Adani AGM 2023: Gautam Adani Says India To Be $25-30 Trillion Economy By 2050; M-Cap To Hit $40 Trillion
India, the world’s fifth largest economy, will become the third biggest well before 2030 and the second largest by 2050: Adani.
India is on track to expand tenfold to become a $25-30-trillion economy by 2050 even as the world faces climate, geopolitical, supply-chain and energy and inflation challenges, according to billionaire Gautam Adani.
While economic cycles are getting increasingly harder to predict, India’s demographic dividend is expected to drive consumption and accelerate the growth of a tax-paying society at record pace, Adani said while addressing shareholders at the annual general meeting of Adani Enterprises Ltd.
The United Nation’s Population Fund projects that India’s median age will be just 38 years even in 2050, according to Adani. “Over this period, India’s population is expected to grow by approximately 15% to 1.6 billion, but the per capita income will accelerate by over 700% to about 16,000 US dollars. On a purchasing power parity basis, this per capita metric will be 3 to 4 times higher.”
India took 58 years to get to its first $trillion GDP, 12 years to get to the next trillion and just 5 years for the third, he said. “I anticipate that within the next decade, India will start adding a trillion dollars to its GDP every 18 months.”
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That will put India on track to be a $25-30 trillion economy by 2050 and will drive the country’s stock market capitalisation to over $40 trillion, about 10x expansion from current levels, he said.
India, already the world’s fifth largest economy, will become the third biggest well before 2030 and the second largest by 2050, he said.
Global Challenges
The world is best by multiple shocks including climate emergency, geopolitical challenges, supply -chain and energy volatility, or persistent inflation, he said. “We have never had a time when such events were happening simultaneously without a clear solution in sight.”
Along with technological revolution, especially the breath-taking advances in artificial intelligence, “what we have is a massive potential reset in the existing global operating models”, Adani said.
“The future of work, the future of learning, the future of medicine, and in some ways, the future of economic growth itself will need to be reset,” he said. “Therefore, as we end one financial year and begin another, it is important to take a step back and assess the global situation and India’s position as part of this landscape.”
Disclaimer: AMG Media Networks Ltd., a subsidiary of Adani Enterprises Ltd., holds 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.
