Must read article by Andy Mukherjee for Bloomberg quint
Does Mukesh Ambani see dark clouds gathering on the horizon? From his message to shareholders, it doesn’t look like India’s richest tycoon is worried. But his actions may reveal more than his words. At Monday’s annual general meeting, the chairman of Reliance Industries Ltd. was brimming with optimism. Not only did he endorse Prime Minister Narendra Modi’s vision of bumping up annual GDP by 80% in five years to $5 trillion, he even forecast a $10 trillion Indian economy by 2030. It’s not only possible but “inevitable,” he said.Something doesn’t add up. If the outlook is so rosy, why is Ambani hitting the brakes on a seven-year, $100 billion investment spree across refining, petrochemicals, telecom and retail?
Read more at: https://www.bloombergquint.com/opinion/ambani-cutting-reliance-debt-is-bad-omen-for-india-economy
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