NEW DELHI: India will become the world’s second largest economy and net exporter of green energy by 2050 to lead the global energy transition, Adani group president Gautam Adani said on Saturday.
“India will start adding $1 trillion to its GDP every 12 to 18 months – thus putting us on track to become a $30 trillion economy by 2020,” Adani said. 2050 and with a stock market capitalization likely to exceed $45 trillion.” at the 21st World Congress of Accountants in Mumbai.
He sees India’s population growing by 15% to 1.6 billion but per capita income to increase by 700% to about $16,000 in the next 28 years from about $2,200 today. The expansion of this “consumer middle class” will spur an increase in public and private spending and attract “top-level” FDI.
“In fact, India’s FDI inflows have increased more than 20 times since 2000 and I think it will hit $1 trillion by 2050,” said Adani.
Regarding green energy, Adani said, “Cooling the planet will be one of the most profitable and job-creating businesses in the next few decades. I have no doubt that India will lead the global energy transition.”
He also reiterated the group’s plan to invest $70 billion in the green energy space over the next decade to build the world’s most integrated renewable energy value chain.
According to Adani, India will need 400% more energy units by 2050 than it currently consumes. He sees the marginal cost of green energy moving towards ‘zero’ due to the sharp and continuous decline in costs, especially solar power.
“The ability of this zero-cost electron to economically split a water molecule and generate 100% green hydrogen in the future is certain. The combination of solar and wind power with green hydrogen opens up unprecedented possibilities for India,” he said.
India is the world’s third-largest oil importer and generates 70% of its electricity from coal-fired plants, but its per capita energy consumption is only a third of the global average. The Narendra Modi The government is aiming for a 50% share of clean energy by 2030 and is implementing the world’s largest green energy program with the goal of reaching 450 GW of green energy capacity by that time.
“India will start adding $1 trillion to its GDP every 12 to 18 months – thus putting us on track to become a $30 trillion economy by 2020,” Adani said. 2050 and with a stock market capitalization likely to exceed $45 trillion.” at the 21st World Congress of Accountants in Mumbai.
He sees India’s population growing by 15% to 1.6 billion but per capita income to increase by 700% to about $16,000 in the next 28 years from about $2,200 today. The expansion of this “consumer middle class” will spur an increase in public and private spending and attract “top-level” FDI.
“In fact, India’s FDI inflows have increased more than 20 times since 2000 and I think it will hit $1 trillion by 2050,” said Adani.
Regarding green energy, Adani said, “Cooling the planet will be one of the most profitable and job-creating businesses in the next few decades. I have no doubt that India will lead the global energy transition.”
He also reiterated the group’s plan to invest $70 billion in the green energy space over the next decade to build the world’s most integrated renewable energy value chain.
According to Adani, India will need 400% more energy units by 2050 than it currently consumes. He sees the marginal cost of green energy moving towards ‘zero’ due to the sharp and continuous decline in costs, especially solar power.
“The ability of this zero-cost electron to economically split a water molecule and generate 100% green hydrogen in the future is certain. The combination of solar and wind power with green hydrogen opens up unprecedented possibilities for India,” he said.
India is the world’s third-largest oil importer and generates 70% of its electricity from coal-fired plants, but its per capita energy consumption is only a third of the global average. The Narendra Modi The government is aiming for a 50% share of clean energy by 2030 and is implementing the world’s largest green energy program with the goal of reaching 450 GW of green energy capacity by that time.
