India’s economy will expand to US$30 trillion by 2050, Asia’s richest man Gautam Adani says
- The nation’s GDP could start expanding by US$1 trillion every 12 to 18 months within the next decade, the billionaire said
- India’s energy consumption could rise by 400 per cent by 2050, and the country will undertake ‘an unparalleled’ transition, he said
India is set to become a US$30 trillion economy by 2050 – a nearly 10-fold jump from its current size – driven by rising consumption and social and economic reforms, according to Asia’s richest man Gautam Adani.
The nation’s gross domestic product may start expanding by US$1 trillion every 12 to 18 months within the next decade, increasing its attraction as an investment destination, the billionaire said at a conference in Mumbai. India’s share of global GDP is likely to exceed 20 per cent by 2050, he said.
The coal-to-ports billionaire reaffirmed his group’s commitment to invest US$70 billion in a clean energy value chain. Economic growth is likely to mean India’s energy consumption will rise by 400 per cent by 2050, and the country will undertake “an unparalleled” energy transition to cater for this demand, he said.
Prime Minister Narendra Modi’s government has set targets to expand the nation’s solar and wind power capacity, as well as make the country an global hub for green hydrogen.
COP27: India wants ‘phase down’ to apply to all fossil fuels
The world’s third-biggest producer of greenhouse gases has set a goal to become a net zero emitter by 2070, and tycoons including Adani and his rival Mukesh Ambani are spearheading that effort, committing billions of dollars in green energy.
“Cooling the planet down will be one of the most profitable businesses, and the largest of job creators over the next several decades,” Adani said, adding that the opportunity may turn India into a net exporter of green energy by 2050.
Adani said India is expected to maintain its rapid pace of creating unicorns, start-ups that have more than a billion dollars in market value. In 2021, India added a unicorn every nine days, he said.
