The founder and chairman of the billionaire Adani Group, billionaire Gautam Adani, presented a compelling case for India in a multipolar world where globalization and traditional capitalism were encountering their biggest resistance ever.
Gautam Adani’s Words on the Indian Economy
In his keynote talk, Gautam Adani claimed that India would have a $30 trillion GDP and maybe a $45 trillion stock market value by 2050, depending on the speed of changes and their implementation.
He emphasized three important elements that would serve as enablers for this growth: the demographic dividend, digitalization, and the shift of the economy to renewable energy sources. These same reasons, according to Morgan Stanley’s strategy analysis from earlier this month, have laid the groundwork for a New India.
According to Gautam Adani, the US has a $23 trillion economy and a market valuation between $45 and $60 trillion. Even while India will see greater absolute growth than any other country between now and 2050, the nominal dollar-based GDP narrative does not accurately depict India’s true potential.
India took 58 years to reach its first $1 trillion in GDP, but another $1 trillion was added in 12 years. India’s GDP has increased by the last trillion dollars in the last five years. According to Gautam Adani, India will begin growing its GDP by $1 trillion every 12 to 18 months within the next ten years.
India must be viewed in this light. According to Adani, India will accomplish this phenomenal growth without sacrificing its democracy or diversity. The audience applauded as Adani predicted that India would have the second-largest economy in the world by 2050 and be the third-largest economy by 2030.
Factors Responsible for India’s Growth
Over the next three decades, several connected factors would propel India’s growth. A tax-paying nation’s growth would be accelerated by the demographic dividend, he claimed. Even in 2050, India’s median age would only be 38. During this time, the country’s population would increase by 15% to 1.6 billion people, but per capita income would increase by roughly 700% to $16,000.
Entrepreneurship and digitalization, according to Gautam Adani, would be the second feature that would work as an enabling factor. These two elements can be combined to produce a dynamic, innovative workplace because they are intimately related. He claimed that a highly equitable society will be produced by our digitized India, which will also revolutionize healthcare, education, and skill development.
Gautam Adani focused a lot on the energy revolution and its possibilities for India. His Adani Group plans to invest $70 billion in green energy over the next ten years. According to him, the space of energy transformation was the third dimension that would show to be a dramatic shift for India. He highlighted that the largest difficulty facing the developing world today is energy poverty and that this gap will mostly need to be bridged by renewable energy.
India will require 400 more energy units by 2050 than it does now. Although it might sound difficult, Adani claimed that the technological improvement they are experiencing should make it possible.
Green hydrogen and the combination of solar and wind energy create previously unimaginable opportunities for India. According to Gautam Adani, over the coming decades, one of the most lucrative industries and the largest employer will be global efforts to cool the planet.
Adani stated that the Superpowers of the modern multipolar world are those that feel responsible to jump in and support others in a need and not push other nations into surrender. Adani was speaking to the World Congress of Accountants on Saturday at the Jio Convention Centre in Mumbai. The form of capitalism that prioritizes expansion over social cohesion is properly encountering its strongest opposition ever.
Furthermore, The foundation of India, growing economic power, along with its culture and beliefs, become relevant in such a multipolar world, he continued, as it embarks on its adventure to become an economic superpower that integrates economic growth with social growth all within the confines of a democratic society.