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Tuesday,15-June-2021

Business

Jio, Facebook is value creation platform for small businesses in India: Mukesh Ambani

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Mukesh-Ambani

Mukesh Ambani, Chairman, Reliance Industries Limited (RIL) has said that the partnership between Jio and Facebook is great for India, Indians and small Indian businesses.

Ambani was in conversation with Mark Zuckerberg, CEO, Facebook at the first ever Facebook Fuel event in India.

“I have no hesitation in going on record, that it is your investment that set the ball rolling. Not only for Jio, but for the Indian FDI which has been the largest-ever in its history. And our partnership between Jio and Facebook, will actually demonstrate that it is great for India, Indians, and small Indian businesses,” Ambani said.

“And let me point out a very unique feature about our partnership. Perhaps not many people have understood this. Because, before this partnership I believe that each one of us was mainly a communication platform. Together, we now have become a value creation platform for our customers and small businesses,” Ambani said at the event.

RIL Chairman said with all the digitization steps that India has taken will democratize wealth and value creation for individuals and small businesses. “And let me explain this very simply. WhatsApp has hundreds of millions of subscribers in India. Jio has hundreds of millions of subscribers in India. Jio Mart, which is our retail service, has the aspiration of serving tens of millions of small shopkeepers in India, who are the bedrock of employment.

So what does this mean? This means Jio brings digital connectivity, WhatsApp now with WhatsApp Pay brings digital interactivity, and the ability to move to close transactions and create value, and Jio Mart brings the unmatched online and offline retail opportunity, that gives our small shops which exist in villages and small towns in India, a chance to digitize and be at par with anybody else in the world,” Ambani added.

“To my mind, more wealth creation means more employment and more business. And together with our platforms and the tools that we will provide to small businesses and to individual consumers, I believe will drive India to a 5 trillion economy and will make a much more equal India, with more equal wealth growth at the bottom of the pyramid,” Ambani said in conversation with Zuckerberg.

He added that in the next two decades, India will grow to be among the top three economies in the world. But more importantly, it will become a premier digital society. It will be a modern society with young people driving it, with young businesses driving it.

“And our per capita income will go from eighteen hundred – two thousand dollars per capita, to five thousand dollars per capita. Our mid-income or the middle class in India which is about 50% of its total number of households, will grow to three to four percent per year. And I think that Facebook, Jio, and a lot of other companies and entrepreneurs in the world, have a golden opportunity to be in India, to be part of this economic and social transformation, that we are witnessing and that will accelerate in the coming decades,” Ambani said.

“I really see India accelerating as a premier digital society. I see us integrating both 5G…and just yesterday, our Prime Minister has said that, he wants every village and every gram panchayat…India has 680,000 villages, and we have a population of 1.3 billion people, and he wants everybody to be empowered on the information highway with high speed fix broadband, and which is happening,” Ambani added.

“I think that there is a great opportunity for really bringing education and health care. With the second-generation reforms that were done in the last six months, we have unique opportunities and as Jio we are connecting all the 1.9 million schools in India and the 58 000 colleges. At any point in time, we will have in the coming decades, about 200 million children or young adults, between the age of 3 and 18 in our education system. I think that in a span of 10 years, we can set for ourselves an objective really to reskill India and the talent that you talked about, can improve 10x,” Ambani added.

“The same thing we can do in health and all the emerging technology and integrations, where we can make sure that we deliver services, and we deliver good proactive health. We are working very closely with all the authorities to make sure that we provide the technology tools and backbone for even vaccination in the coming quarters using technology. So, I think health, education…we’ve already… and I think that what India has done is in a sense, we have democratized value creation with the drive of our Prime Minister,” Ambani added.

Business

TASMAC sold Rs 164 cr worth of liquor in just one day

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wine-shop

The Tamil Nadu State Marketing Corporation (TASMAC) has sold liquor worth Rs 164 crore in the state in just one day.

All liquor outlets and bars opened in the state on Monday.

According to reports from the TASMAC, Madurai zone accounted for the maximum sales of Rs 49.54 crore followed by Chennai region with sales worth Rs 42.96 crore, Salem Rs 38.72 crore, and Trichy region accounting for the sale of Rs 33.65 crore worth of liquor.

However there was no sale in the Coimbatore region as the shops are closed in the area following the higher number of Covid-19 cases. Shops in Nilgiris, Erode, Salem, Tiruppur, Karur, Namakkal, Thanjavur, Tiruvavur, Nagapattinam, and Myladuthurai remain closed as the number of cases are high.

Of the 5,338 shops in Tamil Nadu, 2,900 reopened on Monday.

The founder president of Pattali Makkal Katchi(PMK), Dr S. Ramadoss has called upon the state government to rework its policy on liquor and to enforce a total prohibition in the state for the health of the people of the state. He has also said that the claims of Chief Minister Stalin that TASMAC shops were allowed to function following the brewing of illicit liquor in the state as well as to prevent smuggling of liquor from neighbouring states.

Ramadoss has in a statement said, “Stalin should work his way to enforce total prohibition in the state of Tamil Nadu for the sake of the health of the people of the state, both mental and physical.”

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Business

Sensex, Nifty climb new record highs

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Bombay-Stock-Exchange

The key Indian equity indices continued their record run on Tuesday.

The BSE Sensex touched a fresh high of 52,836.31 and the Nifty50 on the National Stock Exchange hit an all-time high of 15,889.60 points.

Healthy buying was witnessed in banking and realty stocks.

Around 9.40 a.m., Sensex was trading at 52,813.83, higher by 262.3 points or 0.50 per cent from its previous close of 52,551.53 points.

It opened at 52,751.83 and has touched an intra-day low of 52,671.29 points.

The Nifty50 on the National Stock Exchange was at 15,875.05, higher by 63.20 points or 0.4 per cent from its previous close.

The top gainers on the Sensex were Asian Paints, IndusInd Bank and Tata Steel, while the losers were Dr Reddy’s Laboratories, SBI, Titan Company and L&T.

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Business

Fuel price hike paused: Petrol, diesel prices unchanged

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Petrol

The Oil marketing companies paused the hike in fuel prices on Tuesday providing respite to people already burdened with all time high petrol and diesel retail rates.

Accordingly, the price of petrol continues to remain at Rs 96.41 per litre and diesel at Rs 87.28 per litre in Delhi.

OMCs had raised the price of the two petroleum products on Monday to take retail levels at new highs across the country.

In the city of Mumbai, where petrol prices crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 102.58 per litre on Monday. Diesel price also increased to reach Rs 94.70 a litre, the highest among metros. The price levels remain unchanged on Tuesday.

Across the country as well petrol and diesel price rise was paused on Tuesday but its retail prices varied depending on the level of local taxes in different states.

Petrol prices in three other metros apart from Mumbai has also already reached closer to Rs 100 per litre mark and OMC officials said that if international oil prices continue to firm up, this mark could also be breached in other places by month end.

With Tuesday’s price pause, fuel prices have now increased on 24 days and remained unchanged on 22 days since May 1. The 22 increases hasve taken the petrol prices up by Rs 6.01 per litre in Delhi. Similarly, diesel has increased by Rs 6.55 per litre in the national capital.

With global crude prices also rising on a pick up demand and depleting inventories of world’s largest fuel guzzler – the US, retail prices of fuel in India are expected to firm up further in coming days. The benchmark Brent crude is currently close to $74 on ICE or Intercontinental Exchange.

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