Despite concerns about slowing economy, the nation's
wealthiest man, Mukesh Ambani, is bullish on the India Story - and
hinges his bet on the millions striving to move up in the economic
pyramid.
"India has had some slow growth but I am really very optimistic on
India," said Ambani told CNN's Fareed Zakaria. "I'm very bullish on
India, because it's really the aspirations of a billion people. And ours
is a country where all the billion count. And they have aspirations.
"India is really a bottom-up story. It's not a top-down story," the
chairman of Reliance Industries Ltd (RIL) told his celebrated
interviewer, who, like him, has his roots in Mumbai.
Asia's second wealthiest man, Ambani, whose net worth is close to $21
billion according to Forbes magazine, cited that his confidence in the
Indian growth story stemmed from the country's billion consumers moving
to make their lives better.
Ambani, whose business spans petrochemicals, oil and gas, telecom and
retail, also spoke about India as a land of opportunities. He talked
about how his late father Dhirubhai Ambani started Reliance with $100
and then when he joined the firm in the 80s, the market value of the
company was $30-40 million.
"In 30 years, the opportunities that were provided by this country
have enabled us to create wealth for India. So, we've created a million
millionaires just by investing in Reliance out of ordinary Indians. And
that is the process of creating wealth for the country. Once you create
opportunity, wealth comes," he said.
Ambani is also bullish on the global economic health, especially the
United States. "Well, I'm more optimistic than most. And my view is that
this year we will see the beginning of a recovery, particularly in the
US," he said.
RIL, which has business interests and investments tied up in the US
market, has reportedly put in at least $5.2 billion through joint
ventures with Chevron, Carrizo Oil and Gas, Pioneer Natural Resources so
far.
