As many countries around the world brace for a recession, slashing growth forecasts, billionaire Gautam Adani has said he is very bullish about India’s economy, seeing it grow to as much as $30 trillion by 2050.
“India is progressing fast. It took 58 years since independence for India to achieve a $1 trillion economy, it took another 12 years to achieve a $2 trillion economy. It took five years to achieve a $3 trillion economy, and India is now in a position where its economy can touch $30 trillion by 2050,” Mr Adani said in an exclusive interview with India TV.
“Naturally, per capita income will grow, and job opportunities will increase. Nobody can stop India in the coming years,” he said.
The 60-year-old businessman, who is the world’s third-richest after Louis Vuitton’s Bernard Arnault and Tesla boss Elon Musk, has led his group to pole positions in most sectors in India. The Adani Group is the country’s third-largest conglomerate, after Reliance Industries and the Tata Group.
A first-generation entrepreneur, Mr Adani’s group comprises seven publicly listed entities with businesses spanning energy, ports and logistics, mining and resources, gas, defence and aerospace and airports.
Over the past five years, flagship company Adani Enterprises has invested heavily in new growth sectors, including airports, cement, copper refining, data centres, green hydrogen, petrochemical refining, roads and solar cell manufacturing.
Looking ahead, it plans to foray into the telecom space and has massive plans to grow its green hydrogen and airports businesses.
Asked about what would happen if the “Adani balloon bursts”, the business magnate told India TV: “This may be the wish of some critics, but I can tell you that Adani group’s assets are three to four times our borrowings. Nobody’s money is not unsecured.”
“So long as India progresses, this balloon will move forward,” he said.
(With inputs from agencies)
(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)