"Fareed Zakaria GPS," Sundays at 10 a.m. and 1 p.m. ET on CNN
Fareed speaks with Mukesh Ambani, the richest man in India and chairman of India's largest company, Reliance Industries, about the state of the global economy. To see the full interview, download the show at iTunes.
You are very bullish about the United States, probably more bullish than a lot of Americans. What about the other key drivers of the world economy? Because a lot of people say, look, China is slowing down, Brazil has slowed down, India has slowed down? What do you think of the emerging markets story?
I think that China is maintaining steady growth. It’s not decelerating. Europe has found its own transition path. And they will transgress through the financial system in an orderly way, India has had some slow growth, but I am really very optimistic on India.
Why is that? Because when people look at India today, they see growth is at 5.5 percent now. You talk to foreign investors and they say the infrastructure is terrible, the government doesn't do enough reform, it’s very difficult to operate in India. You look at all that and you're still bullish?
Well, I'm very bullish on India because it’s really the aspirations of a billion people. And ours is a country where all the billion count. There are some countries in the world where one person counts. There are some countries where the Politburo of 12 people count. The beauty of India is that all our billion people count. And they have aspirations. And it is really a bottom-up story. It’s not a top-down story. So, yes, we will, adjust with what happens in the rest of the world, but we are on a long-term growth trajectory. And this is just not growth in terms of GDP numbers, right. This really is for the wellbeing of each and every Indian. And that’s the aspiration.
Do you think that one of the problems India has to deal with is inequality? It is still one of the poorest countries in the world, and yet it has the second largest number of billionaires in Asia. People worry about the growing inequality.
If you think about inequality, that’s not only a problem in our country. It’s really the problem all across the world. Income comes from opportunity. You take our own example, as Reliance. My father started Reliance with 100, right. When I joined Reliance in 1980, the market value of Reliance was $30 million or $40 million. And in 30 years, the opportunities that were provided by this country has enabled us to create wealth for India. My father was a big believer that any business that has the sole purpose of making money is not worth doing. Business must serve a larger societal purpose. Reliance raised all its money from capital markets and from individual small shareholders. So we’ve created a million millionaires just by investing in Reliance out of ordinary Indians. And that is the process of creating wealth for the country. Once you create opportunity, wealth comes.
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Is he joking? India has 3 of the top 10 richest people in the world while hundreds of millions live in abject poverty. (china has none in the top 10 despite having a bigger economy) The WHO says it all where Brasil and China lifted more out of poverty the last 10 yrs while India unfortunately went backwards with 50 million more poor than 10 yrs ago.
You have it confused with your own country Pakistan. Actually, you have basically just made up data, infact India adds 40 million to the middle class each year, it's slowed down slightly in the last year, but basically most predictions have India becoming 50% middle class in 10 years. Poverty rate and numbers continue to fall each year. Instead of being bitter, you should try to fix Pakistan, which according to a new report is the most likely country to become a failed state by 2030 as it deteriorates with sectarian and ethnic violence.
Does Mr. Ambani mean what he said? I don't believe it. It sounds like lip service, as reality on the ground looks quite different. He would have been more credible, had he not used too much makeup to cover skin flaws (in metaphorical sense).
Actually, your numbers are incorrect. Indians, in general, have been struggling over the last few years. Please follow the link to find a WSJ report that quotes stats from Credit Suisse:
http://blogs.wsj.com/indiarealtime/2012/10/12/why-indians-are-getting-poorer/?mod=WSJBlog
If you believe 500 billion Indians will be middle class in 10 years, I have a bridge in brooklyn to sell you. The country needs a far better than 5% GDP growth annually, and they need an up to date business environment. Much work remains.
Bill
There are not 500 billion people in the entire world, much less India.
