Data is the new oil and Indians shouldn’t have scarcity of it, says Mukesh Ambani

While speaking in the Nasscom Summit, Mukesh Ambani stressed on data and how it will be helpful in shaping India.

"Data is the new oil and Indians should not have scarcity of it in terms of quality, quantity or affordability," he said.

While the world tries to adjust to Donald Trump, Reliance Industries chairman Mukesh Ambani sees the US president as a blessing in disguise, saying his protectionist moves will gIndia's IT industry to focus on solving local problems.

"We should continue to be open and not worry about what world thinks. The world may build a wall but we should not think about that. The 4th industrial revolution is connectivity and data. To my mind, data is new natural resource. India is naturally blessed with 1.3 billion people. Data in raw form is useful but it has to be processed...we are in the beginning in the era where data is new oil...it has immense potential to bring benefit to the people," Ambani said.

He termed mobiles as the "technology of the century".

"Combined with machine learning and deep learning and natural language processing, it is going to redefine the quality of information and services to ordinary Indians which were impossible before," he said.

The RIL head also said that the human kind is in the verge of exponential growth. "In next 20 years, human kind has the opportunity to solve what we cannot do in 300 years. So these are exciting times."

To India's growing community of entrepreneurs, Ambani said that they should focus on solving problems which does good to people in some way and not get disheartened by failures.

"Treat your investors' money even more carefully than your own. Also you cannot do anything without the right team," he added.

He also talked about Donald Trump and said that while the whole world tries to adjust to Donald Trump, we should see Trump as a blessing in disguise as his protectionist moves will get India's IT industry to focus on solving local problems.

"We should continue to be open and not worry about what world thinks. The world may build a wall but we should not think about that. The 4th industrial revolution is connectivity and data. To my mind, data is new natural resource. India is naturally blessed with 1.3 billion people. Data in raw form is useful but it has to be processed...we are in the beginning in the era where data is new oil...it has immense potential to bring benefit to the people," Ambani said.