Rakesh Jhunjhunwala says India should be grateful to Mukesh Ambani for digitisation in the country

Market veteran Rakesh Jhunjhunwala, in an exclusive interview with CNBC-TV18, said that India should be grateful to Reliance Chairman Mukesh Ambani for revolutionising the telecommunication sector and fast-tracking the digitisation process in the country.

Jhunjhunwala said the low cost offered by Reliance Jio, whether in voice or in data, is what has caused digitisation in the country.

“I must thank Mr Mukesh Ambani for the change he has brought about in India because the low cost of communication whether in voice or in data is what has caused digitisation in this country”, he said.

The market veteran believes that the digitisation theme will continue to play out further as time progresses. However, he is not bullish on the telecom sector.

He said, “I don't think the telecom sector is a very good sector to invest, in because it constantly requires investment. So therefore there are no true cash flows, there is no true cash generation,” he reasoned.

As Akasa Air takes to the skies, promoter Rakesh Jhunjhunwala today said that the airline would be competitive, and would adhere to the principle of staying frugal in its operations.