Ambani built a 1 billion dollar residence so he could look down on the squalor. Also, India's definition of "middle class" is having a child who makes it past age 1. So you know, you're wroooooong wrong wrong wrong wrong and re tarr ded.
dear Fareed, this is an excellent interview- i wish i could also visit ambani"s house – antillia- anyway mukesh is 100% correct- india is a growth story worth investing into- china, india, brazil, south africa- russia- all these brics- should add south korea to make their group- BRICKS- the world economy has to be built brick by brick. Ambani has invested wisely in the US shale industry- and reliance will get good dividends from such investments. Reliance has a winner in retail- if they can get walmart type of operators into india then reliance retail will really boom- they can create emaar type of dubai malls /burj khalifas in india- even dubai can contribute to india"s success- reliance has to join emaar, walmart, carrefour and change india"s landscape- Inshallah- rgds-
Counts as WHAT!!!!!!! Hahahahahhahahaha
Mukesh Ambani just another Indian hyping India up. What he doesn't seem to have realized is that most of the world have seen through the Indian hype. They always talk themselves but have very little to show and are quite hopeless when comes to getting things done.
Actually you are talking about Pakistan which is all hype and complete bull. Nobody says junk about India. People look at trades, ores, indexes and concrete export data from concrete stuff before they say that India is one of the top economies in the world. As far as your pukistan is concerned, just the very fact that you guys are an Islamic republic means that you are doomed to failure resulting from lies, propaganda, sectarian violence and hatred of all things India. Now chew on that...
You are damn right.India is the most hyped country in the world.Am not Asian but visited India recently but could not see the growth you see in China.Nothing changed much since when I visited first in 1998 for Indian small scale fair and other subsequent visits.They just not only hype but are very arrogant too.India can't be a super power on services and outsourcing.A country of 1.2bl with only $300bl of annual export...shameful.China export is almost $2trl with a total annual trade of $3.9trl.Thats industrial strength and capacity.
Thanks Ben..... very wise and accurate comment!
You cannot compare only export data with China – China exports cheap low quality products, India does not. I am surprized which part of India you visited in 1998 and now. I agree that every part of India did not see the growth but when I visited Delhi and Banglore this year, I saw a lot of Audis and BMWs on the roads – I think that shows growth. I saw some flyovers, agree that India is not even close to the infrastructures it needs. Government is 100% corrupt in India and so does in other countries. The growth that you see is only because of people like Ambani who create business without any support system provided by Govt. I think that is the reason why India will grow in future. One wrong policy in China can destroy the whole economy in China which will never happen in India.
I can't imagine someone visiting India and not taking notice of all the construction going on. I visited Hyderabad in 2007 and was shocked at how much that city was growing. There's a long, long way to go obviously but it's obviously an upward trajectory.
Scott,
You saw BMWs, my son saw 2.000 people standing in the rain for hours. The sad thing is that they were still standing there in the morning. India has a lot of work to do. But then again, so do we. A BMW does not mean that the general populace is that much better off.
You are very right. Mukesh's interest are at stake here. Hence the hype. Or else he is oblivious to anything other than money. I am an indian myself living in canada. I just visited India (south rural part). People still walk around without footwear. It would be nice to hear from this Ambani about the opportunities for poor.
He says Europe will "transgress" through he financial system in an orderly manner. He may not quite know the meaning of the word but not far dfrom the truth if left o the likes of Bob Diamond.
Reblogged this on mohankumarms.
Hinduism also teaches URINE DRINKING. One Prime Minister, Morarji Desai (Brahmin), boasted that he was drinking eight ounces of his own urine daily (pure and fresh!) in the morning in accordance with the Vedas.
are you converted christian? they are more active chrstians in the world.
It doesnt teach drinknig urine. Do not make proclamations based on your assumptions, which hold no value.
Your ID tells me you are from the erstwhile West Pakistan trying to vilify your arch enemy India.. I `m just saying..
THERE ARE PAKISTANI AGENTS POSTING ANTI INDIA NONSENSE
UNDER VARIOUS FAKE NAMES
AS SPAM
AS LIBEL
AS DEFAMATION
AS SILLINESS
TERRORIST GROUPS IN INDIA
RASHTRIYA SWAYAM SEWAK SHANG (R.S.S.)
