‘Idle money in bank accounts not getting worse’: Mukesh Ambani on why Indians should invest in the stock market

Reliance Industries Chairman Mukesh Ambani on Tuesday made a strong case for diverting Indian households’ savings to the capital markets, arguing that the country’s long-standing preference for physical assets such as gold has slowed the production of productive wealth at a time when India is entering a robust growth phase.In a conversation with BlackRock CEO Larry Fink, Ambani said Indian households have been “very consistent savers” over the past four to five decades, but a large portion of those savings have not been channeled into productive assets. He pointed out that India has imported billions of dollars worth of gold and silver over the years, largely as a store of domestic savings, doing little to increase prosperity or support economic growth.

“If we can convince Indian savers to invest in India’s capital markets in a safe and transparent manner, returns can be achieved,” Ambani said, underscoring the opportunity in shifting household money from idle assets to equities and financial instruments that grow with the economy.According to Ambani, investing remains too complicated for a large part of the population. Simplifying access to financial markets, he said, should be a fundamental demand of India’s younger generation.

“Access to investments is complex. That’s what every young Indian should demand. Our job is to provide that, similar to what we did with Jio,” Ambani said, drawing a parallel to how cheap data and digital access transformed India’s telecom and internet landscape. The same approach, he argued, could democratize investment and bring millions into the capital markets.

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He also made a clear distinction between traditional savings and market-related investments, saying money parked in bank accounts becomes insignificant over time, while money invested in the stock market participates directly in economic growth. As India grows, businesses grow, profits rise and capital markets reflect that progress, but only if households invest in them. Ambani’s comments come at a time when India is witnessing a steady increase in retail investor participation, driven by systematic investment plans, digital platforms and greater awareness. However, households’ allocation to equities remains low compared to global peers, with a significant share of savings still tied up in physical assets and low-interest deposits.

BlackRock CEO Larry Fink echoed Ambani’s optimism about India’s long-term growth story, especially in the context of technology. Fink said he does not believe the world is in an artificial intelligence bubble and described AI as a powerful growth engine for the global economy, from which India is well positioned to benefit.

“India has always adapted new technologies,” Fink said, adding that AI will be a key driver of productivity, innovation and wealth creation in the coming decades. His comments are in line with BlackRock’s broader view that India will be one of the top investment destinations globally over the next 20 to 25 years.