India will become a $30 trillion economy by 2050 - a nearly 10-fold jump from its current size - driven by rising consumption and social and economic reforms, said Gautam Adani, Asia's richest man.
The country's gross domestic product could start expanding by $1 trillion every 12 to 18 months over the next decade, boosting its attractiveness as an investment destination, the billionaire told a conference in Mumbai. He said India's global GDP share is likely to cross 20% by 2050.
"Today solar energy is the fastest growing source of energy worldwide. In the last decade, the cost of solar panels has decreased by 90% - and, in the next decade, - we will continue to decrease the price by the same amount. The solar ecosystem," said Adani, the marginal cost of solar energy ' goes to 'zero' and this almost 'zero' cost electron is certainly capable of economically splitting a water molecule and creating 100% green hydrogen in the future.
"The revolution in alternative energy technologies opens up the possibility of India becoming a net green energy exporter one day. This was unthinkable even a year ago," added Adani. Optimistic that India is on track for decades of growth that the world expects, Adani said that even in 2050, the median age of our then 1.6 billion population will still be only 38 years. "The world will never again see a middle class as large as India's."
Despite challenges in healthcare, education, skill development, the share of manufacturing in GDP, and the availability of infrastructure, Adani said he believes the digital ecosystem India is creating will generate significant incremental progress on a 100 to 200 basis. This represents an estimated nominal GDP growth rate of 7 to 8%.
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