India was poised to become the world’s strongest economy by 2020.

Oil prices could reach $ 100 a barrel soon: Mukesh Ambani

PTI

Reliance Industries Chairman Mukesh Ambani today said crude prices could rise to USD 100 a barrel soon.

“Crude oil prices are well above the $ 70 mark. We foresee an increase in crude price to three digits in the near future,” Reliance Industries Chairman Mukesh Ambani said at an industry conference here today.

He said a sluggish growth in refining capacity would drive the price increase, he said.

“I believe the petrochemical industry should reinvest and we have to reset our thinking and must innovate to tackle these issues,” he said.

According to him, India was poised to become the world’s strongest economy by 2020.

“I believe by 2020 the balance sheet of India would be the strongest in the world. The GDP growth of India from $ 1.5 trillion to $ 5 trillion in the next ten years will make India an economically powerful country in the world,” Mr. Ambani said.

He said this century belongs to India as businesses are shifting to India from other parts of the world. “Almost 40 per cent population of the world belongs to India and China and this will create a paradigm shift. Both India and China will create a huge demand as consumption of these countries will reach new heights. Thus, India is going to be a major manufacturing hub as consumption will increase,” he said.

“This is the time developing countries like us realised the unrealised potential within us,” he said.

The world was now very much inter-connected and an economic disruption in any country will have its effect on India.

“I believe people from the corporate sector and the industry have the competency to tackle these issues. The European sovereign debt crisis again shows that Asia has the potential to become more powerful,” Mr. Ambani said.