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MUMBAI: Leading industrialist, Mukesh Ambani, on Friday said the trend of rising energy prices is a matter of great concern and that it could rise further to three-digits going forward.
"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.
The decline in refining growth and sluggish market 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 country economically 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," Ambani, said.
This century belongs to India, Ambani said, adding, that economic development was now shifting to India from other parts of the world.
"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.
The decline in refining growth and sluggish market 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 country economically 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," Ambani, said.
This century belongs to India, Ambani said, adding, that economic development was now shifting to India from other parts of the world.
