Don't blame Jio for industry's losses: Mukesh to Sunil Mittal

Billionaire Mukesh Ambani on Friday hit back at Bharti's Sunil Mittal for blaming his telecom venture Jio for the industry's losses, saying businesses must stop looking at regulators and governments to guarantee their profits.

Calling Mittal a "friend", he said profits and losses are risks businesses take and it is more important to find out if the country and the consumers gained after Jio.

"For all of us in the industry, I think profits and losses are risks that we take. I don't think we can rely on governments and regulators to guarantee our profits or losses," Ambani maintained.

He also said that the country's GDP will double to $5 trillion in the next seven years and hit $ 10 trillion by 2030 as it will elbow out China by the middle of 21st century.

He added that in 2004 he had predicted that India -- then a $500-billion economy -- will get to the mark of $5 trillion in 20 years.

"Today, that prediction seems certain. Indeed, it will be achieved well before 2024," he said, adding that the Indian economy will triple to $7 trillion in the next 10 years to become the third-largest economy in the world.

He went on to say that by 2030, it can cross the $10 trillion milestone, and India can "most certainly" become the most prosperous nation in the world overtaking the US and China within this century.

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