Recent reform measures to revive Indian economy soon, says Mukesh Ambani
Mukesh Ambani said the reforms undertaken by Modi govt since August would bear fruits in the next few quarters.
“The current slowdown is temporary,” Ambani said at the opening plenary of the third edition of Future Investment Initiative (FII) in Riyadh on Tuesday.
The RIL chairman and managing director is among top global business leaders attending FII being organised by Saudi Arabian Crown Prince Md Bin Salman as part of his attempts to diversify the West Asian country’s economy.
“The world is transiting with the introduction of new technologies—they are transforming global economy, and while they bring uncertainty, they also bring opportunity,” Ambani said.
Earlier, delivering the opening address of the three-day event, Yasir Al-Rumayyan, governor of Saudi Arabia’s Public Investment Fund, said, “Until now the Future Investment Initiative has been an annual conference, today it is an institution... it will be a global hub to build relationships.”
In the first year of FII in 2017, participants mainly came from the Americas, Europe and the Middle East, Al-Rumayyan said. “Today they are coming from Japan, China, India, Russia…all united in a spirit of collaboration.”
Prime Minister Narendra Modi, King Abdullah of Jordan, President Jair Bolsonaro of Brazil and President Muhammadu Buhari of Nigeria are attending this edition of FII, popularly known as Davos of Desert.
The opening plenary, ‘The next decade: How will a new era of economic ambition shape the global economy?’, discussed ways to foster growth—ideas, innovations, technologies and policies—amidst heightened global uncertainty.
“I think we are all dealing with uncertainty more than before in terms of technology…the internet (and) social media are making it difficult to manage companies and countries,” Blackstone Group founder Stephen Schwarzman said at the opening plenary. “The kind of anger that social media can mobilise is something that all of us, no matter what, have to deal with.”
Goldman Sachs group chairman John Waldron said, “Our relationship with our clients has changed a lot over the past years—the focus on capital spend is shifting from more traditional areas to more innovation, computing, AI.”
Noel Quinn, group chief executive at HSBC Holdings, said parts of the industry are changing dramatically through the use of technology. “The global frameworks and global architecture that we used to operate within are changing rapidly around us—technology is changing the market, businesses have to survive by adapting,” he said.
Al-Rumayyan highlighted the adaptability of the Saudi sovereign wealth fund. “You should always have adaptability,” he said. “At PIF, we are doing investments with impact in residential, in healthcare, in renewable energy and many other sectors – we can bring certainty to these because of the impact of big investments.”
Kirill Dmitriev, CEO at Russia’s sovereign fund Russian Direct Investment Fund, said, “Sovereign funds are going to be particularly useful going forward because they can plan for longer horizon, they have lots of capital to deploy.”