'India can be a nation of a million startups,' says Mukesh Ambani

With internet and data consumption on the rise in India, the country’s youth, which make up 63 percent of the population, possess the competence to build new digital businesses, said Reliance Industries’ Chairman Mukesh Ambani. He added, "If, given the right tools and ecosystem, India can be a nation of a million startups."

Revoking the often repeated phrase, ‘data is the new oil’, he said India does not need to import it. Ambani was speaking at the first edition of the India Mobile Congress being held in New Delhi from September 27-29.

“The Indian mobile market is now overflowing with data. We have to empower 1.3 billion Indians with the tools needed to flourish in a digital marketplace,”

he said, and added, “Data is the oxygen of the digital economy and one cannot deny Indians of this vital, life-sustaining resource.”

Reliance Industries’ subsidiary Reliance Jio recently shook up the Indian telecom space with its low-cost data plans. Ambani said 4G coverage in India will, over the next 12 months, be larger than the 2G coverage.

Ambani said the Indian economy is seen growing to a $7 trillion economy in the next 10 years from $2.5 trillion now.

India missed out on being part of the first three industrial revolutions, but with connectivity, data, and Artificial Intelligence (AI) driving the fourth industrial revolution, India has the opportunity to lead it, said Ambani. He added that mobile internet and cloud computing will be the foundation of the fourth industrial revolution.

The three-day India Mobile Congress brings together industry stalwarts and stakeholders with an aim to give India a strong voice at the global forum and to create a platform for knowledge dissemination. The event will showcase new products and technologies, promote entrepreneurs and demonstrate skilling capabilities for the global market.

The exhibition at the India Mobile Congress will bring together global stakeholders on mobility and technology and aims to provide an in-depth coverage of the current and future mobile industry, highlighting growth areas as well as latest technological developments and growth strategies.