Why Ambani and BlackRock’s Fink see India as a long-term capital and AI growth

• BlackRock’s India return is based on decades of growth, not short-term market cycles.
• Strong economic growth and lower debt levels underpin India’s long-term investment case.
• Fink and Ambani see AI as essential, not a bubble, urging continued investment.

BlackRock is doubling down on India. At a high-profile Mumbai event, Mukesh Ambani and Larry Fink focused less on near-term markets and more on scale, time horizons, and structural change in India’s economy.

At the centre of the conversation was why BlackRock, which oversees roughly $14 trillion, decided to return to India, and how technology and domestic capital could shape the country’s next phase of growth.

A Decision, Driven by Long-term Conviction

Ambani said BlackRock’s return followed a brief discussion in 2023. “It just took him and me five minutes to say: ‘Larry, BlackRock should be back in India.’ And he said yes,” Ambani said.

Fink later confirmed the simplicity of the decision, saying it was settled “in a car ride”. The speed showed confidence in India’s trajectory rather than tactical timing.

Growth Over Decades, Not Quarters

Fink repeatedly stressed that India’s investment case should be viewed over decades.

“When you think about the growth of India, it’s not a quarter, or a day or a week, or a year. It’s over a long horizon,” he said.

He described India as being at the start of what he called an “era” that could last 20–25 years, adding that trade disputes or political headlines would have a limited long-term impact. “Over a 20-year period, this has no bearing,” he said, referring to recent tariff discussions.

Both leaders cited India’s 8–10% growth rate as central to that view, with Ambani arguing sustained high growth was now realistic. “We are the fastest growing large economy in the world,” Ambani said. “Growing at around 8 to 10% is possible and doable.”

Numbers that Anchor Investor Confidence

Ambani pointed to macroeconomic stability as a key differentiator. “Relative to global debt, our debt is still just 50% of GDP,” he said, contrasting India with developed economies where debt levels often exceed 100% of GDP.

India’s current GDP of around $4–4.5 trillion in a $110 trillion global economy leaves room to expand significantly, Ambani argued, projecting India could reach $25–30 trillion over the next 20–30 years.

AI As An Economic Enabler, Not a Bubble

Both leaders framed artificial intelligence as a necessity rather than a speculative trend. “I don’t believe there’s an AI bubble,” Fink said. “The greatest risk we have is if we don’t continue to invest.”

Ambani focused on how AI could help India address scale challenges, from education to healthcare. “If we think about 200 million children in our schools… without AI, this problem we could not have dreamt about solving,” he said.

He also said AI could help deliver healthcare to 1.4 billion people at a fraction of global costs, calling it essential rather than optional.

Fink closed with a reminder that markets and economies adjust over time. “The markets are honest,” he said. “Over time the markets correct themselves.”

While short-term volatility and political noise dominate headlines, both leaders argued that long-term growth, productivity, and technology adoption matter more.

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