Mukesh Ambani-led telecom unit Reliance Jio has been ranked as the top company in the world on Fortune’s ‘Change The World’ list. ‘Change The World’ list ranks companies based on their profit motive to deal with the problems concerning the planet and the society.
According to Fortune, “If access to the Internet is a basic human right — and the United Nations declared it one in the summer of 2016 — then Reliance Jio deserves more credit than most for expanding access to it.” In just 22 months Reliance Jio has amassed 215 million subscribers.
Jio has topped the Fortune’s list followed by pharmaceutical giant Merck and Bank of America. Chinese group Alibaba remains on the fifth position, while food and drug stores Kroger at the sixth position. Telecom giant Jio has become profitable by offering free calls and data which urged the rival companies to either merge or exit in September 2016.
According to Fortune, Ambani has termed Reliance Jio as the provider of ‘digital oxygen to the public. Mukesh Ambani was quoted as saying, “Two years ago there wasn’t much oxygen to go around in the world’s second-most-populous country. Mobile phones crawled on 2G networks, and consumers typically paid more than Rs 200 for one gigabyte of data. India had just 153 million mobile Internet subscribers among its population of 1.3 billion.”
The Fortune report further stated, “Enter Jio, with a speedy 4G network (which it spent billions building out), free calls, and dirt-cheap data (as low as 4¢ per GB). It has since issued a super-low-cost smartphone and is rolling out fixed broadband service as well.”
“The resulting ‘Jio-fication’ has been nothing short of revolutionary; with data use surging and Jio’s competitors scrambling to match its offerings, the development has jump-started India’s digital economy,” added the report.
The biggest victory was attained when people from the rural areas such as farmers, students, and entrepreneurs gained access to the tool needed to participate in the modern economy.
(With IANS inputs)