VISHWA HINDU PARISHAD
HINDU MUNNANI
ARYA SAMAJ
SHIV SENA
BHARATIYA JANATA PARISHAD
SANT SAMITI
HINDU MAHASABHA
BAAJRANG DAL
LEADERS OF HINDU TERRORIST GROUPS
L.K. ADVANI
ASHOK SINGHAL
BALA SAHEB DEVARAS
BAL THACKERAY
A.B. VAJPAYEE
SAVARKAR
BAIKUNTH LAL SHARMA "PREM".
PROF. BALRAJ MADHOK
THE SHANKARACHARYA OF PURI, NIRANJAN DEV THEERTH.
VARIYAR – VISHWAN HINDU PARISHAD.
RAMA GOPALAN
DHARMALINGA NADAR
CHO RAMASAMY
To our dear Pakistani friend,
Just because you *post it, it does not make it true.
Have a nice day.
TERRORIST GROUPS IN INDIA
RASHTRIYA SWAYAM SEWAK SHANG (R.S.S.)
VISHWA HINDU PARISHAD
HINDU MUNNANI
ARYA SAMAJ
SHIV SENA
BHARATIYA JANATA PARISHAD
SANT SAMITI
HINDU MAHASABHA
BAAJRANG DAL
LEADERS OF HINDU TERRORIST GROUPS
L.K. ADVANI
ASHOK SINGHAL
BALA SAHEB DEVARAS
BAL THACKERAY
A.B. VAJPAYEE
SAVARKAR
BAIKUNTH LAL SHARMA "PREM".
PROF. BALRAJ MADHOK
THE SHANKARACHARYA OF PURI, NIRANJAN DEV THEERTH.
VARIYAR – VISHWAN HINDU PARISHAD.
RAMA GOPALAN
DHARMALINGA NADAR
CHO RAMASAMY
TRUE
Thank you come again
Do you like Dungin Dohnuts if nod then save ur nud$
F*** You Paki....
Gayyy Hind!!!
You already F***ed us by denying our rightful territory – so, what goes around comes around – give us Kashmir and let us both live in peace – else join us in gutter
Asad
How was Kashmir your rightful territory? Which of the two words do you not understand?
What goes around comes around? So the blasts in Quetta and the drones must have gone around at some point in the past.
Paki is ashamed of his country so now he is using Joy Bangla
Punchline of pakistan tourism "Visit pakistan and you will surely have a blast"!!
No..This is still better.
Visit Pakistan. Have a blast till you last.
Pakistan's motto " He who has the last blast, blasts loudest"
What is Pakistan's national bird? Drone.
to joy bangla or phoney paki
your so called terrorist groups including vhp etc are patriots who do not go and do suicide bombing. ur religion islam is source of all problems in world......
india is super corrupt and its not gonna change much....glad i could move to usa
Agreed
Shhhhh drones are roaming.
From the ashes of India shall rise the emancipation of all cultures in India who have been subjugated for so long. Whose talents have been suppressed by India for centuries. Whose aspirations have been trampled by India's Hindus for ever. NO MORE ! We will tear down this wall of subjugation by Hindus . From the ashes of Hindu India shall rise the future of the minorities. From the shackles of poverty in India shall rise prosperity for all minorities under a new capitalism.
brrrrr... shivering man.. shivering....
Are you a poetic psycho?
There are *PAKISTANI AGENTS WHO ARE POSTING ANTI-INDIA **LIES
under various *made up names
*as SPAM
as LIBEL*
as*PROPAGANDA*
as ***DEFAMATION
as **FALSEHOODS
NOTE: Just because you post lies about India, it does not make Pakistan look good.
Pakistan could also flourish, like India, if it changed its ways.
Right now, Pakistan is the epicenter of terror and terrorism in the world. Various terrorist groups call Pakistan home, including: Al Queda, Haqqani, Lakshar, Taliban, etc.
Look at all the major terrorists caught the world over. All are from, or passed through, Pakistan.
If Pakistan gives up terrorism, and turns to peace and trade, it could prosper. Indeed, all of Asia could flourish with more peace and trade.
We will listen to what you have to say when your India citizens don't have to go to the railraod tracks to take a dump. Otherwise your definition of middle class is grossly mis-stated. Get some indoor plumbing with some of that money.
