“I am supremely hopeful and confident about the Rise of New India. I can see that the spirit of India is more resurgent than ever before”, Mukesh Ambani, Chairman, Reliance Industries Limited (RIL) wrote in Times of India.
Ambani said India and the world changed dramatically at the beginning of the 1990s. Communist Soviet Union collapsed. The cold war ended. And India embarked on a bold new path of economic reforms. “Thirty years later, the global order is changing fundamentally yet again. The speed, scale and substance of this change are unprecedented, even unpredictable. Yet, one thing is absolutely predictable: India’s time has come”, Ambani said.
“Destiny and Drive is making the 21st centur’s favourite nation ready for a great leap forward. India stands at the doorstep of prosperity that is both significant and inclusive, and of delivering all-round human development through the democratic route. With faith in our potential, confidence in our collective capabilities, and unity in action, we can exceed the world’s expectations”, Ambani wrote.
“My source of optimism is our recent past. In 1991, India showed foresight and courage in changing both the direction and determinants of its economy. These reforms liberated India’s entrepreneurial energy and inaugurate an era of fast-paced growth”, Ambani said.
Ambani said the results are for all to see. India’s GDP of $266 billion in 1991 has grown by over ten times. India’s economy has become the fifth largest in the world. Poverty rates have halved despite population rising from 880 million to 1.38 billion. Key infrastructure has improved beyond recognition. Our expressways, airports and ports are now world-class, and so are many of our industries and services. “No young Indian today would believe that people had to wait for years to get a telephone or a gas connection, or that businesses had to seek government’s permission to buy a computer”, Ambani said.
“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”, Ambani said.
“With our accomplishments over the past three decades, we have earned the right to dream big. What can be a greater dream than to be able to celebrate the centenary of our independence in 2047 by making India one of the world’s three wealthiest nations, on par with America and China? Is it too tall an ambition to pursue? No. My visionary father Dhirubhai Ambani, who was one of the earliest advocates of economic liberalisation in the 1980s, used to tell me – ‘To think small is unbecoming of an Indian”, Ambani said.
How can we realise this ambition? By following our own unique Indian and atmanirbhar model of wealth creation, while cooperating with, and learning all the right lessons from, the rest of the world. Ambani has presented five broad ideas.
First. So far economic reforms have benefited Indians unevenly. The disparity is neither acceptable nor sustainable. Therefore, the Indian model of development should focus on creating wealth for the people at the bottom of the economic pyramid. Our greatest advantage lies in India’s continent-sized domestic market, which is still largely untapped. Our economy will begin to witness miraculous growth when we create a middle class of one billion people with rising incomes. In demographic terms, this will amount to adding all of USA and Europe combined to the current size of the Indian market. When so many people are enabled to fulfil their aspirations for a better life, they will set in motion a virtuous cycle of consumption and production. This will cause an exponential rise in young entrepreneurs, including women entrepreneurs. Investors and businesses from around the world will want to participate in this humungous India Opportunity.
To achieve this might have seemed impossible in the past. Not so now.
Hence, my second idea. This is the age of technological disruption and acceleration. The world will witness more changes over the next 30 years than seen in the previous 300 years. After losing out in the first two Industrial Revolutions, and catching up on the third, India now has an opportunity to lead the Fourth Industrial Revolution. By speedily deploying its technologies, our entrepreneurs can achieve quantum increases in productivity and efficiency. This will transform not only our large industries and services, but also agriculture, MSMEs, construction, renewable energy, arts and crafts, etc. These are precisely the areas with the highest potential to create large-scale employment, which is India’s most pressing need. These technologies can help us achieve quality, affordability and equity in education, healthcare and housing at scale – a dire necessity since our population is expected to rise to 1.64 billion by 2050. They also have the power to reverse degradation of the environment and make it safe for all. In short, technology-led development is the surest way to create a better India and a more equal India for every Indian.
