Gautam Adani Says India One Of Few 'Bright Spots', China Will Feel Increasingly Isolated
India is "far from perfect" but the essence of the country's democracy lies in its imperfections, says Gautam Adani.
Global turbulence has accelerated opportunities for India, while China will feel "increasingly isolated", Billionaire Gautam Adani said.
India is "one of the few relatively bright spots from a political, geostrategic, and market perspective", the Adani Group chairman said at the Forbes Global CEO Conference in Singapore on Tuesday. The term "relatively", he said, is important because Europe’s conditions have only gotten more difficult.
He also emphasised on the "unprecedented complexity" created by a parallel surge in demand and contraction in supply, which is leading to inflation levels "unseen over the past forty years". "Many federal banks are doing the unthinkable—raising interest rates so much that they can crash an economy into recession. This is the reality of today."
He said China will feel "increasingly isolated", with "increasing nationalism, supply-chain risk mitigation, and technology restrictions" having an impact.
Adani said India is "far from perfect" but the essence of the country's democracy lies in its imperfections. "Only the free can afford to make noise—to have their imperfections visible. To over-manage this would be to destroy India’s unique ability to express its diversity."
Adani said his ports-to-power conglomerate will invest over $100 billion (Rs 8.1 lakh crore) of capital in the next decade.
"We have earmarked 70% 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."
He also committed to invest $70 billion in an integrated hydrogen-based value chain, to become the least expensive producer of green hydrogen.
Adani isn't the first to be bullish on the ecofriendly fuel. Last year, Reliance Industries Ltd.'s Chairman Mukesh Ambani had aimed to pursue a target to produce green hydrogen at $1 a kilogram by the end of the decade.
Adani said, "It is an absolute game changer for India and opens up the unprecedented possibility that India could one day become a net energy exporter."
He also said getting rid of all fossil fuel sources would not work in India, since it is needed to serve the large population.
The Indian data centre market, according to the Ahmedabad-born businessman, is "witnessing explosive growth", one in which his firm has dived under the 'AdaniConnex' brand.
"This sector consumes more energy than any other industry in the world and therefore our move to build green data centres is a game-changing differentiator," he said.
Disclaimer: Adani Enterprises is in the process of acquiring a 49% stake in Quintillion Business Media Ltd., the owner of BQ Prime.