India to be a $30 trillion economy by 2050: Gautam Adani

India's demographic dividend which will carry it well beyond 2050, will put us on track to becoming a $28-30 trillion-dollar economy by 2050, believes Gautam Adani, Founder and Chairman, Adani Group.

Addressing the India Economic Conclave 2022 themed 'The Great Indian Democratic Dividend', on Thursday in Mumbai, the billionaire said, "My optimism comes from my belief that no nation in the world is as uniquely well placed as India to capitalize on four major vectors that will accelerate development. These are the pull from India's demographic dividend, growth of the middle class, push from the accelerated digital economy and the sustainability focused economy." reports Economi TImes.

Adani Group, which is planning to invest $20 billion in clean energy generation, component manufacturing, transmission and distribution over 10 years, believes that the need for sustainability and renewable power is a game changer for India.

"Solar power today is globally the fastest growing source of energy. Over the past decade, the price of solar panels has dropped by 90% — and, over the next decade, - we will continue to see price drops of the same magnitude within the solar ecosystem," said Adani, adding that the marginal cost of solar power is headed to 'zero' and the ability of this almost 'zero' cost electron to economically split a water molecule and create 100% green hydrogen in the future is a certainty.

"Solar power today is globally the fastest growing source of energy. Over the past decade, the price of solar panels has dropped by 90% — and, over the next decade, - we will continue to see price drops of the same magnitude within the solar ecosystem," said Adani, adding that the marginal cost of solar power is headed to 'zero' and the ability of this almost 'zero' cost electron to economically split a water molecule and create 100% green hydrogen in the future is a certainty.

"The revolution in alternative energy technologies opens up the possibility that someday India can become a net green energy exporter. This was impossible to even contemplate just a year back," Adani added.

Optimistic that India is on the cusp of decades of growth that the world will want to tap into, Adani said even in 2050, the median age of our then, 1.6 billion-strong population will still be just 38 years. "The world will never again see a middle class as large as the one India will have."

Cognizant that though there are challenges to address which include healthcare, education, skill development, manufacturing share of the GDP, and infrastructure availability, Adani said he believes that the digital ecosystem India is creating will generate a significant additional uplift of 100 to 200 basis points to the anticipated 7 to 8% nominal GDP growth rate.

"It is my firm belief that we will address most of these challenges in the decades ahead as we implement the many far-reaching government policies - our economy gets bigger and stronger," he said.