Patient capital, wider market participation key to India’s next growth phase: Ambani, Fink

India’s next phase of growth will be defined less by short-term market volatility and more by patient capital, mass participation in capital markets, and the large-scale adoption of technology, Reliance Industries  Chairman and Managing Director Mukesh Ambani and BlackRock Chairman and CEO Larry Fink said at a fireside chat in Mumbai. 

Speaking at the session titled “Investing for a New Era”, the two business leaders struck a strongly optimistic note on India’s long-term prospects, describing the coming decades as “the era of India” and calling on millions of Indians to invest alongside the country’s economic growth rather than remain passive savers. 

Global investors should look beyond immediate geopolitical noise: Fink

Fink said global investors should look beyond immediate geopolitical noise—such as tariffs, interest rate cycles or political headlines—and focus on India’s structural growth story over the next 20 to 25 years. “For most people, the real opportunity is to grow with the growth of their country,” he said, adding that Indians who invest through capital markets stand to benefit far more than those who keep their savings idle in bank accounts. 

Drawing parallels with the US experience, Fink argued that widespread domestic investing can reduce a country’s dependence on foreign capital while strengthening retirement security and household wealth. “If you believe in the era of India—and I do—we need hundreds of millions of Indians investing alongside that growth,” he said. 

India's economy is now 'a tree laden with abundant fruit': Ambani

Ambani echoed the sentiment, saying India’s economy was now “a tree laden with abundant fruit”, attracting global attention because of sustained growth, political stability and policy continuity over the past decade and a half. He credited long-term reforms, infrastructure build-out and digital transformation for positioning India as the fastest-growing large economy, with the potential to sustain 8–10% growth and possibly even higher rates. 

“Stable leadership, predictable policy and a clear national goal—Viksit Bharat by 2047—have changed the confidence level of Indians,” Ambani said. He pointed to massive investments in roads, renewable energy, digital infrastructure and nationwide 5G connectivity as evidence of execution at scale. 

On the partnership between Reliance’s Jio Financial Services and BlackRock, Ambani said the ambition was not disruption for its own sake but converting India’s strong savings culture into productive investment. He noted that India imported nearly $75 billion worth of gold and silver last year, largely for household savings, calling it an unproductive use of capital. “If we can convince Indian savers to invest safely and transparently in capital markets, those savings can compound and work for both families and the economy,” he said. 

Fink reinforced that philosophy, stressing BlackRock’s long-standing focus on client trust and long-term value creation rather than short-term targets. “Disruption happens when you serve clients consistently and with purpose, not because you chase growth numbers,” he said. 

AI a multi-decade opportunity

Both leaders also highlighted artificial intelligence as a multi-decade opportunity rather than a speculative bubble. Fink said continued investment in AI was essential to maintain global competitiveness, even if it led to failures along the way. Ambani argued that AI could help India leapfrog in education, healthcare, governance and productivity, delivering large-scale social outcomes at a fraction of global costs. 

Addressing young Indians, Ambani urged a shift from simple savings to investing in compoundable assets, saying India’s growth would translate directly into income and wealth creation over time. Fink summed it up succinctly: “Believe in your own country. If India grows at 10%, your money can double every six-and-a-half year. That’s the power of investing with your nation’s growth.” 

The conversation closed on a personal note, with Fink describing his partnership with Ambani as rooted in friendship—underscoring what both leaders framed as a long-term, values-driven bet on India’s future.