Veteran Industrialist Mukesh Ambani described the decision to step into the telecom industry with Reliance Jio in 2016 as the “big risk” of his life. He said that even if the prediction of the financial failure of experts had become true, it would have been appropriate to take this risk given its role in changing India digitally. In an interview with the Global Management Consultation Company ‘McKins’ and Company, Asia’s richest person said that Reliance Industries had invested its own billions of dollars in starting a 4G mobile network. Some experts said that it could not be financially successful as India is not ready for the most advanced digital technology.
Ambani told Jio the biggest philanthropic work so far
Mukesh Ambani said, “I told my board that the worst situation regarding Jio will be that we will not get much ‘returns’. So this is fine, because this is our own money but as Reliance, this will be our biggest philanthropic work in India because we must have completely changed the country by digitizing India. “After Launching Jio in 2016, Jio revolutionized the Indian telecom industry by providing free ‘voice calls’ and extremely low cost data, which forced other companies to reduce prices and have encouraged rapid digital adoption across the country.
Internet became much cheaper in India due to Jio’s arrival
Before the arrival of Jio, mobile internet was very expensive in India and a large part of the population was far from it. With the introduction of Jio, prices started fluctuating, causing a tremendous decrease in the cost of data and access to the Internet for crores of Indians, including people living in rural and deprived areas, became cheaper. As a result, the internet’s reach increased. India now has more than 80 crore Internet users and this figure makes it one of the largest online markets at global level. This accelerated digital inclusion as affordable data has helped to bridge digital division. Has promoted the development of digital services like e-commerce, financial technology, education technology and entertainment.
Reliance has always taken big risk
Mukesh Ambani, chairman and managing director of Reliance Industries Limited, said, “We have always taken great risk, because the prevalence matters to us. The biggest risk we have taken so far is live. At that time we were investing our money and I was the biggest shareholder. Our worst situation would have been when it is not financially successful because some experts believed that India is not ready for the most advanced digital technology. Its presence in 5G, Cloud and AI service is continuously increasing. He said, “We believe that finally you come empty handed in this world and go empty handed. What you leave behind is an institution. ”
With PTI inputs
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