They atleast have the freedom to take a dump in peace, be it near the tracks. Not like your people who got ambushed by a drone just as they were answering the call
indians comparing themselves with pakistan
haa !
You mean Porkistan, right?
India's rural poverty will take many years to overcome. But it appears that India is slowly making progress and the "middle class' is growing.
Middle class is growing alright, because they moved the line of poverty further down
Everyone counts......... on their fingers??? But when it really counts....... everyone in India gets the finger??? Any twit that is silly enough to build a 28 story house all for himself that is surrounded by a slum ( Mumbai's poverty super sucks!!!) needs to have his greedy and extremely selfish head examined........ the super rich in India got there by cheating, not paying their taxes, holding huge Swiss accounts and buying out politicians..... sad facts that Mukesh Ambani can put in his pipe and smoke, while his country festers at the poverty line.......
Most Corrupt Country on Earth.
I agree. Clearly because morons like you exists as living proof of courruption.
Is this guy for real ? Every Indian I know is basically a refugee from India by their own accounts. With child slave labor,unbelievable poverty and only the richest 5% able to afford to actually leave India,I think whoever came up with this article should come up with the truth rather than one of the poltically correct phrases about a country with no human rights,like China.
While I agree with most things you said, we are still not like China. We can abuse our govt when and where we want, but that is probably the only thing we can do.
Now about this guy, he and his family are the biggest crooks India has had. His father was a crook so is his brother and so is he, and I am certain the generation of crooks will prosper further
ERP companies reduce the cost of the implementation using Indian Origin companies, how? First, we have to say that the ERP are not completed yet and there were a lot of mistakes already committed previously, at the level that it is necessary an ERP reengineering for USA. At the beginning there were two teams working in the ERP, the business part (reengineering) and the programmers. suddenly only programmers were used thinking in cheap cost installations and also thinking that the ERP were ready to give any solution to any company in the world, this is such a mistake because ERP modules were not integrated scientifically, according with industrial engineering, Operations Research and other areas of studies related to well-functioning of the ERP for business to increase productivity, reduce cost programs, system analysis, among others, so programmers does not have all the skills American companies require all the time when they were implementing the ERP. The problem was extended to other countries, specially socialist and communist countries in which some of them, they do not even installed a global solution, so there were using another ERP license no similar than the Corporate, also there was no business analysis in a scientific way to integrate modules and more fraud, terrorism and other in the ERP path of implementations of the Corporates, without ethic programmers companies did not say nothing or warned their client, and the clients also did not care about the business situation, especially in American public companies. Also programmers companies tried to avoid in any way confrontation with business consultants and others, not letting them understand the wrong working of the ERP, so the only solution was given by high school educated IT consultants.
INDIANS WORK !
AMERICAN ARE BONE LAZY – DON'T YOU GET IT?
How about working on a sewage system so your citizens don't have to go to the train tracks to take a dump.
Pakis are the most hardworking people of all – even a hungry Paki would rather focus on blowing up something!
I'm sure Americans and Indians work equally as hard, and for a fact, Americans are not bone lazy... :3 Coming from an American Computer Programmer that works at Apple.
I'm quoting this guy "And in 30 years, the opportunities that were provided by this country has enabled us to create wealth for India. My father was a big believer that any business that has the sole purpose of making money is not worth doing. Business must serve a larger societal purpose." He says this while having built a $1 BILLION house in one of the poorest countries in the world. This guy is an idiot!
Reliance Co did not intentionally create millionaires. They went public and raised billions. Every Indian knows how corrupt Ambani’s are. Every politician is afraid of the Ambani’s . Reliance dictates economic policy of India. Fareed should have asked him about his philanthropic activities. Ambani’s billion dollar house overlooks the largest slum in the world. Bill Gates has done more for India than the Ambani’s.
Laughing my a** off from all comments..fact check…being under british for 200 yrs, most of richness got stolen by british and yes population is the problem and still creating Ambanis…country is on right path and Ambanis can bring the country on right path. Critics means…elephant and dog…compare India to pak..it is stup…China : – still stealing everything from around the world, so big deal they are growing (hight you fly, harder the fall). And yes india is not perfect, so is the rest of the world…today is yours…tomorrow is mine…you can bet on it…
Laughing my a** off from all comments?? Really?
