Asia’s richest and world’s third wealthiest person Gautam Adani on Saturday painted a bullish picture of the Indian economy over the next three decades, asserting that the country will within the next decade start adding a trillion dollars to its GDP every 12 to 18 months.
This would put India well on track to be a $ 30 trillion-economy by 2050 and with a stock market capitalization that will possibly $ 45 trillion, Adani said in his address at the 21st World Congress of Accountants (WCOA) 2022 in Mumbai.
Adani highlighted that it took India 58 years to get to its first trillion dollars of GDP, 12 years to get to the next trillion dollar and just five years for the third trillion.
“if there ever were a time to be Indian, be in India, and associate with India - it is now. The foundation to build a new resilient India has already been laid”, Adani said.
Adani said that he expects Indian economy to become the world’s third largest economy well before 2030 and the second largest economy by 2050. “India’s success story of combining economic growth and democracy has no parallel”, he added.
Adani also said that he expects per capita income of Indians to increase to $ 16000 by 2050. “India’s median age will be just 38 years even in 2050. Over this period, India’s population will grow by 15 per cent to 1.6 billion, but the per capita income will accelerate by over 700 per cent to approximately $ 16,000”, he said.
In this context of PPP, India’s share of global GDP will be north of 20 per cent by the year 2050, he added.
The next three decades will propel India to forefront of entrepreneurship”, Adani said.
On Foreign Direct Investment (FDI), Adani highlighted that India’s FDI inflows have increased over 20-fold since the year 2000 and would expect it to touch a $ 1 trillion by 2050. “In this ongoing year, India is expected to record a 15 per cent increase and an all-time high FDI of over $ 100 billion. Such scale of investments lay the foundation for significant job expansion”, Adani added.
Adani said that VC funding in India first crossed $ 1 billion in 2015. “This year, VC funding will exceed $ 50 billion. That is a 50x acceleration in just 8 years. India stands as the foremost example of how a smartphone and inexpensive data – powered by aspirations – can create jobs and transform a nation”, he said.
Adani also said that the Adani Group will in the next decade invest over $ 70 billion in the energy space and build the world’s most integrated renewable energy value chain. “There can be no greater sign of my confidence in the India growth story”, he said. India will be a net green energy exporter by 2050, Adani said.