Reliance Industries chief Mukesh Ambani , who is attending the World Economic Forum (WEF) meet at Davos, Switzerland came out strongly in favour of the free market system. (AFP)

Reliance Industries chief Mukesh Ambani, who is attending the World Economic Forum (WEF) meet at Davos, Switzerland today came out strongly in favour of the free market system and highlighted the crucial need to keep it functioning without any extraneous factors to ensure wealth gets distributed equitable across the world and through all the strata of society. Ambani today said, “Creation of wealth shouldn’t be constrained as it is precursor to distribution of wealth.” He added that he favours a mostly ‘free market economy’.

Considering that the note ban drive in India grabbed eye-balls across the world, Ambani pointedly highlighted its success. He said, “Demonetisation proves India is ready for 4th industrial revolution, especially today with a strong leader in Narendra Modi.”

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Ambani went on to indicate the road that India needs to take for the future welfare of its people and underlined the importance of technology in that difficult and mammoth endeavour. He said, “India needs to really transform its education system and technology can be the best facilitator for that.”

Highlighting the importance of strong leadership at the governmental level, Ambani said, “At this time we are blessed with a very strong leadership with Prime Minister Narendra Modi. We are a very young country and education needs to transform itself and technology is the best way for that”.

How that would all be brought together was explained by Ambani when he said, “For all of this you need a foundation and you need a country and a society to embrace technology. All the components of technology and in particular fourth industrial revolution technology, they are all inclusive”.

He also indicated that the biggest problem for al is building wealth, but once that is achieved, inclusiveness can be easily achieved.. He said, “Distribution of wealth is a much easier problem once you have created it, so you should not constrain creation of wealth.

Reacting to questions about the year gone by and his prognosis for 2017, Ambani said last year was all about “understanding technology of fourth industrial revolution and this year it would be about implementing that. The challenge would be to understand the basic needs of the people and implementing the new technologies rightly.”

He added, “In last 90 days, we have had a major movement of digital cash and less cash and people have supported it because they feel it is good for their future. All of us live in a society and a company must do something for the society’s good. This was something which we decided to do after interactions here at Davos and within our own company. We must learn to build inclusive technology for everyone and create access in the future”.

Mukesh Ambani is leading this technology charge with his new telecom venture Reliance Jio, which he kickstarted with a sector-disruptive free data internet plan for the masses that has forced other companies in the segment to scramble to cut rates to retain their customers. Reliance Jio customer base has reached 72.4 million by 31 December, 2016. It has recently extended its free offer to March. According to the company it is adding lakhs of new customers daily, but it is not committing to achieve the 100 mn target by March, which was set by Ambani himself when he launched the company in September 2016.