Third. To turn these exciting possibilities into realities, India should become a nation of innovators. Traditionally, India has been highly innovative in low-tech activities. Now we have to replicate this prowess using hi-tech tools so that they become facilitators of faster growth. Innovation will help our entrepreneurs provide high-quality, yet extremely affordable, services and solutions to meet India’s needs. The same can also be offered to export markets, where they will fetch higher value. Wealth will thus migrate from developed countries to India. Of course, a critical requirement to achieve this goal is rapid re-skilling of our workforce and reforms in our education system to make our children and youth future-ready. Specifically, we must expeditiously build world-class universities and research centres and also upgrade existing institutions to serve India’s 21st century needs.
Fourth. We need to change our understanding of wealth and the ways to pursue it and bring them in alignment with India’s ancient wisdom rooted in the primacy of empathy. For too long, we have been measuring wealth only in personal and financial terms. We have neglected the truth that India’s true wealth lies in achieving ‘Education for All’, ‘Health for All’, ‘Employment for All’, ‘Good Housing for All’, ‘Environmental Safety for All’, ‘Sports, Culture and Arts for All’ and ‘Opportunities for Self-Development for All’ – in short, ‘Happiness for All’. To attain these redefined parameters of prosperity, we have to bring care and empathy to the core of everything we do in business and society.
Furthermore, our concept of prosperity of the people has to be extended to prosperity of our planet. After all, India is called upon to play a leading role in realising the daunting 2050 Climate Action goals. Therefore, at Reliance our newest and most ambitious business initiative is aimed at offering ‘Affordable Green Energy’ solutions to India and the global market.
Fifth, the Indian model of wealth creation requires reconceptualization of entrepreneurship itself. Tomorrow’s successful businesses will be partnerships and platforms, which promote both healthy competition and fruitful collaboration. Moreover, running enterprises of the future cannot be a solo play. Ambani said at Reliance, we see it is orchestration of professionals and employees with an ‘ownership mindset’, joined by partners, and investors, all working for the common goal of what Mahatma Gandhi called ‘Antyodaya’ (welfare and wellbeing of the last man).
“Having begun my own business career when India was still in the pre-reforms era, I am supremely hopeful and confident about the Rise of New India. I can see that the spirit of India is more resurgent than ever before”, Ambani said.
“Let us accelerate our nation’s forward march with positivity, purpose and passion. True, the road ahead is not easy. But let us not be deterred by unexpected and temporary problems, such as the pandemic, or distracted by unimportant issues that dissipate our energies. We have the opportunity, also a responsibility towards our children and youth, to make the next thirty years the best ever in independent India’s history”, Ambani added.
LIC Mutual Fund’s large & mid cap funds offer 12.49% CAGR since inception
The large and mid cap funds of LIC Mutual Funds has offered 12.49 per cent compound annual growth return since its inception in February 2015.
As on July 31, 2022, the compounded annual growth returns performance of LIC MF large and mid cap fund under regular (G) option, for different periods — 5 years, 3 years and 1 year — stood at 11.44 per cent, 18.83 per cent and 9.16 per cent, respectively.
The funds have Rs 1.17 lakh crore of net assets under management as on July 31, 2022.
While LIC MF large and mid cap funds AUM stood at Rs 1,831.26 crore.
Banks (15.62 per cent), IT & Software (9.67 per cent), Chemicals & Petrochemicals (8.81 per cent), Consumer Durables (8.69 per cent), and Industrial products (7.38 per cent) are among the top 5 sectors in the fund house’s Large and Mid cap fund category.
In the Gulf, workers and diplomats join hands to celebrate India’s Independence Day
Thousands of Non-Resident Indians (NRIs) across the Gulf on Monday proudly celebrated India’s Independence Day, amid the unfurling of the tricolour and distribution of sweets.
The commemoration of Independence Day and flag hoisting is customary at Indian missions. However, the display of tricolour has assumed special significance this year as it has docked with the viral ‘Har Ghar Tiranga’ campaign.
