Writing a rare column on the occasion of 30 years of economic liberalisation, the chairman of the India’s largest company by market value Reliance Industries Ltd said bold economic reforms helped GDP of USD 266 billion in 1991 grow by over ten times.
“India transformed from an economy of scarcity in 1991 into an economy of sufficiency in 2021. Now, India has to transform itself into an economy of sustainable abundance and equitable prosperity for all by 2051. In India, equity will be at the heart of our collective prosperity,” he wrote in The Times of India.
Ambani said India in 1991 showed foresight and courage in changing both the direction and determinants of its economy.
“The government placed the private sector also at the commanding heights of the national economy, which the public sector had occupied for the previous four decades. It ended the license-quota raj, liberalised trade and industrial policies, and freed up capital markets and the financial sector. These reforms liberated India’s entrepreneurial energy and inaugurate an era of fast-paced growth,” he wrote.
These reforms helped the Indian economy become the fifth largest in the world, halving poverty rates despite population rising from 88 crore to 138 crore.
“Key infrastructure has improved beyond recognition. Our expressways, airports and ports are now world-class, and so are many of our industries and services,” he said.
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