Mukesh Ambani Says The Process Of Globalisation Has Hit A Wall

Reliance Industries chairman Mukesh Ambani believes that the four-decade-old mantra of globalisation may have started to sputter into irrelevance.

In his latest letter to shareholders of Reliance Industries in this year’s annual report, Ambani has said: β€œThe process of globalisation, which drove the global economic growth over the last four decades, appears to have hit a wall. The cause of economic interdependence that globalisation promoted to help align every country’s interests and, thereby, help reduce conflicts, has taken a back seat.”

Ambani reckons that the Ukraine war has led to a rise in geopolitical tensions, exposing the fault lines in the global economy. This has led to a significant dislocation in energy markets and disrupted traditional trade flows, the RIL chairman and managing director said in the letter.

The Reliance group patriarch appeared to make a strong pitch for the atma nirbhar Bharat agenda even as he signalled his group’s mammoth thrust into green energy β€œwith a vision to repeat the feat it (had) achieved in wireless broadband”.

Ambani is expected to spell out the group’s strategy at the annual general meeting to be held on August 29. β€œReliance will develop end to-end green energy solutions, which will make clean and abundant energy available to everyone at the most affordable price. Just as India has the world’s most affordable wireless broadband today, we will have the world’s most affordable green energy within this decade. And these solutions will then be exported to other countries, helping them contain carbon emissions.”

Ambani’s localisation drive in green energy is in sync with Prime Minister Narendra Modi’s atma nirbhar Bharat agenda. The company will be seeking shareholders’ approval for an amendment in its memorandum of association before it goes full throttle into the green energy space.

After playing a key role in making India’s data services tariffs among the cheapest in the world, Ambani not only wants to do the same in green energy but also make the country self-sufficient in this sector. β€œGreater affordability and competitive cost structures will ensure massive adoption of green energy solutions, providing a booster to India’s green energy transition, as well as helping our country to become ‘atma nirbhar’ in our energy needs,’’ he told the Reliance shareholders in the annual report.

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