India can lead the digital society: Mukesh Ambani

New Delhi: India can lead the Digital Society and become a global leader in its own right, said Mukesh Ambani, Chairman and Managing Director, Reliance Industries Limited (RIL).

Speaking at the InFinity Forum on Friday, Ambani said, "This is just the beginning 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 is being 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 velocity, quality, reliability, efficiency, customisation, and customer satisfaction.

"There will also be drastic cost reduction and drastic reduction in resource wastage.

"Reduction in resource wastage is especially important because it will mean Care for the Planet," Ambani added.

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

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

With various new-age technologies emerging, the opportunity is in adopting a decentralised model of finance, Ambani said."There will be centralised government and central bank policies, but there will be a path to decentralised technological solutions where finance will be enabled and available to everybody.

"I also think, real time technologies will help settle trades, not in days or hours, but in real time. Smart contracts will become a reality," Ambani added.