When Fortune compiled its Change the World List, Reliance Jio emerged as the clear winner leaving behind Chinese conglomerate Alibaba at 5th, the food and drug store chain Kroger at 6th, industrial equipment firm ABB at 8th, and communication and network leader Hughes Network System at 10th positions, respectively.
Fortune’s Change the World List:
Mukesh Ambani’s Jio topped the Fortune’s Change the World List beating several big-shot global enterprises that are leaders in their own categories. The list that was released recently, is compiled based on the companies Social Consciousness. Fortune ranked the corporations on the basis of their profit motive to approach the social problems and help the planet.
Reliance Jio Infocomm beat Bank of America and pharmaceutical giant Merck to win the top spot in just revealed Fortune’s Change the World List. Chinese conglomerate Alibaba, food and drug store chain Kroger, industrial equipment firm ABB, and communication network giant Hughes Network System, all placed on the 5 and below ranks of the list.
Fortune’s Statement:
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.”
Jio stormed the Indian telecom sector in September 2016 with freebies in the form of free voice calls and data, forcing its competitors to either merge or leave the Indian telecommunication market altogether. Since then, the company has gone from strength to strength and has now a massive subscriber base of 215 million and is profitable as well.
Fortune quotes Ambani who said that Reliance Jio likes to provide the people of India with ‘digital oxygen’. Two years prior, the world’s second most populated economy was lacking in the said oxygen. Mobile phones dragged on the 2G network yet the user was paying higher than Rs.200 for a GB of data. In a population of 1.3 billion, only 153 million used mobile internet.
Then came Jio. With the super-fast 4G network that the company spent billions in building, free calls, and data as cheap as 4 cents per GB. Since then, Reliance Jio has introduced cheap handsets and is on the verge of launching an FTTH, Internet-based TV programming as well, Fortune further added.
“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.”, quoted Fortune.
The biggest beneficiary of Jio’s digital revolution are the people belonging to the low to medium income strata like entrepreneurs, students, and farmers, who now have the means to actively engage in the modern economy.
According to Fortune, their Change the World List acknowledges companies that leave positive social footprint via activities that are essential to their key business strategies.
The list, as revealed by Fortune, only considers organisations that have an Annual Income of $1 billion or more. To be part of the list, the billion dollar revenue generators are measured for social impact, profitability (business results), a degree of innovation, and corporate homogenization.
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The post Mukesh Ambani Led Reliance Jio Ranked Top in the Fortune’s Change the World List: Here’s the Reason appeared first on MySmartPrice.
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