Adani Group Chairman Gautam Adani on Monday said the Indian economy is at the start of a virtuous cycle and will go on to become a $15 trillion economy in two decades.
Addressing the shareholders of Adani Group, the billionaire said while questions are being raised about India's target of becoming a $5 trillion economy in the next four years, he has no doubt that India will achieve it.
"India will be a $5 trillion economy, and then go on to be a $15 trillion-plus economy over the next two decades. India will emerge as one of the largest global markets, both in terms of consumption size and market cap," he said.
History has shown that several learnings emerge from every pandemic crisis, Adani said, adding that India and world are wiser as they go through the COVID-19 pandemic.
"India is at the start of a virtuous cycle that is driven by the growth in the middle-class population, and our nation today has the longest runway of any country in the world," he said.
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Adani also questioned "reckless and irresponsible reporting" by some media houses, which, he said, caused unexpected fluctuation in the market prices of shares of the Group companies.
"Unfortunately, some of our small investors were affected by this twisted narrative in which some commentators and journalists seem to imply that companies have regulatory powers over their shareholders and that companies can compel disclosure," he said, adding that such diversions will not impact the Group in the long-term.
He also mentioned that the listed companies of the Group crossed $100 billion market capitalisation in the first week of April, which was a first for a first-generation Indian company. "The consolidated EBITDA for our listed portfolio was over Rs 32,000 crore, a YoY growth of 22 per cent. All Adani stocks generated returns over 100 per cent..." he said.
Adani said the phase of accelerated growth has just begun for the Group, which benefits greatly from having a portfolio of companies with several strategic adjacencies that will fuel its future growth in a diverse range of sectors.
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Adani Ports and Special Economic Zone continues to transform from a ports company into an integrated ports and logistics company, he said, adding that no other company in the world runs port business of such scale and reach.
As an incubator of businesses, Adani Enterprises remains unrivaled, while Adani Green Energy achieved its 25 GW renewable energy target four years ahead of schedule, the billionaire said.
On the Group's airport business, Adani said one out of every four passengers in India flies through an Adani airport. "No airport business in any large country has achieved a 25 per cent share of total passenger traffic."
While the company took over operation of airports in Ahmedabad, Lucknow and Managalore, it signed concession agreements for Guwahati, Jaipur and Thiruvananthapuram airport. Besides, it is also in the process of acquiring Mumbai and Navi Mumbai international airports, Adani said.
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