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India and China will soon fight for the No. 1 spot: Softbank CEO Masayoshi Son

Son, 58, who has pledged to invest a total of $30 billion in India so far, had said that it will be India and China fighting for the number one.

, ET Bureau|
Last Updated: Jan 16, 2016, 04.29 PM IST
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Son, 58, who has pledged to invest a total of $30 billion in India so far, had said that it will be India and China fighting for the number one.
Son, 58, who has pledged to invest a total of $30 billion in India so far, had said that it will be India and China fighting for the number one.
NEW DELHI: Softbank founder and chairman Masayoshi Son said the current information revolution will be 100 times bigger than the industrial revolution of the 19th and 20th century. Son was speaking at the Startup India event in the capital where prime minister Narendra Modi will announce an action plan for boosting the startup ecosystem in the country.

Son reiterated his earlier statement that India is the country of the 21st century. However he urged the government to solve the basic infrastructure and mobile connectivity issues.

In his last interview to ET in June 2015, the billionaire chairman of Japan's SoftBank Group had said that India's economy is on the cusp of the "hockey stick" curve before takeoff, and has the potential to overtake the United States within 25 years. Son had promised to back his conviction with money to make such an outcome a reality.

Son, 58, who has pledged to invest a total of $30 billion in India so far, had said that it will be India and China fighting for the number one and two positions this century after overtaking the United States.

During his last visit in June, SoftBank along with India's Bharti Group and China's Foxconn announced plans to invest $20 billion into India's renewable energy sector. In 2014, Son had committed to invest $10 billion in Indian startups over the next few years and has already pumped in over $2 billion prominently in four startups - Snapdeal, Ola and Housing.com and and online budget accommodation marketplace OYO Rooms among others.

The SoftBank founder is on his third visit to India in less than two years. He met Prime Minister Narendra Modi on Friday. During his last visit, apart from meeting Modi, Minister of State for Finance Jayant Sinha and Power Minister Piyush Goyal, he had also met Andhra Pradesh Chief Minister Chandrababu Naidu and Rajasthan Chief Minister Vasundhara Raje.

Son is Japan's second-richest man with an estimated net worth of $11.5 Billion. Son hired Nikesh Arora, the former Google top executive in 2014 to head SoftBank's international arm and anointed as his eventual successor and President last year. Later in August Arora said that he will make a "personal bet" and buy shares worth 60 billion yen ($482-million) in the Japanese Internet and telecom giant SoftBank where he is the president and chief operating officer, in what will rank as one of the biggest purchases of employer stock by a professional manager.

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