India to be third largest economy ‘well before’ 2030: Gautam Adani

11/20/2022

New Delhi, Nov. 20: Indian Adani Group's Founder & Chairman on Saturday claimed that India will become the world's third-largest economy by the end of 2030. He added that the country will become 2nd largest economy by 2050.

Adani was delivering a keynote address on "India's Path to an Economic Superpower" at the World Congress of Accountants 2022 in Mumbai on Saturday.

According to the Indian Media, Gautam Adani said that the next three decades would propel India to the forefront of entrepreneurship. "I expect the number of startups will lead to VC funding in India. India has already seen an acceleration in VC funding to $50 billion in just eight years," he added.

On renewable energy, the industrialist said that the combination of solar and green power, coupled with green hydrogen would open up "great" opportunities for the future.

"By 2050, there is potential for India to become a net exporter of Green Energy," the Adani Group chairman said on Saturday.

In a roughly 30-minute long speech, Adani expressed confidence in India's growing economy and lauded Prime Minister Narendra Modi-led Central government initiatives.

"In 1947, there was an opinion that Indian democracy would not survive. Not only we survived, but now India is regarded as a role model for a peaceful transfer of power from government to the next". Adani added, "It is after more than two decades... that we have a government of the majority of its own. This has given our country the ability to initiate several structural reforms".

Speaking about the rapid rise in India's GDP, Adani said, "It took 58 years to get our first trillion dollars of GDP; 12 years to get the next trillion and just 5 years for 3rd trillion".

He anticipated that in the next decade, India will start adding trillion dollars to its GDP every 12-18 months.

By 2050, India will become a $30 trillion economy, he added.

"With our stock market capitalization that would possibly exceed $45 trillion," Adani stated.

On digital India, Adani said that it is transforming every aspect of the country's operations.

"In 2021, the pace of unicorn creation in India has been the fastest in the world. This will continue, and we will see the birth of dozens of micro unicorns," the billionaire said.

Last year, India added a unicorn every nine days, Adani claimed.

Besides, the country executed the largest number of real-time financial transactions globally- a staggering 48 billion. He said the transactions were six times greater than the US, Canada, France Germany, combined.

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