India is poised to become a $30 trillion economy by the year 2030 from the current $1.4 trillion, industrialist Mukesh Ambani said on Friday.

"India is envisaged to grow from a $1.4 trillion economy to over $9 trillion by 2020 and over $30 trillion by 2030 in nominal terms," corporate giant Reliance Industries chairman Mukesh Ambani said while addressing RIL's shareholders at the company's 37th AGM.

India's continued march on a trajectory of high economic growth rate will translate into exponential growth in several sectors and RIL is well placed to participate in this growth story by aggressively "venturing into newer domains" he said.

Click NEXT to read on . . .

"Reliance's greatest opportunity is to contribute to and also to benefit from India's galloping growth", Ambani said, adding that RIL is determined to significantly enhance its ranking among global businesses.

India's economy is certain to become the third largest in the world in the foreseeable future.

Global economic scenario improved significantly in the year 2010 owing to accommodative monetary policies by most governments, which led to high liquidity in the system and stronger growth and higher demand.

Click NEXT to read on . . .

"This milieu presents Reliance with several opportunities and challenges. Opportunities in market growth and for investments across each of its businesses," Ambani said.

Ambani said the company will have to confront challenges arising out of high commodity and input prices besides inflationary trends.

Talking about Reliance Foundation, the philanthropy arm of the group, he said it is working on developing a multi disciplinary University in Maharashtra and an engineering college and polytechnic institute in Gujarat.

Besides, Reliance Foundation is also upgrading the Hurkisondas Nurrotumdas Hospital in Mumbai to world class standards, he added.