Impact of Facebook-Reliance Jio partnership in India.
At the first edition of the Facebook Fuel For India 2020 summit, Mark Zuckerberg, CEO and founder of Facebook and Mukesh Ambani, Chairman & Managing Director of Reliance Industries Limited had a discussion about the importance of digital connectivity as a means to empower the masses, how small businesses get a much-needed push with the correct technology and tools in place.
“We are looking forward for your involvement in India... I hope the rest of the world learns from Indian Policy,” said Mukesh Ambani. “How grateful I am for everything that you and your companies do in our partnership... I am incredibly grateful for your partnership in this. Thank you,” Mark Zuckerberg told Mukesh Ambani.
“At Facebook, we are in the business of serving small businesses. And nowhere is this more true than in India. With more than 60 million small businesses and millions of people around the country relying on them for jobs- these small businesses form a big part of what our partnership with Jio can serve here. This is especially important because small businesses in India will be a key part of the global economic recovery going forward. And we’re focused on making sure we build the best tools for them,” said Zuckerberg.
While Ambani, who is confident that within the next two decades India will grow to become one of the top three economies in the world. With its younger society, India will become a digital society soon. He further added, “Facebook’s investment with Jio ‘set the ball rolling’ for FDI investment in India. The partnership between the two companies would “demonstrate that it is great for India, Indians, and small India businesses,” said Ambani.
The Facebook CEO also confirmed that “India is home to the largest communities in the world, across Facebook and Whatsapp and getting there on Instagram, as well.” In April, Facebook invested $5.7 billion for a 9.99% stake in Jio platforms, triggering a blow of other stake sales. In November, it also finally got approval for the roll-out to operate its Whatsapp Payments service in India after struggling to win an approval permit for years.
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