NEW DELHI: India will become the world’s second largest economy and a net exporter of green energy by 2050 to lead the global energy transition, Adani group chairman Gautam Adani said on Saturday.
“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 capitalisation that will possibly exceed 45 trillion dollars,” Adani said at the 21st World Congress of Accountants in Mumbai.
He saw India’s population growing by 15% to 1.6 billion but per capita income accelerating by 700% to about $16,000 over the next 28 years from about $2,200 at present. The expansion of this “consuming middle class” will drive a surge in public as well as private expenditure and attract “highest levels” of FDI.
“In fact, India’s FDI inflows have increased over 20-fold since the year 2000 and I would expect it to touch a trillion dollars by 2050,” Adani said.
On green energy, Adani said, “Cooling the planet down will be one of the most profitable businesses and the largest of job creators over the next several decades. I am in no doubt that India will lead the global energy transition”.
He also reiterated his 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 units of energy by 2050 than it consumes at present. He saw the marginal cost of green power headed to ‘zero’ in view of the dramatic and continued drop in the cost, especially of solar power.
“The ability of this zero-cost electron to economically split a water molecule and create 100% green hydrogen in the future is now certain. The combination of solar and wind power coupled with green hydrogen opens up unprecedented possibilities for India,” he said.
India is the world’s third largest oil importer and generates 70% power from coal-fired plants but its per-capita energy consumption is a third of global average. The Narendra Modi government is eyeing a 50% clean energy share by 2030 and implementing the world’s largest green energy programme with a target of 450 GW green energy capacity by then.
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