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India on inevitable journey to be an economic superpower: Gautam Adani

BusinessIndia on inevitable journey to be an economic superpower: Gautam Adani

Gautam Adani delivered the keynote address at the 21st World Congress of Accountants in Mumbai on Saturday. Edited excerpts: I am deeply honoured to have been invited to speak at the 21st World Congress of Accountants. The choice of India–for the first time–in the 118-year history of this event–is a recognition of India’s inevitable journey towards becoming an Economic Superpower. It reflects the rising tide of confidence of 1.4 billion Indians. It reflects the wind in the sails of the world’s fastest growing economy. There could be no better manifestation of the scale of India’s thinking than this magnificent Jio Convention Centre showcasing this event.
We all recognize that we are gathered here at a time of uncertainty. The intersections of the Covid pandemic, the war between Russia and Ukraine, the challenge posed by a changing climate, the surging energy prices, and an unprecedented acceleration in inflation have created a crisis for global leadership. The contours of international relations have fundamentally changed, and the aftertaste of globalization is not as flat as had been predicted.
The fact is that several of our assumptions have been challenged. That the EU would stay together, that Russia would be forced to accept a reduced international role, that China should adopt western democratic principles, that secular principles are universal in nature, and that a pandemic break out would mean developed countries stepping in to help the developing world – every single one of these beliefs have faltered. This multilevel crisis has shattered the myth of a unipolar or a bipolar world of superpowers that could step in and stabilize global environments.
Therefore, in 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 principle. Not only did we survive, but India is now regarded as a role model for peaceful transfer of power from one government to the next. Also, it is after more than two decades of relatively short-term governments and coalitions that we have a government with a majority of its own. As expected, this has given our country the ability to initiate several structural reforms in the political and administrative system and deliver public services balancing a long-term view with rapid execution.
Our democracy is now 75 years old. This is about the average lifespan of an Indian today. Within this period India has seen remarkable acceleration. It 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 trillion. Given 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 dollars to its GDP every 12 to 18 months—thereby putting us well on track to be a 30 trillion-dollar economy by 2050 and with a stock market capitalization that will possibly exceed 45 trillion dollars. My dear friends, let me close by saying that 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. We will be an India that taps into our own markets to help it become self-reliant. An India with a democratic system that is based on dignity and equality. An India that has the courage to aspire. An India that is a responsible power and strong at its borders. The policies that have been put in place have allowed our nation to make tremendous progress over the last decade and put us firmly on a path to become an Aatmanirbhar or self-reliant India–a self-reliant society that is 100% literate, 100% healthy and 100% vocationally trained. And most importantly a self-reliant India that has forever eliminated poverty–all achieved well before 2050. This is what being a superpower should be all about. I hope you share my bullishness about India. Thank You.

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