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Two developments highlight the need for government to sponsor consortiums to build India’s digital ecosystem:
- Facebook’s announcement in April to invest $5.7 billion in Reliance Jio was momentous. In a slowing economy, Reliance Industries raised an incredible $20 billion with a cascade of foreign investments combined with a rights issue. This “consortium” makes Reliance debt-free, besides providing the capital and capacity to dominate communications in India.
- India’s digital ecosystem’s dependence on China and on increasing imports underlines the imperative for corporate India to come together in a national endeavour that must succeed.
The Jio factor
Overwhelming dominance rarely benefits the
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