Reliance Industries Ltd chairman and managing director Mukesh Ambani on Wednesday said the company’s newly launched telecom venture Reliance Jio stands for affordability and data is the new oil in the industry.

Reliance Jio Stands for Affordability in a World Where 'Data Is the New Oil': Mukesh Ambani

“Jio stands for affordability. Jio is conceived at a time when the world was in the phase of digitising. Data is the new oil,” Ambani said.

He was speaking at an interactive session in Nasscom India Leadership Forum 2017 in Mumbai.

Reliance Jio has disrupted the Indian telecom industry with its free data offer till March. Ambani said Aadhaar has enabled Reliance Jio to have millions of customers within few months.

Talking about digital payments, he said: “After the Aadhaar, you consider the digital payments system that is fast developing. Earlier, loans and financial resources were only available to a few people at high value. Now, I see that changing on the basis of technology. Now based on data, you can get a loan on your mobile phone.”

“We are at the doorsteps of change in adapting technology to change the lives of people.”

“In this new world in terms of digitisation it is important to be open. Whatever the world trends may be, we have to make sure we are always open, always connected. The goal of improving the lives of hundreds of millions of people is the opportunity that we have,” he added.

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