On the contrary, recent events imply that it has been a boon for India. Jio is the single reason why mobile data rates came down in India and they are one of the few entities that have brought in billions of dollars in the country amidst a pandemic. Saying that many Indians from the lower end of the economic strata have access to Internet just because of Jio will not be an overstatement.[1]
And it's not just about Jio. Many middle class people who hold Reliance shares have benefited over the decades and it's one of the few companies that is known to protect the interest of retail investors.[1]
> It is going to drag India down to the pits and make India into a banana republic of sorts
I am not sure how Reliance is going to do that. Would you explain that a bit?
You are talking about a very minuscule population of the country benefiting from Reliance share prices. That is really the issue when monopolies such as Reliance arise. Reliance's monetary success and growth does not imply that India is doing well.
Case in point: Reliance is now completely debt free and has grown tremendously since 2014 - while the rest of India is now financially in much worse shape. India's debt has more than doubled in the meantime and the economy is in the pits..and that is before COVID even began.
> You are talking about a very minuscule population of the country benefiting from Reliance share prices.
I think you missed the part where I wrote about Jio's entry into the telecom market. Jio now has more than 385 million active subscribers and I am not sure that means a "minuscule population".
> Case in point: Reliance is now completely debt free and has grown tremendously since 2014 - while the rest of India is now financially in much worse shape. India's debt has more than doubled in the meantime and the economy is in the pits..and that is before COVID even began.
That's just a correlation. If you are implying that Reliance is somehow weakening the Indian economy, then kindly share references for the same.
On the contrary, recent events imply that it has been a boon for India. Jio is the single reason why mobile data rates came down in India and they are one of the few entities that have brought in billions of dollars in the country amidst a pandemic. Saying that many Indians from the lower end of the economic strata have access to Internet just because of Jio will not be an overstatement.[1]
And it's not just about Jio. Many middle class people who hold Reliance shares have benefited over the decades and it's one of the few companies that is known to protect the interest of retail investors.[1]
> It is going to drag India down to the pits and make India into a banana republic of sorts
I am not sure how Reliance is going to do that. Would you explain that a bit?
1. https://yourstory.com/2020/06/mukesh-ambani-bridged-india-di...
2. https://economictimes.indiatimes.com/markets/stocks/news/goo...
3. https://economictimes.indiatimes.com/master-move-how-dhirubh...