Billionaires alone won’t turn Narendra Modi’s India into a rich country

But Ambani was not the only Indian businessman at the bash whose staggering influence and riches are reshaping the worlds most populous country.. . Fellow billionaire Gautam Adani, founder of the Adani group, was also invited..

The South Asian country is poised to become a 21st-century economic powerhouse, offering areal alternative to China for investors hunting for growth and manufacturers looking to reduce risks in their supply chains.. . Reliance Industries and the Adani Group are sprawling conglomerates worth over $200 billion each, with established businesses in sectors ranging from fossil fuels and clean energy to media and technology.. ..

Worth $3.7 trillion in 2023, it is the worlds fifth largest economy, jumping four spots in the rankings during Modis decade in office and leapfrogging the United Kingdom.. It is comfortably placed to expand at an annual rate of at least 6% in the coming few years, but analysts say the country shouldbe targeting growth of8% or moreif it wants to become an economic superpower.. . Sustained expansion will push India higher up the ranks of the worlds biggest economies, with some observers forecasting the South Asian nation to become number three behind only the US and China by 2027.. ..

Not only arethey playing an important role in building infrastructure, which helps growth directly, the two business groups are also helping the country expand indirectly by boosting connectivity through digital innovation, he explained.. . Reliance was founded by Ambanis father, Dhirubhai, as a small yarn trading firm in Mumbai in 1957..

A few big conglomerates cannot absorb the million people joining the labor force every month, said Lamba, who is also co-author of Breaking the Mould, a 2023 book that examines how Asias third largest economy can grow faster.. . India cannot grow rich before it becomes old on the backof a few big firms likeAdani or Ambani, he said..

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