Consumer first, says Ambani as he hits out at critics

New Delhi: Chairman of Reliance Industries Limited Mukesh Ambani has hit back at those who blame his telecom venture Jio for the industry’s losses. Days after Bharti Airtel chairman Sunil Mittal accused Reliance Jio of ‘predatory pricing’, Ambani said profits and losses are part of business and one should learn to afford that especially if it benefits the consumers. Speaking at Hindustan Times Leadership Summit on Friday, Ambani said so long as the consumer gains and the country moves forward, it is worth taking those losses. After the entry of Jio, India has become the world’s No.1 mobile broadband market, consuming more data than users in the US and China, he said. But Jio, which was launched a year ago, disrupted the telecom industry by offering free calls and cheap data on mobile phones. Existing players like Mittal’s Airtel and Vodafone had to cut tariff but they still charge for voice calls and text messages which are free on Jio.