“While economic cycles are getting increasingly hard to forecast, there is little doubt that India, already the world’s fifth largest economy, will become the world’s third largest economy well before 2030,” Gautam Adani said.

While addressing the shareholders, in Adani Group’s annual report 2022-23, Gautam Adani, Chairman of the conglomerate, said that India is well poised to become the world’s third largest economy well before 2030 and thereafter the world’s second largest economy by 2050. “While economic cycles are getting increasingly hard to forecast, there is little doubt that India, already the world’s fifth largest economy, will become the world’s third largest economy well before 2030,” he said.

Applauding government reforms and implementation of several structural reforms that have shown its impact on the economy, Adani said, “This stability coupled with India’s young demographics and continued expansion of internal demand is a potent combination. Our nation’s demographic dividend is expected to drive consumption and accelerate the growth of a tax paying society at record pace over the next three decades.”

According to the United Nations Population Fund (UNFPA), India’s median age will be just 38 years even in 2050. While he stated that India’s population is expected to grow by around 15 per cent to 1.6 billion, its per capita income will accelerate by over 700 per cent to about $16,000. “On a purchasing power parity basis, this per capita metric will be 3 to 4 times higher. The growth of this consuming middle class is expected to insulate us to quite some extent from global recessions as our growth is primarily driven by domestic demand,” Adani said while maintaining that this will drive a surge in private and government expenditures as well as attract more foreign direct investments.

He further added, “I anticipate that within the next decade, India will start adding a trillion dollars to its GDP every 18 months – thereby putting us well on track to be a $25 to 30 trillion economy by 2050.”

Adani Group’s financial performance during FY 2022-23

Adani Group posted an income of Rs 1,38,175 crore during the financial year 2022-23 with profit after tax at Rs 2,473 crore. The company’s net worth stood at Rs 37,890 crore. “The Adani Group’s Annual Report for the year 2022- 23 presents a growth narrative powered by sustainable infrastructure and building a better future for the world around sustainable practices,” the company said in a statement. It also maintained that a Rs 150 investment in Adani Enterprises, the group’s first IPO in 1994, had grown to more than Rs 4,40,000 by the close of FY 2022-23.

Meanwhile, Jugeshinder Singh, Chief Financial Officer of the company, said, “The EBITDA of our incubating businesses grew 375 per cent to Rs 5,043 crore while Established Businesses grew 36 per cent to Rs 4,982 crore. This underlines our operational excellence and the coming of age of our incubating portfolio. The EBITDA growth was achieved, while keeping debt at almost the same level of the previous year.” He added that the company is attractively placed to catch the national growth curve and glo along with the ‘New India’s growth story’.

Also, Rajesh S Adani, Managing Director, Adani Group, said, “The year FY 2022-23 continued to validate AEL’s incubation journey strengths. Despite challenges in the external environment – the Russia-Ukraine conflict, rise in interest rates, weakness of the Indian stock markets, global economic slowdown, inflation, and the adverse impact arising from a made-up short seller’s report – AEL reported attractive growth.”

https://www.financialexpress.com/industry/india-well-poised-to-become-third-largest-economy-before-2030-fifth-largest-by-2050-says-gautam-adani/3144395/