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technology | IST

Coming Digital First revolution to make India more inclusively prosperous: Mukesh Ambani

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Reliance Industries chairman, managing director Mukesh Ambani believes that the world is rapidly changing in the way it accelerates towards adopting digital technologies and the next step will be "digital-first". Speaking at the Infinity Forum he added that data privacy is a must and that he believes in blockchain technology.

Reliance Industries Chairman and Managing Director Mukesh Ambani today said the rapid shift towards adoption of digital technologies, and very soon a ‘digital first’ world, would result in a more equal world. He mentioned this in an interview at the Infinity Forum, hosted by International Financial Services Centres Authority (IFSCA), virtually from the GIFT City.
“No one will be last, and no human being will be left behind, the digital-first world will also be a planet-first world,” Ambani said, adding, “everything will first be digital and then get physically transformed. There will be drastic cost reduction in the coming years.”
He said care for the planet and care for the people will be the two major principles that guide the technological transformation of the world in this century.
Ambani has always referred to data as the ‘New Oil’. Elaborating on it, Ambani said that one fundamental difference between New Oil (data) and traditional oil is that data has been completely democratised and decentralised.
"Digital-first world will be a people's first world. This new oil is different from fundamentally old oil. This new oil (data) can be generated and consumed everywhere by everybody," Ambani said
And India had two major advantages when it came to data. One was demography-a population of 1.35 billion- and the other was having built a world-class digital pipeline.
“That (digital pipeline) has reached all our cities and towns, and almost each of our 600,000 villages. A person in the remotest village can today learn from the latest developments around the world, consult and collaborate with people across continents and share her views on global platforms,” he said.
Ambani said he was proud of the fact that Jio had taken the lead in this direction by ensuring that people had access to affordable high-speed data connectivity, a pre-requisite for the digital revolution.
“We are in the process of creating an equally affordable ecosystem of devices to enable greater adoption, supported by a faster rollout of optic fibre, cloud, and data centre infrastructure,” he said.
A data privacy bill and a cryptocurrency bill are in the pipeline and Ambani welcomed the moves by the government and praised the progress made so far.
“I am happy to mention here that India, under the leadership of Prime Minister Narendra Modi, is putting in place the most forward-looking policies and regulations,” he said.
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He said India was now ready to transform itself into a leading Digital Society, having put in place two critical pre-requisites.
One, a digital infrastructure that is the best in the world, and two, a regulatory framework that is the best in the world.
Ambani expressed amazement at the pace at which the youth of this country was ‘digitally transforming India’.
“In the coming years, I see them offering solutions across the globe, which can address many of the most complex problems facing the world,” Ambani said.
On blockchain, Ambani said he was a big believer in the technology.
“Using Blockchain, we can deliver unprecedented security, trust, automation and efficiency to almost any type of transaction,” he said.
“It can be used to modernize our supply chains that form the lifeblood of our economies,” he said.
He predicted that soon ideas and innovation will become more valuable than the financial strength of entrepreneurs.
Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.