Ambani will lead country on the right path? If the country was on the right path there would not be Ambanis, there would rather be a lot of middle class people, showing equitable distribution of the wealth.
So you being the economics expert, I ask you how was Ambani created? If you knew the answer to that question you could see how stupid your comment is.
Ambani is a bunch of crock. His whole family has gotten away without paying taxes like the common man. anyone can get to his situation if he they were allowe get away with murder like him and his family. What does he mean everyone counts..if thats true what is he doing for the poor Inidans he can see from his palace. Bunch of crap..India will never get beyond its issues with slime like him. He cannot hold a candle to likes of Bill Gates and Warren Buffett.
Highly possible that we get corrupted information here, but I still have to ask... If all of his countrymen/women matter, does that mean he will shake hands with the "untouchables"? How about giving one of them a hug?
I understand that books are costly in your country and money is tight, but try to get hold of some books published later that 16th century. So you get a better hold of the contemporary problems and can get out of the time warp you are in
This man is completely out of touch.
Go to any city in India and you'll see for yourself how much 'everyone counts'.
I want to punch this guy in the face!
Please if you get a chance, +1 for me. If I get a chance I'll deliver one punch on your account
These indians are so thankless, in the above article ambanis is bullish of americans isn it ironic half of the investments made in india are by americans. India was introduced to the world by the americans mainly through investments in the I.t sector and call centres. Grow up india thankless people
Today must be Friday, confusion reigns supreme in the head from all the blood rushing due to bum raising.
hee.. heee.. good one
You Pakies can not win against cow-worshippers on forums. For every Paki there are 100 drinkers of cow pee here. They have been outsourced American jobs and they surf all day pretending to work.
Atleast they have the luxury of surfing. Not like your relatives, who have to anxiously gaze at the sky every 2 mins looking for a drone.
India is nod thankless, u r thankless. Have you ever been to India???? One of the largest industrial nation, very low poverty and corruption level, clean roads, no pollution, no crimes what else. perhaps the best country to live. What you see in the News is all lies.
Thank you come again
And why exactly should we thank you? Did you do us a favor by giving us jobs or did we rescue your already faltering economy by giving you a way to cut costs? Its business not charity. The day American companies can make USD1 more working in the US than in India, you will not find trace of them in India
My father was a big believer that any business that has the sole purpose of making money is not worth doing. . .Reliance raised all its money from capital markets and from individual small shareholders." That is a business that is solely about making money...for themselves and others. Hollow words.
I was in Mumbai last month and observed the home this man lives in. Its called Antilia, look it up on wikipedia if you like. I don't know why Zakaria interviewed this guy like he cares about the poverty and inequality in India. Outside of his $2 billion, 27 story house, people literally eat, sleep, and bathe in the street. Its complete squalor and poverty right outside his front door and I saw it with my own eyes. Opportunity certainly didn't come knocking on his door and if it did it came with an open palm. This guy greased many hands to get laws passed in his favor. Much of what I say, you may not find in American press but don't be fooled...
... and just why has no Indian accused you of being a Pakistani? Typpical Indian Pakophobia demands a Pakistani conspiracy in every Indian misery.
Relax, friend. Listen to the drone above – it will all be over for you soon
You are absolutely right. Corruption is in his blood. His father was the same way. People who care about their countrymen do not vulgarly display their wealth by making billion dollar houses in front of slums, they do not hide their money in Swiss banks and they do not get ministers removed if they do not fall into line. This guy is a shameless hypocrite.
The fact is in India a billion do not count, nor is it a bottom-up process, hell its not even a top down process. Its a top-top process if there is anything like that. Its a bottom up process in the sense that the money is flowing from poorer to richer. Quite remarkable though, as in nature everything flows more more to less
Guys relax! if you don't like India/ns we are cool with it. We already have a billion people and no one invited you to do business with us anyway. You might as well focus on your own life and think of ways to improve it. The clock is ticking!
