‘India To Be 3rd Largest Economy By 2030’: Gautam Adani At 21st World Congress Of Accountants

‘India To Be 3rd Largest Economy By 2030’: Gautam Adani At 21st World Congress Of Accountants

The World Congress of Accountants is being held in the commercial capital Mumbai for the first time. Organised by the International Federation of Accountants (IFAC) the 21st congress from November 18-21, has had few speakers grace the occasion. 

Gautam Adani, Chairman of the Adani Group addressed the gathering at the World Congress of Accountants 2022 on Saturday, November 19 and said that the event being held in Mumbai is “recognition of India’s inevitable journey of becoming an economic superpower.”

“We have gathered at a time of uncertainties. The intersection of the Covid pandemic, the war between Russia and Ukraine, the challenge posed by changing climate, the surging energy price  and the unprecedented acceleration in inflation has created a crisis for global leadership,” Adani said while speaking at the occasion.

Speaking further he said, “In the emerging multipolar world, superpowers will need to be those that take the responsibility to step in and help in a crisis and not bully other nations into submissions.”

He also highlighted how coalition governments in the past proved to be a hurdle for India’s economic growth and lauded Prime Minister Narendra Modi-led government’s initiatives in this regard.

“It is after more than two decades of our relatively short-term governments and coalitions that we have a government of the majority of its own. This has given our country the ability to initiate several structural reforms,” said Adani.

He laid emphasis on the pace with which Indian economy has grown in the last few years. Giving a comparative data of the last 75 years Adani said,” It took us first 58 years to get to our first trillion dollar of gross domestic product, 12 years to get the next trillion and just 5 years for the third trillion.”

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“Given the pace at which the government has ben executing economic reforms, I anticipate that within the next decade India will start adding a trillion dollar to its GDP every 12 to 18 months,” the Chairman of the Adani Group added.

He also said that India by 2030 will become the world’s third largest economy and by 2050 emerge as the second largest.

Laying emphasis on how entrepreneurship opportunities in the next three decades will propel India’s economic growth, Adani said, “In 2021, the pace of unicorns in India has been the fastest in the world. India executed real-time transactions globally in 2021. It was six times bigger than the US, France, Canada, and Germany combined. All of these have laid a base for the fourth industrial revolution where humans and machines are interconnected.”

The WCOA is held once in four years-the first meeting was held in the US city of St Louis in 1904