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India

Jio-FB partnership will help Indian small businesses compete with anyone in the world: Mukesh Ambani

Updated : December 15, 2020 02:56 PM IST

In coming together, Jio and Facebook have become a value creation platform for small businesses, said CMD of Reliance Industries, Mukesh Ambani.

The CMD of Reliance Industries, in conversation with Founder and CEO of Facebook, Mark Zuckerberg at the Facebook Fuel for India event, said: "In this partnership, Jio brings connectivity, while WhatsApp and WhatsApp Pay brings payment systems, and JioMart brings the retail opportunity."

For its online grocery delivery service, JioMart, Reliance has partnered with WhatsApp to take orders.

Facebook's investment into Jio set the ball rolling for Jio's fundraising spree as well as big FDI inflows into India, he added.

Ambani said India is on the way to become a premier digital society and the recent technological developments have bridged the gap between small and large organizations, enabling young people able to create new businesses. "Young people being able to create new businesses is a key for India's growth," he added.

Zuckerberg pitched in saying that the resources that were only available to large organizations till a few years ago are now at the disposal for smaller businesses as well. "Jio has played a key role in these developments by empowering millions of Indians with the benefits of the internet," he added.

He said India has a remarkable entrepreneurial culture, strengthen by PM Modi's Digital India vision. In 2015, the GoI launched the Digital India Program to digitally empower the country by increasing internet connectivity. Ambani further said PM Modi's focus on Digital India has democratized value creation in the country.

"A lot of places in the world would be better off following on India's footsteps," Zuckerberg said.

The trend of financial inclusion in India is big; the ease of payments will make people self-reliance and independent, he added. India's UPI is a great public good created by the government.

"We launched WhatsApp Pay last month that lets people send money to their friends, family; it was made possible because of the UPI system in the country," he said. India is the first country in the world to do anything like this. It is great to have this kind of innovation in a country of this size, he added.

Last month, WhatsApp Pay rolled out its payments services in the country, after receiving a nod from the National Payments Corporation of India (NPCI).

To this, Ambani said, Prime Minister Narendra Modi has taken care of the vulnerable while being fiscally prudent.

Speaking about how his father has been an inspiration in his life, CMD of Reliance said, in the 80s, Reliance had its first AGM in a football ground with 60,000 people present. My father has taught me the importance to win investor confidence. He taught me how important it is to have empathy and creativity in everything you do.

"At Reliance, we do this on many levels now, we care for our employees, investors, and above all, India," he added.

"Today, in Reliance, we have faith in one another, we are loyal to the company. In Reliance, we believe: one for all and all for one," he said.

He said he believes Mark Zuckerberg is the architect of the digital network of the world. He said Facebook's investment into Jio set the ball rolling for Jio's fundraising spree as well as big FDI inflows into India.

Jio has played a key role in providing the benefits of the internet to millions of Indians, Zuckerberg said. "And not just Jio, but your other business as well. There are not many people in the world who has gone industry after industry and revolutionized it. I look forward to work with you, and in future, expand this outside India," Mark said, "empower them as well."

(Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)

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