New Delhi: Billionaire industrialist Mukesh
Ambani has said that an equitable income generation was a must
for the country`s economic growth, even as he shrugged off the
cynicism that recent corruption cases were major deterrents.
Ambani, who leads of the country`s leading corporate
houses Reliance Industries group, also said that the country
was dealing with the recent cases of corruption maturely.
"Although India is marching on a prosperous path, there
is a need to do this in an equitable manner the benefits
spreading far and wide.
"If income generation does not happen in an equitable
way, the demographic dividend that India has can work against
its growth aspirations," Ambani said in an interview to global
investment banking major Morgan Stanley.
Asked whether the recent cases of alleged corruption
scandals have led to things turning grim for the country and
whether capital investments would slow down, he replied in
"I do not agree that things have turned grim for India. We
should not really deprecate ourselves. We have a vibrant
society, a vigilant media, an independent judiciary and are
dealing with our problems in a mature way.
"We have started on the journey of systemic reforms to
reduce corruption. The Old India is making way for the New
India. The transition will not be an easy ride, but I have no
doubt that we are moving in the right direction," he said.
Ambani`s comments have come at a time when various cases
of corruptions are coming to light, including those involving
some big corporate houses and some politicians.
Incidentally, the government auditor CAG has rapped oil
ministry and its technical arm DGH for allegedly favouring
Ambani-led RIL by allowing it to double gas field costs, but
the company has vehemently denied the charge.
Ambani exuded confidence that the India growth story was
unstoppable and the country was headed to become the third
most economically powerful country in the world, from a Third
"With the help of the right policies, it is certainly
possible to accelerate growth and, simultaneously, to make
available the fruits of growth to all sections of the
society," he said.
"I believe that India will be a USD 5 trillion economy in
the next 10-15 years. What is important is to note the rate of
"It took us 60 years since independence to be a trillion
dollar economy. By 2020, we should become the third largest
economy in the world," he added.