Billionaire Mukesh Ambani-led Reliance Jio may be a newcomer in the telecom industry, but it’s disruptive entry into the industry has led to at least Rs 60,000 crore in annual savings, according to a report by Institute for Competitiveness.
Billionaire Mukesh Ambani-led Reliance Jio may be a newcomer in the telecom industry, but it’s disruptive entry into the industry has led to at least Rs 60,000 crore in annual savings, according to a report by Institute for Competitiveness. The report finds that there has been an unprecedented upsurge in data consumption in the country.
IFC (Institute for Competitiveness) report noted that within a short span of six months since Reliance Jio’s launch, India has become the highest mobile data user in the world, consuming over 1 billion GB of data every month compared to 200 million GB earlier. “Merely by reducing data prices even the most conservative estimates show that due to Jio’s entry the annual financial savings to the consumer has been to the tune of Rs 60,000 crores,” the report said.
The report said that a conservative estimate, assuming that every consumer uses 1 GB of data a month, translates to financial gains to the economy by estimating the benefit to all 350 million internet subscribers of the country. Apart from the financial savings from Jio’s entry, the institute’s research points out that Jio has enabled an unprecedented upsurge in data usage. “The most recent estimates of the Jio network show that its users on an average consume almost 10 GB of data, 700 minutes of voice and 134 hours of video every month. Such levels of digital consumption were unprecedented a year and a half ago,” the report said.
Mukesh Ambani has always called for increased focus on data. Comparing data to not merely the new oil, but also soil and even oxygen for the economy, Mukesh Ambani has time and again reiterated that Reliance Jio’s aim is to help every Indian to access the internet at a cheap cost, to harness its limitless potential. “Today Jio is not the largest network in India, it is the largest network in the world. Jio has made voice free for life.” Mukesh Ambani said at a recent event.
According to the institute’s website, Institute for Competitiveness is the India wing of global network of the Institute for Strategy and Competitiveness at Harvard Business School.The institute conducts research on competition and strategy, offers academic & executive courses and provides advisory services to the Corporate & the Governments and organizes events. – Financial Express