Data colonization is as bad as the previous forms of colonization: Mukesh Ambani

Mukesh Ambani, Chairman & Managing Director, Reliance Industries said that Data colonization is as bad as the previous forms of colonization.

"In this new world, data is the new oil. And data is new wealth. India's data must be controlled and owned by Indian people and not by corporates, especially global corporations," he said.

He said India's digital transformation is unmatched and unprecedented and in less than 24 months, India has taken a leadership position from being 155th in the world in mobile data to number 1.

"The Fourth Industrial Revolution is now upon us. Data is the foundation of this revolution. India is already generating significant quantum of data. I can say with confidence that India has a chance of not just participating in the Fourth Industrial Revolution, but also leading it," Ambani said while speaking at Republic Summit in Mumbai on Wednesday.

He said that India at present is a very young nation, with 63 percent of its 1.3 billion population are aged below 35.

"India's vast tech-savvy young population is its key strength. Just imagine the kind of connected intelligence India can create if the power of billion-plus minds is combined!... Over the next two decades, I can confidently say - that India shall be leading the world and shall contribute the next wave of global economic growth," Ambani added.

Ambani also pointed out that Jio is determined to connect everyone and everything, everywhere - always at the highest quality and the most affordable price.

I am proud to say that, instead of a digital divide, India today is digitally united. All 1.3 billion connected minds are going to accelerate the future.

Early adopters will have the opportunity to leap-frog competition, and create unprecedented societal value," he noted.

"Before the advent of Digital Technologies, the so-called mass media was essential without the masses. The masses were passive consumers of media. Now the masses have become both producers and owners of media. Look at Social Media. I believe that Digital is the greatest friend of Democracy," Ambani said.