Skip to content
Subscriber Only
Andy Mukherjee

India’s Richest Man Is Turning Cautious. Bad Sign

The Reliance chairman’s actions reveal more than his optimistic words, and that’s a problem for the economy.

Actions speak louder than words for Mukesh Ambani.

Actions speak louder than words for Mukesh Ambani.

Photographer: Simon Dawson/Bloomberg

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.