India’s richest man urges ‘equitable growth’

NEW DELHI—India’s richest man Mukesh Ambani said Tuesday the country needed equitable growth at all levels to include millions of Indians residing in slums and villages in the mainstream of progress.

Ambani, who heads India’s largest private company, petrochemical giant Reliance Industries, is India’s wealthiest man with an estimated $27 billion fortune. He lives in one of the largest and most expensive homes in the world.

Addressing the annual meeting organized by the Federation of Indian Chambers of Commerce and Industry, a leading industry group in New Delhi, Ambani stressed the urgent need to bridge the gap between rich and poor.

He spoke of the two narratives of India, one that sees the country from the “stratosphere, rhapsodizes about its growth and romanticizes its democracy.”

The other narrative, he said, “imagines the growth engine as a heartless monster that leaves large numbers of Indians behind.”

“There will be no peace if a billion plus people are discontented, deprived, unhappy and therefore angry,” he said, adding that “India’s growth story is unsustainable without including millions in our progress.”

He called for industry to work to unite the “two Indias” and create 15 million jobs every year to absorb 200 million youth in the next 10 years.

The magnate, whose business interests run from oil and gas exploration to grocery shops, said better healthcare was needed to protect the demographic dividend, the youth who are largely unprotected and uncared for. –Agence France-Presse