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Demonetisation is the strongest possible push to growth of digitally-enabled, optimal-cash economy: Mukesh Ambani

02-December-2016
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Demonetisation is the strongest possible push to growth of digitally-enabled, optimal-cash economy: Mukesh Ambani

Hailing Prime Minister Narendra Modi’s demonetisation move, Reliance Industries Chairman and Managing Director Mukesh Ambani called it a “bold” and “historic” decision, which has "given the strongest possible push to growth of digitally-enabled, optimal-cash economy in India."

In a live address, Ambani said that this decision is an important step in his (PM Narendra Modi’s) ongoing efforts to change the mindset of the people of India. “Digitally-enabling transactions will help to create a fair, just, transparent and strong India and Indian economy. It will bring unprecedented accountability at every level. I believe that the common people will be the biggest beneficiaries of this change,” he expressed.

Ambani further goes on to say that a digitally enabled economy will help India become stronger. A single step of demonetisation has brought all the unproductive money into productive use, which will enhance credit flow in the economy. Ambani adds that “legitimate credit is the fuel that powers the engine of economic growth.”

Ambani reminds, “So far, credit in our country has mostly been high value and low volume. Digital enablement has laid the groundwork for broad availability of low value, high volume credit. This will provide credit to our farmers, small shopkeepers, traders and daily wage earners. Again, the biggest benefit of this goes to the ordinary Indian.”

Pushing his dream for a digitally connected India, Mukesh Ambani also made a series of statements on the success of his telecom venture and the achievements in terms of adding record number of customers.

Reliance Jio Infocomm announced that it crossed 50 million subscribers in just 83 days from commencement of services on September 5, 2016. The average rate of addition of 6 lakh subscribers per day is the fastest achieved by any technology company in the world including the likes of Facebook, WhatsApp and Skype.

Giving the Digital India initiative further impetus, Ambani announced the launch of the Jio Money Merchant Solution, which provides access to Jio’s suite of services, including customised offerings to enable digital transactions.

While Ambani spoke of his Jio venture being well received by Indian consumers, he lamented on the problems that have been faced due to peers’ “anti-competitive” behaviour. “While customers have shown unprecedented love for Jio, we have not received the required support from existing operators,” Ambani said.

“In the last three months, nearly 900 crore voice calls from Jio customers to the networks of our three largest competitors were blocked. The benefits of Jio's superior voice technology have been denied to Indian customers due to such anti-competitive behavior of incumbent operators. Through all this, Jio has been a tireless champion for Indian customers, and their right to free high-definition voice services,” he asserted.

Ambani further thanked the government and the regulator for their intervention in enforcing license conditions. “Given the gravity of the situation, the authorities have intervened and instructed all the operators to provide sufficient interconnection capacity,” he added.

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