Skip to content
Search

Latest Stories

China risks being ‘isolated’ from rest of world, says Asia’s richest person

“India is on the path to be the world's third largest economy by 2030,” Adani said.

China risks being ‘isolated’ from rest of world, says Asia’s richest person

Indian billionaire and Asia’s richest Gautam Adani has said that China could become increasingly isolated from the rest of the world and the country would find it hard to bounce back from a period of economic weakness.

He added that increasing nationalism, supply chain risk mitigation, and technology restrictions will have an impact on China's economy.


"China’s Belt and Road initiative was expected to be a demonstration of its global ambitions, but the resistance now makes it challenging. And its housing and credit risks are drawing comparisons with what happened to the Japanese economy during the “lost decade” of the 1990s," he added.

Delivering the keynote address at the 20th Forbes Global CEO Conference 2022 in Singapore, the Adani Group chairman said that the global turbulence has accelerated opportunities for India.

"It has made India one of the few relatively bright spots from a political, geostrategic, and market perspective. The term “relatively” is important because Europe’s conditions have only gotten more difficult. The ongoing armed conflict has accelerated its structural weaknesses. Balancing the aspiration levels of the EU’s member countries and still keeping the EU united will be harder than ever before. The United Kingdom continues to slide as it struggles with Brexit and a new set of hard-to-optimize economic challenges," he said.

Adani added that India is on the path to be the world’s third largest economy by 2030.

"The fact is India’s real growth is just starting – as it goes from its 75th year of freedom this year – towards its 100th year of independence. Our country calls this period – Amrit Kaal. Meaning the perfect period for beginning a better tomorrow," he said.

The billionaire added that India will comfortably become a country with 100 percent literacy levels in the next 25 years and will also be poverty-free, well before 2050.

"We will be a country with a median age of just 38 years even in 2050 – and a country with the largest consuming middle class the world will ever see. We will also be the country that attracts the highest levels of foreign direct investment given the sheer scale of consumption of 1.6 billion people. We will be the country that will go from a 3 trillion-dollar economy to a 30 trillion-dollar economy, a country with a stock market capitalization of 45 trillion dollars, and a country that will be supremely confident of its position in the world," he said.

Adani further said: "India took almost 58 years to reach the 1-trillion-dollar GDP mark. It then took 12 years to achieve our 2nd trillion dollars – and thereafter, only 5 years to achieve the 3rd trillion dollars. This rate will further accelerate as the digital revolution kicks in and transforms every type of activity at a national scale."

Adani said that his group we will invest over $100 billion of capital in the next decade.

"We have earmarked 70 per cent of this investment for the Energy Transition space. We are already the world’s largest solar player, and we intend to do far more. In this context, Adani New Industries is the manifestation of the bet we are making in the energy transition space. It is our commitment to invest 70 billion dollars in an integrated green hydrogen-based value chain," he said.

More For You

Man found guilty of rape and murder of Irish backpacker in India

McLaughlin, 28, from County Donegal, was found dead in a field in Goa in March 2017. (Photo credit: Twitter)

Man found guilty of rape and murder of Irish backpacker in India

A COURT in India has found Vikat Bhagat guilty of the rape and murder of Irish backpacker Danielle McLaughlin.

McLaughlin, 28, from County Donegal, was found dead in a field in Goa in March 2017.

Keep ReadingShow less
Alderman Alastair King

King, who serves as the global ambassador for the City of London, will be in Mumbai to discuss trade and investment under his mayoral theme, 'Growth Unleashed.'

Lord Mayor of London to visit India for trade talks

THE LORD MAYOR of London, Alderman Alastair King, is set to visit India for a week starting Saturday, aiming to promote free trade and capital flows between the two countries.

King, who serves as the global ambassador for the City of London, will be in Mumbai to discuss trade and investment under his mayoral theme, “Growth Unleashed.”

Keep ReadingShow less
Pablo-Escobar-merchandise-Getty

Escobar, killed by security forces in 1993, remains a figure of global interest, with his image appearing on souvenirs like T-shirts, mugs, and keychains. (Photo: Getty Images)

Colombia considers ban on Pablo Escobar merchandise

COLOMBIA’s Congress is considering a bill that would ban the sale of merchandise featuring drug lord Pablo Escobar and other convicted criminals.

The proposed law aims to curb the glorification of Escobar, who was responsible for thousands of deaths during his time leading the Medellín cartel, reported BBC.

Keep ReadingShow less
Assisted dying bill: Judge approval scrapped for expert panel safeguard

Polls show most Britons back assisted dying, with supporters calling for the law to reflect public opinion.

Assisted dying bill: Judge approval scrapped for expert panel safeguard

Eastern Eye

THE proposed new assisted dying law for terminally ill people will be amended to remove the requirement that a high court judge sign off on each case, Labour MP Kim Leadbeater said on Tuesday (11).

Opponents of assisted dying said the change would weaken the safeguards around protecting vulnerable people from being coerced or pressured into taking their own lives.

Keep ReadingShow less
Andrew Malkinson

Malkinson, 59, has been struggling financially since his release and has been on universal credit for 19 months. (Photo: X/@NotThatBigIan)

Wrongful rape conviction: Andrew Malkinson to get 'significant' compensation

ANDREW MALKINSON, who spent 17 years in prison for a rape he did not commit, will receive a six-figure interim compensation payment from the Ministry of Justice.

The payment comes more than a year after his conviction was overturned by the Court of Appeal in July 2023.

Keep ReadingShow less