Speaking at the JP Morgan India – Future in Focus Summit, the Adani Group Chairman said that the AatmaNirbhar Bharat program will be a game changer.
“I will state without hesitation that, in my opinion, for the next three decades, India is the world’s greatest business opportunity,” he said.
India’s geostrategic position and massive market size give it an edge over its global peers amid the fundamental political realignment of nations that are taking shape, he said, adding that opportunities for India are likely to accelerate on the other side of the country. the pandemic.
“For the sake of fans of the GDP metric, let’s look at some statistics. World GDP in 1990 was $ 38 trillion. Today, 30 years later, this figure is $ 90 trillion. Projecting for another 30 years, By 2050 the world GDP is expected to be about $ 170 trillion and India will become the world’s second largest economy, “he said.
The Indian economy contracted by a record 23.9 percent in the April-June quarter due to the COVID-19 pandemic and the lockdown that followed. The economy is projected to contract for the first time in four decades, throughout the year through March 2021.
But Adani said that short-term setbacks due to a global crisis cannot be used to cancel the country as its fundamentals remain intact.
“The current focus on standardized GDP predictions compared to actually understanding what a nation might look like over a decade has unfortunately become one of the main elements in measuring the health of an economy. In my opinion, the patience and long-term planning and, most importantly, an alignment with the government’s business agenda is what creates the most value, ”he said.
Speaking of the challenges holding back India, Adani said India needs between $ 1.5 trillion and $ 2 trillion of capital over the next decade, but despite key structural reforms such as the National Investment and Infrastructure Fund and the Fund for Credit Enhancement, Capital Structure Challenges, and Lack of Resources Independent regulators remain obstacles to nation-building and investment opportunities.
The first-generation entrepreneur, who created India’s largest infrastructure group with interests ranging from seaports to airports to energy, convinced the audience to seek opportunities through his “optimistic” lenses.
“As an entrepreneur, I am optimistic, and therefore the lenses through which I see opportunities may be different than some of yours. I recognize that the view that you cannot build a long-term future with thoughtful thinking. short term may not be in alignment with the objectives of certain priorities of the investment community, ”he said.
He told the forum to stop looking at all nations through the old western growth metrics.
“Democracy cannot take a simple approach and we must accept that different nations will have their own flavor of democracy and capitalism.”
Stating that the AatmaNirbhar Bharat or Self-Sufficient India program will be a game changer, he said that India builds a dilapidated supply chain infrastructure that was exposed to COVID-19, as also a strong lead in digital transformation will help rebuild the economy.
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