India is likely to become the third-largest economy in the world by 2030-32, Reliance Industries chairman and managing director Mukesh Ambani said on Wednesday. In a chat with Dr RA Mashelkar, president of Pune International Centre, at the Asia Economic Dialogue, Ambani said that the country has to address three challenges to achieve the feat.
Firstly, India must increase energy output to drive double-digit GDP growth. This needs to be done at an affordable basis of the use of technology. Secondly, India must increase the share of green and clean energy in this enhanced output. Thirdly, India must achieve the goal of ‘Atmanirbhar Bharat’ in pursuing the above two challenges, he added.
“For the next 2-3 decades, India’s dependence on coal and imported oil will continue. But, we must have a plan to eliminate that in the next 2 to 3 decades. Hence, in the near and medium-term, we will have to follow ‘low-carbon, no-carbon’ strategies of development,” he said.
An affordable and abundant supply of clean energy will enable every Indian an improved standard of living without disturbing the ecological balance, Ambani is hopeful.
“And this generation has the responsibility to put a successive generation on a path whereby we remain perpetually clean. We have the responsibility of the transition generation,” he said.
The Reliance chairman and managing director is confident that with policy support from the government and young entrepreneurs and strong financing options, India will emerge as a superpower in the green energy sector in the future. “What is commendable is that the new-energy businesses in India are standing on their own two feet, with their own entrepreneurship, and very little support of or basis of any great government subsidies,” he mentioned.
“We will become a 5-trillion-dollar economy, and we will become a 10-trillion-dollar-economy. We can only argue about whether it happens in 2025 or 2027, or whether in 2030 or 2032. So when that happens, the quality of life of every Indian has to improve,” he said.
Talking about Asia’s growth, Ambani said, “It is becoming more obvious with each passing year that the 21st century will be Asia’s century. The centre of gravity of the global economy has clearly shifted to Asia.”
In 2020, Asia’s GDP overtook the GDP of the rest of the world combined. By 2030, the Asian region is expected to contribute roughly 60 per cent of global growth, he added.
Asia is leading the march towards a more inclusive global economy, he mentioned, adding, “We should remember here that Asia accounts for 60 per cent of the world’s population. More Asians will join the middle class in the next two decades than the combined population of all other continents.”
“This trend is also reinforced by the fact that India is likely to overtake Japan as Asia’s second-largest economy, and the world’s third-largest economy, by 2030… I am very confident that the India Growth Story will be as exciting, if not more exciting, than China’s in the decades to come. It is India’s time!” he added.
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