Reliance Jio has completely revamped the Telecom scene in India, with the coming of Jio led to the introduction of free unlimited calls and lower data rates. The rising number of subscribers for Jio led to the other players in the telecom market to introduce similar plans.
Airtel Chairman, Sunil Bharti Mittal blames Reliance Jio for disrupting the telecom market. The charges of Jio are only for the app services and the data it provides whereas the calls are completely free. Launched in September 2016, Jio was able to quickly spread its subscriber base and consume the profits of other top players like Airtel, Vodafone and Idea.
Sunil Mittal blames the free offers of Jio as the sole primary cause because of which the telecom companies had to write-off investments worth $50 billion. He also says that Jio was against the relief package for the telecom sector which is already riddled with debt.
Mukesh Ambani the Chairman of Reliance Industries says, “There’s no need to cry so much.” And also adds that” For all the people in the industry, I suppose earnings and losses are the risks that we take. I don’t assume we rely on, governments and regulators to assure our profits and losses.”
“To me, what’s most vital is did we move the country ahead and do the citizens gain from the move”, Ambani said. “The query, you ought to be thinking about is even if there are income and losses, who gains and who loses.” Ambani stresses on the fact that the country needs to progress, companies need to keep in mind the consumers and not keep the losses in mind. “A number of us are big players and can really afford it”, he adds.
When asked about when Jio would achieve break-even, he said, “I don’t want to predict, but I think we are ahead of our schedule in terms of the returns we are generating. Jio results are declared evert quarter now. You can see the trend. You watch the next few quarters. You will learn in January and you will learn in March”.
Asked if competition motivates him, Ambani said, “Our DNA is that we are very focussed. We always believe in the principle of saying that if you focus on the goal, you will overcome all obstacles. If you focus on the obstacles you will never achieve the goals. At Reliance we want to be the best in the world, I am sorry if it appears competitive”.
Amith K Shinde
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