India on the cusp of explosive growth, says Gautam Adani

Source: The Hitavada      Date: 04 Feb 2018 10:20:17


Feb 3,


CHAIRMAN of USD 11-billion Adani Group, Gautam Adani on Saturday said that India now stood on the “cusp of explosive growth” and game-changing policies like GST, Aadhaar and Jan Dhan Yojana would lay the platform for decades of strong growth. With GDP growth rates of over 7 per cent, it was anticipated that India would become the world’s third largest economy by 2030 and second largest by 2050, he said. “India now stands on the cusp of explosive growth that barring the US and China, no nation in modern history has witnessed,” Adani said while addressing the SRCC Business Conclave.

He said that over the past few years, there had been a dramatic progress in positioning India as a nation integrated into the global economy, a nation flexing its power and building key strategic alliances and a nation that was firm yet restrained and extending a helping hand to those in need. Adani said over the past few years, the Narendra Modi Government had introduced “game changing” policies which would drive foundational changes across India.

The implementation of the GST -- while still to be streamlined -- would unify internal markets and become the catalyst for GDP growth, he said. Stating that Aadhaar was a “remarkable initiative” of getting 1.3 billion people on one common identification platform is a game changer for both tax collections and direct benefits distribution, Adani said it would transform the way Government managed its subsidies. Over 31 crore bank accounts opened under the Jan Dhan Yojana in just three years and had yielded a staggering Rs 73,000 crore of deposits. Besides, the Digital India revolution is on track to ensure over 100 crore of our fellow countrymen have a mobile device in their hands by 2020 -- and over 50 crore internet users come online -- thereby enabling a technology revolution of unprecedented scale, he said.

“The combination of these initiatives will change India in ways hard to imagine. It will unlock the bottom-of-the pyramid and lay the platform for expanding the middle class and setting off decades of strong growth,” Adani said. He also highlighted the hurdles to economy saying India faced deepening income inequality, challenge of income security of farmers, job growth, and increased geostrategic polarisation.

Opposition to Oz projects abetted by NGOs, competitors: Gautam Adani said the intense resistance to his group’s Australian coal mining project was “abetted by some international NGOs and competitors" and termed personal attacks on him as “vicious”. The Adani Group entered Australia in 2010 with the purchase of greenfield Carmichael coal mine in the Galilee Basin in central Queensland, and the Abbot Point port near Bowen in the north.