MUMBAI: India is set to become one of the top five economies in the world over the next few decades but local companies have to grow in scale in the domestic market before going global, Mukesh Ambanisaid today.

"As I see the world, India is on its march to find its own destiny. We will be in the top five economies in the world in the coming decades. It is important for businesses to create scale in India first," Reliance Industries Chairman, Mukesh Ambani said at a panel discussion organised by State Bank of India here.

Indian firms, prior to expanding their business in overseas markets, need to consolidate operations in the country through effective use of human power and technology advantages, Ambani said.

"Given the strength of the domestic market, our talented young people, it is important for businesses to create scale in India first. To be somebody in the world, you need to be somebody in India first," Ambani, who heads the largest business group in India, said.

Further, he said, it was important to understand that world is no longer a zero sum game. "One can create a win-win situation whereby Indian economy and corporate along with its counterparts deliver value to rest of the world," Ambani said.