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"There was much hype over the list of billionaires that India has thrown up... (but) this is a deceptive distraction," the head of the country's most valued corporate group said while referring to the Forbes' worldwide billionaire list that included 53 Indians.
"...it is like Maya (illusion) of our Indian philosophy .... It veils your vision and we should be beware of this titillating illusion," Ambani said while speaking at the India Today Conclave in New Delhi.
In its list published on March 5, Forbes magazine had ranked Mukesh as the richest resident Indian with a wealth of 43 billion dollars. Among all the Indians residing across the world, Mukesh was ranked second after NRI steel tycoon Lakshmi Mittal, whose wealth was put at 45 billion dollars.
In the global list, Mukesh Ambani was ranked as fifth richest in the world after legendary investor Warren Buffett, Mexican telecom baron Carlos Slim Helu, software czar Bill Gates and ArcelorMittal CEO Lakshmi Mittal.
The magazine said that Mukesh Ambani was the second biggest gainer adding 22.9 billion dollars to a wealth of 20.1 billion dollars reported in the Forbes Billionaire list for August 2007. Last year, Ambani had been placed at the 14th position in world.
How we define “development”? When 1/3 children of the country is malnourished, highest diarrhoea death (lack of sanitation) in the world, and economic boom is restricted to about only 0.5% of the population, violent/terrorist movements in almost every states, wide scale destruction of environment etc; but we have about 9% growth rate in GDP, 4 out of 10 richest persons in the world belongs to our country? So long our media, controlled by many Industrial groups like Reliance glorify and publish mainly one sided stories, a section of our society will feel happy and prevent demanding any meaningful development for the whole country, not for few people. I would be happier if we can reduce illiteracy, malnutrition-hunger, destruction of wild life and environment but have less billionaires, with more efficient industries that care for people (like Switzerland). Reliance is the worst among the lot in India.
Reliance is the most corrupt and oppressive Indian MNC ever existed. It dreams of being one of the biggest companies in the world but sticks to feudal, medieval corporate governance. Salaries and exploitations of common workers (junior level management and lower ranking employees) are just pathetic (e.g Saturday is a full working day; rules of salary hike and “incentives” are highly vague and mostly corrupt). Less we talk about its business ethics the better. It’s highly unfortunate that such a company is the most growing company which indicates the condition of Indian society, political and judicial system, full of corruption. Unlike Tatas, it’s almost guaranteed that Reliance can never be successful in any country that has decent rule of law and monitors investment and corporate governance (West Europe or US). I wish there were no Reliance in India! We would have few less billionaires but it would have paved the ways for many relatively honest and ethical companies to flourish.
The valuation of these billions are inconsistent as it will change on the vagaries of market. What will be consistent in the long term is ethics? One must persevere to be rational, not to base their decisions on religion or race, but hold on to sound professional ethics and will succeed. Warren Buffet who is an advocate of individual merit to feudal system, strongly emphasizes on sound business and professional ethics as a keys to his billions.
Mr.Warren buffet still drives a town car were as Mr.mukesh is constructing helepads in his building .
Mukesh Ambani is like a newly arising mafia dons or jamindars. His father or he himself do not understand anything but money. They also did/don’t know that money can buy degrees (even a MBA from Stanford) but not ethics or culture. To have culture (or even true education) you need something more than money and greed; and that probably will take a few generations and proper guidance (grooming) to attain.
Let Mukesh use his Maya for the poor by building affordable hospitals, colleges, schools and arrange drinking water and basic healthcare centres in backward areas.
Sab Maya Hai, true, when someone makes millions by deception and thrive posing as an honest businessman.
I think as a nation we would be better off not grudging the rich their riches and just got along with our work.
Sid, yes if now he puts this "maya' on gowth path of technological or innovative development. Becuse maya goes has only three out lets upyog(good use) , upbhog(consumption) or waste.
Imagine an India with none of the companies headed by their billionaire owners. What would be the fate of the economy and of the billions who have found work in these companies? We would then know to what use the 'maya' is being put.
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