Society management

Mukesh Ambani, Telecom News, ET Telecom

New Delhi: India can lead the digital society and become a global leader in its own right, said Mukesh Ambani, chairman and managing director of Reliance Industries Limited (RIL).

Speaking at the InFinity forum on Friday, Ambani said: “This is just the start of what is going to be even more incredible, even more exciting and even more beneficial. The world is going to be transformed by the ‘Digital First’ revolution. . The physical world will become subordinate to the digital world. “

“Whatever product or service we desire, it is first imagined and designed in the digital space, and then created in the physical space,” he said.

“What Digital First Revolution achieves in terms of project execution is unprecedented speed, quality, reliability, efficiency, personalization and customer satisfaction.

“There will also be a drastic reduction in costs and a drastic reduction in wasted resources.

“Reducing wasted resources is especially important because it will mean Care for the Planet,” Ambani added.

He added that there will be huge value creation in the virtual world just like there is value creation in the physical world. For example, people will start to buy, sell and use virtual real estate.

Ambani said that with the rollout of 5G next year in India, we are well on our way to having one of the most advanced digital infrastructure in the world.

With the emergence of various new era technologies, the opportunity is to embrace a decentralized finance model, Ambani said.

“There will be centralized government and central bank policies, but there will be a path to decentralized technological solutions where finance is enabled and accessible to all.

“I also believe that real-time technologies will help settle transactions, not in days or hours, but in real time. Smart contracts will become a reality,” Ambani added.