fundamental to our common development in India "He published an article in The Times of India. In 1991, India demonstrated vision and bravery in altering the direction and determinants of its economy, according to Ambani. "The government elevated the private sector to the helm of the national economy, a position that the public sector had held for the preceding four decades. It abolished the quota system, liberalised trade and industrial policy, and deregulated capital markets and the financial system. "These changes have unleashed India's entrepreneurial spirit and ushered in a new age of rapid growth," he wrote. Despite a population increase from 88 to 138 million people, these changes enabled India's economy become the fifth biggest in the world, reducing poverty rates. "The state of key infrastructure has improved dramatically. Many of our businesses and services, as well as our expressways, airports, and ports, are now world-class "he stated People used to have to wait years for a phone or a gas connection, and companies had to ask the government for approval to acquire a computer, he said. "We have earned the right to dream large based on our achievements over the last three decades. What better way to commemorate the centennial of our independence than to make India one of the world's three wealthiest nations, alongside America and China, in 2047 "he stated.