Data to lead a new industrial revolution: Mukesh Ambani

India has emerged as the largest data consumer in one year and has the potential to lead another industrial revolution, Mukesh Ambani said yesterday.

Ambani who was speaking at the Indian Mobile Congress said, the Indian economy will grow to over $7 trillion and the availability of affordable smartphones needed to be ensured.

''The Indian economy will grow from $2.5 trillion to over $7 trillion to rank among top 3 economies in the next 10 years. 4G coverage is set to become larger than 2G in the next 12 months and we need to invest in creating next-gen technology, break silos and forge partnerships,'' he said.

He added that the Indian mobile market is overflowing with data and that the growth of data has been unparalleled in the world.

''Data is the new oil, India does not need to import it, has to ensure every Indian has access to it,'' he said.

Ambani's statement comes as the debate over the slowdown of the economy widened.

"Data is the oxygen to digital economy", he added.

Highlighting the increased use of data in the country, he added that India has the potential to lead the fourth industrial revolution as India does not need to import data.

He added that India has become the largest telecom market in the world.

With Reliance Jio entering the telecom sector last year profits of the existing players have been hit. The tariffs have fallen to a new low and voice calls have become virtually free. The incumbents are demanding financial incentives from the government as the stress in the sector has increased manifold with the entry of Reliance Jio. The industry has a cumulative debt of around Rs4,50,000 crore.

The latest dispute between Reliance Jio and existing telcos is the cut in IUC to 6 paise per minute from 14 paise a minute, which will take effect from 1 October, as announced by the telecom regulator Trai recently. According to the Telecom Regulatory Authority of India, IUC will be brought down to zero from January 2020.