Numerous patriotic Indian workers engaged at different work sites have celebrated the event by cutting cakes and distributing sweets. In early morning hours several NRIs thronged to Indian missions by leaving their work aside to commemorate Independence Day and singing to the tune of the national anthem.
In the United Arab Emirates (UAE) where the largest number of Indian nationals live and work, Ambassador Sunjay Sudhir led the celebrations by hoisting the Indian tricolour at the Indian Embassy in Abu Dhabi. He paid floral tribute at the bust of Mahatma Gandhi.
Sudhir pointed out that under the visionary leadership of Indian Prime Minister Narendra Modi, the tricolour has gained further respect globally. He added: “Today, wearing the tricolour, or flashing the Indian passport, evokes respect for Indians.”
Sudhir read out excerpts from the speech made by Indian President Droupadi Murmu.
The tricolour was also unfurled by the Consul General of India in Dubai by Aman Puri, at the Indian Consulate in Dubai.
The event marked with zeal as part of ‘Har Ghar Tiranga’ with a variety of programmes in Dubai despite adverse weather conditions. In the Dubai ‘Marina a Yacht’ that displayed the tricolour was conspicuous. In Sharjah, blue collar workers participated in an exclusive event held by the Indian Association.
In Saudi Arabia, which houses the second highest number of Indians, Indians celebrated Independence Day with enthusiasm and joy, with DCM N. Ram Prasad hoisting the national flag and paying floral tributes to the father of the nation.
The Indian employees working in a key infrastructure project in Ras Al Khair, seashore town, among others celebrated Indian Independence Day by cutting a cake and distributing sweets.
“Though away from home, we took part in ‘Har Ghar Tiranga’ ,” said Riyadh-based Ch. Shiva Reddy, hailing from Hyderabad.
In Jeddah, Consul General Md. Shahid Alam hoisted the national flag. Enthusiastic celebrations were also held in Kuwait, Qatar, Bahrain and Oman.
(Irfan Mohammed is a Jeddah-based journalist. Views expressed are personal and exclusive to India Narrative)
(The content is being carried under an arrangement with indianarrative.com)
Equity AUM of mutual funds rises more than 10% on-month in July
After declining for two consecutive months, equity assets under management (AUM) of domestic mutual funds rose 10.3 per cent month-on-month to Rs 15.2 lakh crore in July as market rebounded after three months of decline, according to a Motilal Oswal report.
The month saw a decline of sales of equity schemes by 14.3 per cent on-month to Rs 304 billion and the pace of redemptions picked up to Rs 148 billion, up 16 per cent on-month. Consequently, net inflows slowed to Rs 157 billion in the July from Rs 228 billion in the previous month.
The Nifty, after three consecutive months of decline, bounced back smartly in July with 8.7 per cent on-month gain, the highest since December 2020. The Nifty Midcap 100 outperformed the markets during the month. FIIs registered inflows of $0.8 billion in July after nine months of outflows totaling $33.3 billion; YTD’CY22 outflows stood at $25.4 billion.
Meanwhile, total AUM for the mutual fund industry increased to Rs 37.7 trillion, up 5.9 per cent on-month in July. This was because of a rise in AUM for equities worth Rs 1,412 billion, other ETFs worth Rs 380 billion, balanced worth Rs 210 billion, and income worth Rs 179 billion funds.
Contributions in systematic investment plans (SIPs) remained strong at Rs 121.4 billion in July, an eleventh consecutive month of Rs 100 billion plus investment in the category.
The month saw notable changes in the sector and stock allocation of funds.
On a month-on-month basis, the weights of NBFCs, Private Banks, Consumer, Retail, Automobiles, Capital Goods, PSU Banks, Metals, Cement, and Media increased, while the weights of Oil & Gas, Technology, Telecom, Healthcare, and Utilities moderated.
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