India to be world's 2nd largest economy by 2050: Gautam Adani

Asias richest man Gautam Adani on Saturday said India which took 58 years to become a trillion dollar economy will add an equivalent sum to GDP every 1218 months and will be the worlds second largest economy by 2050Speaking at the 21st World Congress of Accountants here he said backtoback global crises have challenged several assumptions including that China should adopt western democratic principles secular principles are universal the EU would stay together and that Russia would be forced to accept a reduced international roleThis multilevel crisis has shattered the myth of a unipolar or a bipolar world of superpowers that could step in and stabilize global environments he saidIn my view in this emerging multipolar world superpowers will need to be those that take responsibility to step in and help others in a crisis and not bully other nations into submission those that keep humanity as their foremost operating principleA superpower he said must also be a thriving democracy and yet believe that there is no one uniform style of democracyAlso Read Cops record statements of 2 men who helped Shraddha after Aaftabs 2020 assaultThe style of capitalism that drives growth for the sake of growth and ignores the social fabric of a society is rightfully facing its greatest pushback ever he saidAdani 60 said the foundations of Indias increasing economy might have become relevant and a majority government has given the nation the ability to initiate several structural reforms in the political and administrative systemIt took us 58 years to get to our first trillion dollars of GDP 12 years to get to the next trillion and just five years for the third trillionGiven the pace at which the government has been executing a vast multitude of simultaneous social and economic reforms I anticipate that within the next decade India will start adding a trillion dollar to its GDP every 12 to 18 months thereby putting us well on track to be a USD 30 trillion economy by 2050 and with a stock market capitalization that will possibly exceed USD 45 trillion he saidIndia is currently the worlds fifth largest economy with a gross domestic product GPD of USD 35 trillion In comparison the US is a USD 23 trillion economy with a stock market capitalization ranging from USD 45 to 50 trillionA country crushed and drained by its colonial rulers today stands on the cusp of an extraordinary growth and is the only major country on a path to emerge as a highincome nation without compromising its democracy and diversity he saidWell before 2030 we will be the worlds third largest economy and thereafter the worlds second largest economy by 2050In purchasing power parity PPP Indias share of global GDP will be north of 20 per cent by 2050Indias success story of combining economic growth and democracy has no parallel 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 he saidAdani saw Indias median age at just 38 years in 2050 population of 16 billion with a per capita income of USD 16000 over 700 per cent higher than current per capita incomeFDI will touch a trillion dollar in sign of increasing global confidence in IndiaIn 2021 India added a unicorn every 9 days It executed the largest number of realtime financial transactions globally a staggering 48 billion This was 6 times greater than the US Canada France and Germany combined he said adding this year VC funding will exceed USD 50 billion a 50x acceleration in 8 yearsAdani whose portstoenergy conglomerate is investing USD 70 billion over the next decade in a new energy value chain said India can become a net greenenergy exporter by 2050As both domestic companies and multinationals take advantage of Indias market size we will need stronger mandates wherein corporates are compelled to rise to the challenge of enabling a social structure that recognizes the core of our culture and is aligned with our national needs he saidIndia cannot be just seen as a land for making and taking profits out of its geographic boundaries This is why I said that the superpowers in the multipolar world must recognize that there is no one size of democracy that fits allThis story has been sourced from a third party syndicated feed agencies Midday accepts no responsibility or liability for its dependability trustworthiness reliability and data of the text Midday managementmiddaycom reserves the sole right to alter delete or remove without notice the content in its absolute discretion for any reason whatsoever