Indian entrepreneurs are not just good, but may even be better than their global counterparts, Reliance Industries Chairman Mukesh Ambani said on Tuesday as he made a rare post-budget speech.
“This fact has been recognised widely in the world and the entire country is proud of that. The next 40 years will see even more explosive growth,” Ambani said while delivering a talk on “India- A glorious future beckons” at the 83rd annual general meeting of FICCI.
Ambani is a rare figure in business chambers and usually prefers to address shareholders.
And, for a tycoon associated as a Forbes list billionaire who aggressively creates shareholder value, Ambani struck a tangential note saying the primary responsibility of a business is to get the business right and seek social improvement.
“To me, the purpose of business is growth, welfare and enrichment of the nation at large---by creating jobs and generating wealth. And for that, businesses need to constantly innovate and expand-or else it will stagnate and wither away,” he said.
“Profit for the shareholders is important. But unless entrepreneurs have a larger purpose and businesses that change lives of millions of people, a sustainable business cannot be created,” he added.
Quoting his late father, Dhirubhai Ambani, Mukesh said business will have to act as trustees for shareholders and will have to care for the society.
From a $300 billion economy in 1990, India’s economy has already crossed $1.3 trillion — a four-fold growth in 20 years, he said.