Reliance Industries Ltd Chairman and Managing Director Mukesh Ambani on Wednesday said the company's newly-launched telecom venture Reliance Jio stands for affordability and data is the new oil in the industry.

"Jio was conceived at a time when the world was fast digitising. What the Jio platform offers is partner with the next generation to solve problems for India to make sure our industries are more productive," Ambani said.

"To my mind, data is the new natural resource. In that sense, India is blessed with 1.3 billion people, for it to have real value it has to be processed into intelligence. Data is the new oil and its benefit is immense to society. India with its young population will have a competitive advantage," he added.

He was speaking at an interactive session at the Nasscom India Leadership Forum 2017 here.

Reliance Jio has disrupted the Indian telecom industry with its free data offer till March.

"With the investment in Jio and concurrent action spurred in the industry, India can be among the top 10 in broadband access. Data is the oxygen of this digital life and no Indian should have this in scarcity," he added.

Ambani said human race is at the doorstep of fourth industrial revolution of convergence of digital and biological science. "At the foundation of fourth industrial revolution is connectivity and data, the convergence of all the sciences has been brought about."

Ambani said Aadhaar has enabled Reliance Jio to have millions of customers within few months.

Talking about digital payments, he said: "After the Aadhaar, you consider the digital payments system that is fast developing. Earlier, loans and financial resources were only available to a few people at high value. Now, I see that changing on the basis of technology. Now based on data, you can get a loan on your mobile phone."

"We are at the doorsteps of change in adapting technology to change the lives of people."

"In this new world in terms of digitisation it is important to be open. Whatever the world trends may be, we have to make sure we are always open, always connected. The goal of improving the lives of hundreds of millions of people is the opportunity that we have," he added.

Talking about digitisation, Ambani said: "We have opportunity to adapt artificial intelligence, natural language processing, drones in terms of our logistics. Opportunities are immense. Now we have infrastructure to do it in our own market and make India one of the biggest software markets"of the world."

Counselling a five-point tip-sheet for budding entrepreneurs and potential start-up founders, Ambani said it is essential to find a passion for solving a problem without focusing primarily on financial returns.

"As an entrepreneur, you find a solution to the problem you are passionate about. It is not solving problems but first finding problems and then solving it. Financial results are actually a by-product. Failures are normal. Learn from them.

"Two non-negotiables for me is treat investors' money even more carefully than your own money. You cannot do anything without the right team, align it passionately to your own mission. An entrepreneur is always optimist," he added.