Punchline of pakistan tourism "Visit pakistan and you will surely have a blast"!!
India is growing and it is why one of largest consumer market in the world. It is true we do not have good infrastructure right now but Indians are talented and learned a lot from developed including developing nations. This niche will be full filled by trade, creating economic opportunities in the region.
I know Indian government including bureaucracy is corrupt but like Anna Hazare or public domain groups are very active and I hope will be fixed in the next few years, like wise our elections. Indian Electoral process are reformed and reinforced through out the nation as result of this today elections are free, fare and without any corruption.
Indians has prioritized wishlist and strategically invested in education, science & technology, industry, agriculture, military, space programs and stressing to develop modern technology. India is a peace loving country with wide, diversified, multicultural society and ready to embrace every one.
I really liked reading this interview. It is uplifting. If even a small number of people in any country practice what Mr. Ambani is saying here will make that country great. He acknowledges the opportunity given to him and his family by India, and he in turn is creating opportunities for his countryman to make progress. Once you create opportunity, wealth and progress will sure follow. Like all of us, he is not perfect; he can do a lot more. However, he is helping others to have a better life than what they have today, so appreciate what he is doing and encourage him to go further for the benefit of all people.
Really? Which world do you live in? He is creating opportunity for Indians? He has hundreds of crores stashed away in Swiss banks. He is looting Indians by selling Petrol, Diesel and cooking gas at exorbitant prices. He is only creating opportunities for himself so he can gorge as much wealth of India as he can and you have to be an absolute fool to not see it.
India is a difficult country to manage. India will continue to progress although it will take time. The gap between the have and have nots is huge and therefore it will always be a work in progress. Meanwhile India has to be aware of failed and terrorist states like Pakistan who are continously out to give India and the west trouble. In some ways I do agree that Indians are big talkers only. If it was China in India's shoes Pakistan would have been destroyed by the no-nonsense Chinese military.
Pakis are doing a great job of destroying themselves – why interfere !?
Our company has done business in India and it is the most corrupted country on Earth. Kickbacks, blackmails and extortion is their normal way of living. We decided to do business elsewhere.
Sorry Sarah. I invite you to try your luck in our neighboring country. Goodbye, we will not see you on this planet again !
India is nod corrupd, your cundry is corrupd.
Thank you come again
wow.
Wad is a droone, is it an indian ding?
They count how many days it has been since their last meal. They count on dying in the streets if they get sick. They count on no toilets. They count on menial jobs with no benefits. They count on arrogant fools like this to save them from the religion that granted them perpetual slavery.
Ambani's are the biggest thieves in India. His father started with Rs100 and then bribed his way up. He used to bribe corrupt bureaucrats to access the files of policies in making. This guy connived with the top politicians and got the oil fields in India at throwaway prices and then connived again with them to raise the price of gas to 7 times more than what was the original agreement. This is the guy who made a billion dollar house overlooking slums in Mumbai to mock their poverty.
And now he says a Billion people count! The truth is nobody counts in India except top politicians and top businessmen. Others are sometimes just given the lip service. This guy got the petroleum minister Jaipal Reddy removed because he refused to dance to his tunes. Just google 'why was Jaipal Reddy removed' and you'll see the real face of this shameless joker
Apart from all fake discussion above. I stay in suburb of Mumbai and into Investment Banking. Even though poverty is there,Hygiene and Infrastructure is issue but on other side i can easily Say India is Going to be Super Power..The amount of projects which are coming through my desk everyday and money flowing into them via Debt and Private equity is Mind Boggling,Huge Airport projects,Highway Projects,Space projects,Defence Projects also The creative entrepreneurs young Indians,Schools,Colleges,Hospitals,Malls,Metros,Monorials,Ac buses etc etc the Quality of Life has definately improved.......People Please don't make any Mistake...India is going to be a Major Contender for its young Population of average age 24..Chinese are already ageing at 35..God bless all....India is where all major investors are lining up whether Walmart,BMW,Posco steel,IBM etc etc if you are not in India you are nuts...God Bless all..