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Adani sees India's GDP at $28 trillion by 2050
Says India will produce cheapest electricity from renewable sources
Hyderabad: Billionaire Gautam Adani on Wednesday said India is at a dramatic inflexion point from where its economy will grow ten times by 2050 with the nation having several trillion-dollar companies and cheapest power from renewable energy.
In his talk on 'Incredible India and the opportunities ahead for India' at the TiE Global Summit, Adani saw India's GDP rising to $28 trillion by 2050 from the current $2.8 trillion, stock market valuation swelling to $30 trillion and a $10 trillion retail market.
Plus the nation will be home to one in every three middle-class people in the world. A combination of "India's soft power with the hard power of a $28 trillion GDP and a $30 trillion value stock market will give an incredible nation that is taking the journey to becoming the greatest opportunity of the 21st century," he said.
Adani, who had earlier this year set a goal of his group becoming the world's largest renewable power company by 2025, said the marginal cost of electricity will continue to drop sharply as the renewable energy boom accelerates and the country will produce the cheapest electricity from renewable energy sources.
"In my view, India is today at a dramatic inflexion point. I believe that over the next few decades India will have firmly positioned itself as the greatest opportunity of the 21st century and become even stronger the year 2050 onwards," he said.
There, however, will be challenges such as periods of slowdown that every large economy goes through. "Yes, there will remain difficult challenges for India to overcome. But, there simply cannot be any denial of the scale of the opportunity that awaits India," he said.
Adani, who heads a ports-to-energy conglomerate, said the global GDP at present is $85 trillion dollars of which India is $2.8 trillion. "In 2050, the global GDP is expected to be $170 to 180 trillion and the Indian GDP - then at about $28 trillion - will contribute over 15 per cent to the global economy," he said.