Reliance Industries Chairman Mukesh Ambani on Friday said crude prices could rise to $100 a barrel soon.

“Crude oil prices are well above the $70-mark. We foresee an increase in crude price to three digits in the near future,” Mr. Ambani said at an industry conference here.

He said a sluggish growth in refining capacity would drive the price increase.

“I believe the petrochemical industry should reinvest and we have to reset our thinking and must innovate to tackle these issues,” he said. According to him, India is poised to become the world’s strongest economy by 2020. “I believe by 2020 the balance-sheet of India would be the strongest in the world. The gross domestic product (GDP) growth of India from $1.5 trillion to $5 trillion in the next ten years will make India an economically powerful country in the world,” Mr. Ambani said. He said this century belonged to India as businesses were shifting to India from other parts of the world.

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